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. Implementation of stringent emission norms, increasing focus on R&D activities, and rapid technological changes are projected to drive the wireless charging for the electric vehicle market.
The major players in the market include Robert Bosch GmbH (Germany), Continental AG (Germany), WiTricity Corporation (US), ZTE Corporation (China), and HELLA KGaA Hueck & Co. (Germany).
• Increasing Support From Government for Wireless Charging
• New Revenue Pockets in Europe and the Asia Pacific
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BEV is expected to be the largest market, by propulsion, during the forecast period
The BEV segment is expected to hold the largest share in the wireless charging for the electric vehicle market, by propulsion type, during the forecast period. Leading automotive companies such as Tesla, BMW, and Nissan now offer wireless charging in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf. OEMs are focusing on BEVs due to stringent government regulations to curb rising emissions. Increasing BEV sales and government support are expected to drive the overall market.
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 the 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 Electron 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 center 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 vehicles on the move.
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Europe is expected to account for the largest market share during the forecast period
The European region is expected to hold the largest market share during the forecast period. The availability of well-developed infrastructure enables the incorporation of wireless charging infrastructure in this region. In addition, the presence of leading players such as Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co. is expected to accelerate the growth of the wireless charging for the electric vehicle market in the region. An increase in electric vehicle sales and sound infrastructure with a large number of charging stations would drive the market for wireless charging of electric vehicles in the European region.
• In February 2019, WiTricity entered into a technology licensing agreement with Yura Corporation, a leading South Korea-based automotive Tier 1 supplier. The agreement will allow Yura to access WiTricity’s wireless charging technology, support, and intellectual property (IP) rights to develop and commercialize wireless charging for electric vehicle systems.
• In March 2019, Elix announced the grand opening of its China engineering center located in Zongshen Power’s state-of-the-art campus in Chongqing. This engineering center will advance the development and manufacturing of wireless charging systems and allow ELIX to use synergies with one of China’s leading automotive manufacturers, Zongshen Power.
• In November 2019, London-based Connected Kerb partnered with Munich-based induction technology specialist Magment to deliver the first UK installment of wireless/induction charging across multiple public sites; on-street residential, car parks, public service, and taxi ranks. The arrival of this technology will lay the foundation of a new era of EV charging, helping to make EVs accessible to those with disabilities and more convenient for all people.
• In March 2019, WiTricity established a development team in Switzerland and extended its relationship with the University of Auckland. WiTricity’s Switzerland Development Center (SDC) will focus on product R&D and commercialization of wireless electric vehicle charging and provide support to OEMs and Tier 1s both in the region and globally.
• In 2018, Toyota and Chubu entered into an agreement with the aim of commencing a verification project that entails the construction of a large-capacity storage battery system that reuses electrified vehicle batteries as well as the examination of the recycling of used batteries.
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