Industry Insights

The global wireless charging for the electric vehicles market is prompted to record a substantial CAGR during the forecast period, 2016-2027. The progress in the market can be observed with the rising demand for electric vehicles across the globe.

Key Drivers & Barriers

Considerable research conducted in the electric vehicle with wireless technology in the last decade has made electric vehicles to become an expected essential part of the future of the automotive industry. The expenditure trends on electric vehicles can be interpreted by the fact that the sports car manufacturers, such as Ferrari, McLaren, and Porsche, have started combining electric engines with petrol engines to make cars environmental-friendly. Even Qualcomm, a is the leading company, is also in the league of change in developing feasible wireless charging technologies, thus igniting the market’s growth inevitably. Several car OEMs, such as Renault, Volkswagen, Nissan, Ford, Daimler, BMW, Toyota, Audi, and Maserati are spending significantly on more and more research & development activities of this technology.

As per the study, giant key player Honda is considered to be a significant player in the field of wireless charging, is noticed by undertaking primary research & development activities to develop a new dynamic charging technology. The company is observed to be evolving a new system that can allow dynamic charging at a power of 180kW (300A, 600DC) when the electric vehicle is kept at a speed of 160km/h. Thus, this shows the proximity of the market that it is creating great valuation along with a promising future, which is from 2016 to 2027.

Other key factors motivating the wireless electric vehicle charging market are the rise in demand for an electric car, hike in oil prices, rising infrastructure for fast or dash chargers, global warming, and growing consumer demand for convenience features. The U.S Energy Department publicized that up to US$ 4 Mn is required for developing wireless chargers for electric vehicles. Such funding is appraised to accelerate the development of wireless charging technology, during the forecast period, in support of providing automated charging of parked vehicles. The agreement between the Germany-based automotive giant Daimler AG and Qualcomm to test wireless charging technologies for in-car charging applications and wireless charging of electric vehicles. This has given a significant leap in the automotive wireless electric vehicle charger market, which has encouraged it to expand considerably in the assessment period.

On the contrary to all these beneficial factors, some significant drawbacks for this market have noticed as the comparison with the gasoline vehicle to the electric vehicle. It has six times lower cost for a one-mile drive, whereas its driving range is one-third of the gasoline vehicle after a full charge. Also, another key factor restraining the wireless EV charging market is the high price in regards to upgradation to wireless charging technology.

Segmentation of Market

The global wireless electric vehicle charger market can be segmented among segments of technology and component.

In terms of the technology segment, the market has included with conductive charging, inductive charging, magnetic resonance, and dynamic charging.

In terms of component, the market has included a wireless power receiver, electromagnetic induction, power distribution box, rectifies, ground transmission unit, vehicle receiver unit, and battery.

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Regional Outlook

The market in the North-America region might lead the Global Wireless electric vehicle charger Market with having the largest market share. Owing to government initiatives of reducing dependency on oil-related products in the region has created a profitable market for electric vehicle charging. This has resulted in acquiring high valuation and might expand over more exceptional CAGR by the year 2027.

Other than this, a wireless electric vehicle charger market in Asia-pacific market also has chances to expand at high CAGR from 2016 to the year 2027. In the end, the European market for wireless electric vehicle charger market can also grow at considerable CAGR during the forecast period (2016-2027).

 

Key Players

Some of the noticeable players in actively participating in global wireless electric vehicle charger market are listed as Leviton (U.S.), ABB (Switzerland), Convenient Power HK Limited (Hong Kong), WiTricity Corporation (U.S), Delphi Automotive (U.K.), Siemens (Germany), and Bosch Group (Germany) and Qualcomm (U.S.).