The Wireless Charging for Electric Vehicle Market is projected to grow at a CAGR of 46.8% during the forecast period, from USD 16 million in 2020 to USD 234 million by 2027.
Increased power transfer capability, better battery size ratio, and reduced charging time are also expected to fuel the demand for the wireless charging system. Improvements in battery technology, charging technology, and increased vehicle range have fueled the demand for electric vehicles, which in turn has driven the growth of wireless charging systems. A significant increase in financial support from governments in the form of tax rebates and subsidies and favourable regulations to promote the use of eco-friendly vehicles have also increased the adoption rate of wireless charging systems for electric vehicles.
Major players profiled in the report are:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- WiTricity Corporation (US)
- ZTE Corporation (China)
- HELLA KGaA Hueck & Co. (Germany)
- Bombardier Inc (Canada)
- Toshiba Corporation (Japan)
- Toyota Motor Corporation (Japan)
- HEVO Inc. (US)
- Evatran Group Inc. (US)
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Stationary charging is expected to be the largest contributor in the wireless charging for electric vehicle market, by charging type, during the forecast period
The stationary wireless charging system is convenient, safe, and reliable. This technology is interoperable as drivers can charge their vehicles with any wireless charging system. Also, vehicles can be charged in the parking spot and public places wirelessly. The growth of stationary wireless charging system has contributed to the expansion of charging networks for electric vehicles. Many companies have introduced stationary wireless charging systems. For instance, Evatran (Plugless) has introduced a stationary wireless charging system for the Nissan Leaf and Chevrolet Volt.
Dynamic charging is estimated to be the fastest-growing segment of wireless charging for electric vehicle market
Dynamic charging is estimated to be the fastest-growing segment of wireless charging for the electric vehicle market. With benefits such as no waiting time for charging a vehicle, dynamic charging technology has become popular in the electric vehicle industry. Wireless charging system manufacturer Electreon occupies a 3,000 sqm facility near Tel Aviv with a 260-meter circular test road. The wireless power transfer technology includes a unique DWPT system (Dynamic Wireless Power Transfer) Road infrastructure – coils placed under the road at the centre of the traffic lane. Future roads and highways are expected to be equipped with this technology, and drivers would have to pay a tax for entering the lane to charge their electric vehicle on the move.
Home Charging Station is estimated to be the largest segment of wireless charging for electric vehicle market, by charging station type.
The rising demand for BEVs and PHEVs has fueled the growth of the wireless charging for the electric vehicle market. Growing environmental concerns, rising fossil fuel prices, long-term supply concerns, and improved technology have accelerated the growth of the BEV and PHEV technology. Many OEMs are now offering BEVs and PHEVs equipped with wireless power transfer technology. For instance, the new Toyota Prius, a PHEV by Toyota, is equipped with a new wireless charging system developed by WiTricity Corporation. These developments are expected to drive the home charging station segment.
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Key Questions Addressed by the Report:
1. What will be the impact of recent developments on the wireless charging industry in the mid-to-long-term?
2. How is the increasing adoption of electric vehicles and changing environmental norms affecting the wireless charging for electric vehicle market?
3. How does dynamic charging for electric vehicles work?
4. Who are the key players in the wireless charging market and how intense is the competition?
5. How will the advent of autonomous vehicles impact the market?
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