Global Wireless Electric Vehicle Charging Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Wireless Electric Vehicle Charging Market” was recently tracked by the Trusted Business Insights research team and studied, analyzed, and findings presented in a clear, accurate, and precise manner. Further segmentation country-wise is also provided, with each major country presented along under its respective region. Analysis included, both, top-down and bottom-up approaches. Drivers, restraints, opportunities, and challenges in the market are ascertained and presented in the respective section. The global wireless electric vehicle charging market report has been segmented on the basis of technology, component, power supply range, charging type, and region.

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Electric vehicles (EVs) has been gaining popularity in recent years, and alongside charging stations are becoming more commonplace. Beginning of wireless charging is adding convenience and east operating these vehicles, and the emerging technologies are proving to be game changers for growth of the global electric car industry. According to Automobile Association of America, reducing fuel prices inhibited enthusiasm for electric vehicles in 2016. The trend was majorly influenced by compliance and awareness regarding damage to the environment, growing concerns regarding rising emissions and need for carbon footprint reduction. According to the International Energy Agency’s Global EV Outlook, demand for electric vehicles is increasing continuously, and around 777,500 vehicles were sold worldwide the same year.

Wireless charging is also known as conductive charging or cordless charging. Wireless charging is done by using an electromagnetic field to transfer energy between two points through electromagnetic induction. Wireless charging allows a consumer hands-free and automatic charging. Moreover, growing infrastructure of fast chargers for electric vehicles is another key driver for growth of the wireless EV charging market.

Recent trend shows that major automakers are laying the foundation for improved charging infrastructure to enable the mass adoption of electric vehicles around the globe. Moreover, growing investment on smart city technologies and financial incentives provided by governments are among some of the major growth drivers of the wireless electric vehicle charging market.

Partnership between German automotive giant Qualcomm and Daimler AG to test wireless charging technologies for vehicle charging applications and for wireless charging of electric vehicles is a major development in the automotive wireless charging market. This partnership being formed between automotive and technology-based companies is projected to create more high potential opportunities in the market. In May 2018, American corporation – Qualcomm – developed a new wireless electric vehicle charging technology (WEVC) called ‘Halo’, which is expected to revolutionize the automotive industry and aid is encouraging adoption of electric vehicles in other countries around the world.

Europe and North America continue to be high potential markets, but the market in Asia Pacific is expected to dominate the global wireless electric vehicle charger market with the largest revenue and volume share. Increasing investments in infrastructure development for wireless charging and government initiatives towards reducing dependency on fuel related products in countries in the region are primary factors for this projected growth. Additionally, increasing R&D activities and investment in wireless technology is expected to further drive market growth. The need for reduction of carbon emissions and footprint by electrifying transportation, and adopting electric vehicles have been gaining popularity in countries such as China and India. In addition, the price of EVs has been reducing and this is another key factor expected to drive market growth.

Global Wireless Electric Vehicle Charging Market Segmentation:

By Technology

Magnetic resonance
Inductive charging

By Component:

Base Charging Pad
Power Control Unit
Vehicle Charging Pad

By Power Supply Range

3 kW – 11 kW
11 kW– 50 kW
Above 50 kW

By Charging Type

Dynamic wireless charging system
Stationary wireless charging system