Global Wireless Charging for Electric Vehicle Market By Charging Type (Dynamic Wireless Charging System and Stationary Wireless Charging System.); By Propulsion (BEV and PHEV); By Type (Passenger Car and Commercial Vehicle); and Region –Analysis of Market Size, Share and Trends for 2014 –2019 and Forecasts to 2030
Wireless charging is also known as cordless charging or conductive charging. The process of recharging batteries from a power source to a consuming device without any physical contact is referred to like wireless charging. It comprises of an electric current which is passed between objects through coils to induce an electromagnetic field that charges the battery. Wireless charging provides an efficient, convenient, reliable, cost-effective, and safer charging of devices over the traditional physical cable charging method.
Global Wireless Charging for Electric Vehicle Market size was registered at USD XX billion in 2019 and is estimated to reach USD XX billion by 2030, registering a CAGR of XX% from 2020 to 2030. The increase in the demand for fuel-efficient electrical vehicles is anticipated to be a growth driver in the market. Increased sales of electric vehicles, constant developments in portable electronics as well as wearable’s and regular need to harvest ambient RF energy are expected to drive the growth of the global market for wireless electric vehicle charging over the forecast period.
Global Wireless Charging for Electric Vehicle Market: Segments
Global Wireless Charging for Electric Vehicle Market is segmented on the basis of type, propulsion, charging type and region.
By Type (in %), Global Wireless Charging for Electric Vehicle Market, 2019
Passenger segment to grow with the highest CAGR of XX% during 2020-2030
By type it can be classified into passenger car and commercial vehicle segments. Passenger car segment dominated the market due to the high demand of passenger cars and emergence of new auto-manufacturers in the world.
Global Wireless Charging for Electric Vehicle Market Dynamics:
Technological advancements and higher per capita automotive spending to increase growth
Increased sales of electric vehicles, constant developments in portable electronics as well as wearable’s and regular need to harvest ambient RF energy are expected to drive the growth of the global market for wireless electric vehicle charging over the forecast period. Crude oil is the main source of ignition in vehicles and is extracted and refined to form diesel and petrol. Over the last few decades oil prices have risen at an unprecedented rate, making it impossible for customers of the low and middle class to afford travel.
Inefficiency and high prices to hamper market growth
Inefficiency in fast charging and high prices of wireless chargers are key challenges of the market. It does not provide efficient charging while in distant which acts as a restraint in the market. Another cause is the expensive technology and slower charging rates which hinders the growth of the market and is likely to be fixed in the upcoming years.
Global Wireless Charging for Electric Vehicle Market: Regions
In terms of value and volume, Europe accounted for XX% of total market volume share in 2019
Europe is projected to be the largest generating hub, as well as the largest wireless charging station market. This rise is attributed to the development of viable infrastructures to sustain sales of electric vehicles. Customers consider electric cars to be a viable choice when buying a car. Sales of electric vehicles in the European region have been on the rise and sales are expected to increase, thereby opening up opportunities for innovations, such as wireless charging infrastructure for electric vehicles. Germany, along with the United Kingdom and France, will be the largest wireless charging market due to a combination of economies of scale, high income levels and a centre for car manufacturing. Vans, buses, and taxis are more likely to embrace vehicle wireless charging, as these segments require wide range with convenient charging methods.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC and MENA.
Global Wireless Charging for Electric Vehicle Market: Competitive landscape
The manufacturing companies of electric vehicle chargers may collaborate with governments of different countries to increase awareness of clean technology and thus increase the popularity of electric vehicles in their countries. In addition, businesses can carry on numerous multi-channel advertising initiatives such as social networking and road shows to meet the rising demand for electric vehicles.
Global Wireless Charging for Electric Vehicle Market: Key players
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Continental AG
• Fulton Innovation
• Powermat Technologies Ltd
• Qualcomm Inc.
• Robert Bosch GmbH
• Texas Instruments Inc.
• Toyota Motor Corporation
• Witricity Corporation
• Other prominent players
Global Wireless Charging for Electric Vehicle Market report also contains analysis on:
Global Wireless Charging for Electric Vehicle Market segments: –
• By Type:
o Passenger vehicles
o Commercial vehicles
• By Propulsion:
• By Charging Type:
o Dynamic Wireless Charging System
o Stationary Wireless Charging System
• Global Wireless Charging for Electric Vehicle Market dynamics
• Global Wireless Charging for Electric Vehicle Market size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints