According to a recent report published by Allied Market Research, titled, “Wireless EV Charging Market by Power Source, Charging Method, Installation, Distribution Channel, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2030,”the global Wireless EV charging market was valued at $7.6 million in 2019, and is projected to reach $210.1 million by 2030, registering a CAGR of 36.4% from 2020 to 2030.
At present, the U.S. dominates the market, followed by Canada and Mexico in North America. However, Mexico is expected to grow at a higher CAGR during the forecast period. In addition, in 2019, China led the market in the Asia-Pacific region followed by Japan, South Korea, India, and rest of Asia-Pacific countries.
Increase in sales of electric vehicles (EVs), constant advancements in portable electronics as well as wearables, and frequent need for harvesting ambient RF energy are expected to drive the growth of the global wireless electric vehicle charging market during the forecast period. However, expensive technology for its integration and slower charging as compared to other charging technologies hamper the market growth.
Crude oil, which is extracted and processed to form diesel and petrol, is the key source of ignition in vehicles. In the past few decades, oil prices have augmented at an alarming rate, making it difficult for low- and middle-class consumers to afford travel. Increase in oil prices have urged consumers to shift toward energy-efficient alternatives, which reduce the overall cost per km. This is anticipated to drive the demand for electric vehicles as compared to fuel-driven vehicles, thus, boosting the growth of the electric vehicle charging system market.
According to the French Ministry of Foreign Affairs and International Development, the U.S. dominates the market for electric vehicles, followed by Europe and Japan. In the first half of 2013, 18,939 electric vehicles were sold in Europe, as compared to 15,503 during the same period in 2012. In the same year, 30,000 electric vehicles were sold in the U.S. as compared to approximately 6,000 in Japan.
To overcome charging challenges such as demand charging and need for bigger batteries, the Dutch government announced to install 20,000 normal chargers and 100 quick chargers by 2015. Hence, increase in demand for electric vehicles in these regions is expected to boost the growth of the electric vehicle charging system market.
Further, the revenue generation of the electric vehicle charging system market is restricted owing to the higher price of electric vehicles, which in turn limits the total sales of electric vehicles. The electric vehicle charger manufacturing companies can associate with the governments of different countries to increase awareness about clean technology and thus, increase the popularity of electric vehicles in their countries. Moreover, companies can adopt various multichannel promotional activities such as social network and road shows, to cater to the growing demand for electric vehicles.
COVID-19 impact analysis:
- Due to COVID-19 pandemic, the global wireless EV charging market has been affected as the supply chain has been affected.
- Due to the imposed lockdown, manufacturing units across the globe have halted their production, which has affected the EV demand.
- The unavailability of skilled labor has also affected the wireless EV charging market as people preferred to maintain social distancing, thus, affecting the EV charging production
Key Findings Of The Study
- By distribution channel, the aftermarket segment generated the highest revenue in 2019.
- By region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period while considering wireless EV charging market growth.
- By vehicle type, the commercial EV dominated the global market in terms of revenue in 2019.
- Latin America leads the market in the LAMEA region.
The key players profiled in the wireless EV charging market share include Bombardier, Continental AG, Evatran Group Inc. (plug less power), Fulton Innovation, Integrated Device Technology, Inc., Powermat Technologies Ltd, Qualcomm Inc., Robert Bosch GmbH, Texas Instruments Inc., Toyota Motor Corporation, and Witricity Corporation.