The growing need for convenience is identified as the major factor that is likely to boost the global wireless electric vehicle charging market expansion.In the case of wireless electric vehicles, its charging is done by inductive coupling. The feasibility offered by inductive coupling for charging electric vehicles batteries is expected to boost the sales of electric cars. This is likely to surge the wireless electric charging market growth. A major advantage that is observed to attribute to the expansion of the worldwide market of wireless electric vehicles is that electric cars can be charged while driving. Moreover, due to the people opting for dynamic wireless charging over stationary wireless charging, it is likely to gain considerable traction for the global market of wireless electric vehicles.
Electric cars emit no hazardous gas. The growing environmental concerns are triggering the need for electric vehicles. Governments are taking the initiative to replace traditional automobiles with electric cars. Alongside, the rise in the level of comfort threshold is bolstering the adoption of wireless charging. Hence, a surge in the sales count of wireless electric vehicles is expected to propel the global wireless electric vehicle market growth. As per the study conducted by Market Research Future (MRFR), on the worldwide market of wireless electric vehicles, the market is expected to thrive at a lucrative 21% CAGR during the assessment period (2018 to 2023). Other important drivers of the global wireless electric vehicle market increase in the demand for dynamic electric vehicle charging (DEVC) technology and the rise in long-distance drives.
On the downside, the high cost is identified as a major restraining factor for the worldwide wireless electric vehicle market. However, an increase in the disposable income of people and their preference for convenience over price are causes that are likely to counter the growth of the global wireless vehicle charging market. In addition, a rise in the demand for semi-autonomous and autonomous vehicles and rapidly growing industrialization is anticipated to generate scope for raising revenue for the market.
The wireless electric vehicle charging market is assessed by power supply range, charging type, charging station, propulsion, charging pad, application, and vehicle type. By charging type, the market is segmented into stationary wireless electric charging and dynamic. By power supply range, the market is segmented into 7.7 to < 11KW, 3 to <7.7 KW, 20 to < 50 KW, 11to < 20KW, and 50 KW and above. By charging pad, the market is segmented into power control unit, base charging pad, and vehicle charging pad. By charging system, the market is segmented into commercial charging system and home. By propulsion type, the market is segmented into plug-in electric vehicle and battery. By vehicle type, the market is segmented into commercial EV and passenger EV. By application, the market is segmented into aftermarket and OEM.
By region, the wireless electric vehicle charging market is studied across Europe, North America, APAC, and the Rest of the World. In Asia Pacific, the market is likely to hold immense opportunities for the expansion of the market. The increase in the production of electric vehicles in the region to meet the rise in demand for dynamic wireless electric vehicle market are likely to contribute significantly to the expansion of the regional market. Expansion of the urban population base and increase in environmental concern are other causes that can bolster the expansion of the wireless electric vehicle market in APAC. In North America, the availability of a firm technical base and required equipment are expected to support the growth of the wireless electric vehicle market. Similar drivers are noted for the market in Europe.
MRFR listed some companies that are operating in the global wireless electric vehicle charging market. They are; WiTricity (USA), Plugless Power (USA), Qualcomm, Inc. (USA), Nission (Japan), ELIX Wireless (Canada), ZTE Corporation (China), Continental AG (Germany), HEVO power (USA), BMW (Germany), and Toshiba Corporation (Japan).
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
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