Wireless Electric Vehicle Charging Market
Wireless Electric Vehicle Charging Market Research Report – Global Forecast till 2023
The developments in the design for inductive coupling are improving the demand for wireless electric vehicle charging. Reports that evaluate the automobile industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The Wireless Electric Vehicle Charging Market is likely to gain a 21% CAGR growth in the duration of the forecast period.
The ability of the electric vehicle battery to get charged while the vehicle is being driven is expected to increase the possibility for development of the wireless electric vehicle charging market. The innovations perceived in the dynamic electric vehicle charging (DEVC) technology are expected to improve the growth rate in the market. The rising demand for autonomous vehicles is projected to raise the growth rate of the market in the coming years.
Segmental Analysis
The segmentation of the wireless electric vehicle charging market is conducted on the basis of charging station, power supply range, charging type, charging pad, vehicle type, propulsion, and application. Based on the charging type, the wireless electric vehicle charging market has been segmented into stationary and dynamic wireless electric charging. Based on power supply range, the wireless electric vehicle charging market has been segmented into 11to < 20KW, 20 to < 50 KW, 3 to <7.7 KW, 7.7 to < 11KW, 50 KW and above. By charging pad, the wireless electric vehicle charging market has been segmented into power control unit, base charging pad, and vehicle charging pad. By the charging system, the market has been segmented into commercial and home charging system. Based on the propulsion type, the wireless electric vehicle charging market has been segmented into plug-in and battery electric vehicle. Based on vehicle type, the market has been segmented into commercial EV and passenger EV. Based on application, the wireless electric vehicle charging market has been segmented into aftermarket and OEM.
Detailed Regional Analysis
The assessment of the regions in the wireless electric vehicle charging market includes regions such as Asia Pacific, North America, Europe, and the Rest of the World. The Asia Pacific region is likely to hold the maximum market share through the forecast period due to rising production of electric vehicles from Japan and China. Furthermore, augmented production and sales of automobiles are projected to enhance the demand for the wireless electric vehicle charging market in this region. Also, the increasing disposable income from countries such as India, China, and other countries, and mounting population, urbanization, and intensifying focus to lessen the vehicle emissions.
Competitive Analysis
The competency of the market is bolstered by the reconditioned nature of the assets existing in the market. The market is anticipated to achieve an unequivocal lead in the market place credited to amended strategies in specific areas. Also, the deals being devised in the market are presumed to inspire the expansion of the market in the approaching years. The absorbed charges in the market are easily dealt with, freeing up more resources for the progress in the market. The evolution of the market is chiefly due to the reductions in profile-raising and miscellaneous expenses. A strengthened growth pace is observed in the market due to the productive effect exerted both externally and internally by key driving factors. The firms operating in the market are insistently dealing with the deterrents to growth and are making approaches that are likely to influence a beneficial consequence with regards to the market’s advancement.
The outstanding contenders in the wireless electric vehicle charging market globally are WiTricity (USA), HEVO power (USA), Nission (Japan), Qualcomm, Inc. (USA), Toshiba Corporation (Japan), ZTE Corporation (China), Plugless Power (USA), ELIX Wireless (Canada), Continental AG (Germany), and BMW (Germany).