Wireless Electric Vehicle Charging Market Size To Expand at a Notable CAGR Of 21% During 2018 – 2023
Growth of the electric vehicle segment is influencing the global wireless electric vehicle charging market. With growing number of electric and hybrid vehicle on road the need for effective charging systems has risen. Wireless electrics vehicle charging is innovative technology has tremendous market potential. Market Research Future in its latest study finds that the global wireless electric vehicle charging market is set to witness sound growth over the next couple of years.
Wireless electric vehicle charging is more dynamic as compared to traditional wired charging systems. Advances in battery technology have had significant influence on the market. The battery systems that are being used by latest electric vehicles have high compatibility, which is partly driving the adoption of wirless electric vehicle charging.
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Increased government support to the electric vehicle sector in the form of subsidy and tax relaxation is creating growth avenues for the market. The rising sale of electric vehicles is a major market driver. Moreover, stricter emission regulations on combustion-engine vehicles is prompting a shift towards electric vehicles. Such factors are expected to make a positive impact on the market during the forecast period.
Wireless charging technology is evolving fast, which in turn is increasing its viability. Such technological solutions are expected to shape the future of the automotive industry. However, wireless electric vehicle charging remains at a nascent stage with more technological developments on their way. Manufacturers are focusing on making their product cost-effective and energy-efficient.
Global Wireless Electric Vehicle Charging Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of power supply range, charging type, charging pad, propulsion type, charging station, application, vehicle type and region.
By power supply range, the market has been segmented into 50 KW and above, 20 to < 50 KW, 11to < 20KW, 7.7 to < 11KW, and 3 to <7.7 KW. By charging type, the market has been segmented into stationary wireless electric charging and dynamic wireless electric charging. By charging pad, the market has been segmented into vehicle charging pad, power control unit and base charging pad. By propulsion type, the market has been segmented plug-in electric vehicle and battery. By charging station, the market has been segmented into commercial charging station and home charging station. By application, the market has been segmented into aftermarket and OEM. By vehicle type, key segments include commercial EV and passenger EV.
Global Wireless Vehicle Charging Market: Regional Segmentation
On the basis of region, key market segments include Asia Pacific (APAC), Europe, North America and the rest of the world. The APAC wireless electric vehicle charging market is expected to remain highly attractive during the assessment period. China’s rise as a mega manufacturing hub for the global automotive sector has bolstered the prospects of various sub-markets including wireless electric vehicle charging. In Asia, countries such as Japan and China have emerged as the frontrunners in the electric vehicle segment, which them important destination for market players. Further, economic growth in several APAC countries has led to an increased sales automobile in the region, which is reflecting favorably on the market. Macroeconomic factors such as increasing per capita income, expanding middle-class population, industrial growth and rapid urbanization are also linked with the growth of the market in APAC.
Global Wireless Electric Vehicle Charging Market: Competition Tracking
Some of leading market participant mentioned in MRFR’s report include WiTricity (USA), Qualcomm, Inc. (USA), ELIX Wireless (Canada), Continental AG (Germany), BMW (Germany), Plugless Power (USA), ZTE Corporation (China), Toshiba Corporation (Japan), HEVO power (USA) and Nission (Japan).
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