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Wireless Electric Vehicle Charging Market Expected to Reach $1,478.4 Million by 2025

 
 

quote Stringency in emission regulations have led the OEMs and government to promote the usage of the electric vehicles. This has resulted to increase in demand for the electric vehicles. Different governments are taking initiative to promote the usage of the electric vehicles such as in Norway the government has introduced tax exemption and free parking and toll for EV buyers. This results in in the increase in demand for the electric vehicles. Such initiative leads to higher demand for the charging stations both at home and commercials. As the automotive industry is transforming toward the adoption of autonomous vehicles for ride sharing features the wireless charging is expected to be the utmost important technology. In addition, the on-the-go charge allows the vehicle to achieve maximum distance with minimum time for charging. quote

Lalit Katare
Lead Analyst, Automotive and Transportation at Allied Market Research

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According to a new report published by Allied Market Research, titled,"Wireless Electric Vehicle Charging Market by Power Source, Installation, Distribution Channel, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the wireless EV charging market accounted for $21.8 million in 2017, and it is expected to reach $1,478.4 million by 2025, growing at a CAGR of 22.4% from 2018 to 2025. In 2018, Europe dominated the global market, in terms of revenue, accounting for about 39.04% share, followed by North America.

In the wireless electric vehicle charging industry the EV charging is an emerging technology that provides enhanced durability of electric vehicles (EVs) and ease of charging. The miles covered per charge by the electric vehicles and the availability of the charging stations, and time required for charging are some of the restraining factors for the adoption of the electric vehicles. The electric vehicles are premium vehicles; hence they are equipped with the high-end features such as premium lighting, infotainment, and touch screen panels. These features are powered by the soul battery box available for traction and auxiliary functions. The regular use of these devices causes excessive draining of battery. These issues can be resolved with the help of wireless charging technology.

Qualcomm Incorporated, Texas Instruments, Inc., Integrated Device Technology, Inc., Powermat Technologies Ltd., and WiTricity Corporation are the major product & service providers across the globe. The wireless EV charging market size is projected by 2025. In addition, increase in government initiative to maintain secure & safe environment and to reduce greenhouse gas emissions is expected to boost the growth of the electric vehicles and thus the required charging infrastructure.

Based on power source, the wireless EV charging market analysis is done into 3–<11 kW, 11–50 kW, and >50 kW. The market is expected to reach $1,478.4 billion by 2025, growing at a CAGR of 22.4% during the forecast period due to higher adoption of 11–50 kW power source for home and commercial application. Based on distribution channel, the market is classified into OEMs and Aftermarket services, among which aftermarket segment is expected to secure highest market share and it is anticipated to witness higher growth rate during the forecast period.

Increase in sales of electric vehicles (EVs), and frequent need of harvesting ambient RF energy are expected to drive and provide wireless charging market opportunity during the forecast period. However, expensive technology for its integration and slower charging as compared to other charging technologies are anticipated to hamper the growth of the market. Moreover, excessive research in far-field wireless charging technologies and increase in Internet of Things (IoT) are expected to offer lucrative opportunities in future. Opportunities such as usage of IoT technologies, digital applications, and autonomous ride sharing are expected to boost the demand for the wireless electric vehicle charging market.

Asia-Pacific is expected to dominate the wireless electric vehicle charging market share in the near future, owing to increase in favorable government initiatives along with high-end technology adoption by EV manufacturers. However, Europe is anticipated to drive the demand for wireless electric vehicle charger, due to high adoption of electric vehicles in countries such as Norway and UK, where an increase in urban penetration is being witnessed.

The emerging regions of Asia-Pacific, such as India and China, are expected to witness maximum growth in the wireless electric vehicle charging market. This is attributed to factors such as rapid industrial development and higher acceptance of electric vehicles.

Asia Pacific accounted for the significant larger share in the wireless electric vehicle charging market in 2017, accounting for more than 31% share, and is expected to maintain its dominance throughout the forecast period, owing to existence of well-developed infrastructure and presence of various end-user industries in the region.

Key Findings of the Wireless Electric Vehicle Charging Market:

  • The 11–50 kW segment generated the highest revenue in 2017 and is projected to grow at a CAGR of 21.7% during the forecast period.
  • The wireless electric vehicle charging market based on aftermarket segment is expected to grow at a significant CAGR of 23.4% during the forecast period.
  • China is the major shareholder in the Asia-Pacific market, accounting for more than 38.00% of wireless ev charging market share in 2017.
  • e largest wireless EV charging market by 2025.Commercial electric vehicles are projected to have th

The major players profiled in the wireless EV charging market include Continental AG, Robert Bosch Gmbh, Qualcomm Inc., Toyota Motor Corporation, Powermat Technologies Ltd, Texas Instruments Inc., Witricity Corporation., Toshiba Corporation., Elix Wireless, and Evatran Group Inc. These players focus on expanding their business operations in the emerging countries by adopting various strategies, such as acquisitions, contracts/agreements, and new product development.

 

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quote Wireless Electric Vehicle Charging Market by Power Source (3 - <11 Kw, 11 - 50 Kw and >50 Kw), Installation (Home and Commercial), Distribution Channel (OEMs and Aftermarket), and Vehicle Type (Battery Electric Vehicles (BEV), Plug - In Hybrid Electric Vehicle (HEV) and Commercial Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018 - 2025 quote

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