NEW YORK, Oct. 05, 2018 (GLOBE NEWSWIRE) -- The wireless EV charging market is expected to witness a CAGR of 51.62% and is projected to reach USD 6,695.0 million by 2023. Factors propelling the growth of the wireless EV charging market include continuous technological advancement in automotive industry, the future potential of electric vehicles, increasing production of electric vehicles and government subsidies and policies supporting the wireless EV infrastructure.
The report segments wireless EV charging market by technology (inductive charging, conductive charging, dynamic charging, stationary charging), by component (power control unit, vehicle charging pad, base charging pad), by vehicle type (battery electric vehicle, plug-in hybrid electric vehicle), by market type (aftermarket, OE (original equipment)), by power supply range (3-<11kW, 11-50Kw, >50 kW), by application (public charging station, home charging units), and by region (North America, Europe, Asia-Pacific, South America, Middle East and Africa). The report studies the global wireless EV charging market over the forecast period (2017-2023).
Wireless EV charging is easy to use wireless technology for charging electric vehicle more efficiently and conveniently. Wireless charging does not need a plug in cables or adaptors. The technology works on the principle of resonating magnetic induction to transfer energy wirelessly from ground-based pad to a pad installed in the vehicle.
Key findings of the Wireless EV Charging Market
- Inductive charging is expected to be the largest growing technology during the forecast period. The development in electric vehicles and future application of the wireless technology drive the growth of inductive charging.
- The growing numbers of electric vehicles and the needs for public charging station making the public charging infrastructure to grow significantly.
- By Vehicle type, battery electric vehicle is accounted to hold the largest share, due to strict government emission norms by various legislations across the globe.
- Approximately 34 million electric vehicles will be on road worldwide by 2050.
- Geographically, Asia-Pacific market is expected to grow at the significant growth rate during the forecast period. The growth of the market in the region is governed by the increasing demand and production of electric vehicles.
- Moreover, the implementation of government policies and subsidies also drives the growth of electric vehicles and wireless EV charging market in Asia-Pacific.
- Some of the leading players in global wireless EV charging market include Toyota Motor Corporation, Continental AG, Robert Bosch GmbH, Bombardier Inc., Witricity Corporation, Hella KGaA Hueck & Co., Toshiba Corporation, ZTE Corporation, Elix Wireless, Qualcomm, Inc, among others.
Wireless EV Charging- Gaining Momentum
Wireless EV charging is the prominent futuristic and convenient technology in the autonomous transportation system. Wireless charging is providing huge opportunity for automakers and the consumers. Charging vehicles by chords create hassle and are prone to corrosion, are constraining the adoption of electric vehicles. The adoption of wireless charging allows the consumer hands-free and automatic charging. Commercially, buses are well suited as they follow a predefined schedule route and can be charged accordingly. Many companies are planning to introduce the wireless system in the market within few years and hold potential future for development of EV charging infrastructure. Wireless EV charging offers ample of opportunity to many automakers and would experience high growth over the coming years.
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Wireless EV Charging- Regional Insight
The North America is estimated to be the leading market for wireless EV charging market. The increasing investment in infrastructure development for wireless charging and to reduce dependency on oil and gas, drives the market in the North American region. Government subsidies further supports the growth of wireless EV charging market.
The European automakers and governments are making strategies to add more charging stations to ease electric vehicle charging. In Europe, a new standard for wireless charging J2954 is introduced proposed by SAE international. The technological advancements making wireless EV charging less expensive, and more appealing to wide range of consumers in the region.
Asia-Pacific region continues to be the fastest growing wireless EV charging market. The fluctuating oil prices and the environmental concerns drive the wireless charging market in this region. The demand for electric vehicles is continuously increasing in Asia-Pacific region. Moreover, the government is introducing regulation and investing in developing infrastructure for the growth of wireless EV charging market in the region.
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