The Wireless Electric Vehicle Charging market is witnessing a substantial rise. With the proliferation of e-mobility, environmentally friendly and wireless battery charging has become increasingly important. Wireless EV charging infrastructure projects for public spaces are boosting worldwide. The business of developing an EV charging setup requires a lot of complex processes to achieve a cohesive whole.
In its research report, Market Research Future (MRFR), emphasizes that the global Wireless Electric Vehicle Charging market Value 2020 is expected to grow significantly, securing a substantial market valuation and a healthy CAGR over the review period.
Therefore, evolution in this segment has been constant. The market is witnessing the rising demand for a new automated conductive electric vehicle charging system that can eliminate the need for cables and obstructive infrastructure. Mobility services providers are increasingly using a charging system that is precisely adapted to the charging infrastructure requirements for charging in public spaces.
Drivers and Restraints
During the study era, the global Wireless Electric Vehicle Charging market Value observed exponential growth. Increasing electric vehicle development is pushing the Wireless Electric Vehicle Charging market Value to expand globally. Growing demand for dynamic electric vehicle charging (DEVC) technology, growing long-distance driving by electric vehicles, increasing demand for environmentally friendly vehicles, and increasing concern for safety in electric vehicles are the main driving factors for the growth of this sector. The augmented cost and energy loss during transmission are acknowledged as the critical impeding factors for the growth of this market.
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The global Wireless Electric Vehicle Charging market Value is segmented based on the power supply range, charging type, charging station, charging pad, propulsion, vehicle type, application, and region.
Based on the charging type, the market has been divided into dynamic and stationary wireless electric charging.
Based on the power supply range, the market has been segmented into 20 to < 50 KW, 3 to <7.7 KW, 11to < 20KW, 7.7 to < 11KW), and 50 KW and above.
Based on the charging pad, the market has been segmented into the power control unit, based charging pad, and vehicle charging pad.
Based on the charging system, the market has been divided into home and commercial charging system.
Based on the propulsion type, the market has been bifurcated into the battery and plug-in electric vehicle.
Based on the vehicle type, the market has been divided into passenger EV and commercial EV.
Based on the application, the market has been bifurcated into OEM and aftermarket.
The key market players operating in the global market as acknowledged by MRFR are
- Plugless Power
- Toshiba Corporation
- Qualcomm, Inc.
- ZTE Corporation
- ELIX Wireless
- HEVO Power
- Continental AG
Moreover, growing disposable income from countries such as India, China, Germany, and others, Growing demand for autonomous and semi-autonomous vehicles, rising industrialization, urbanization, and developing economies in emerging countries provide enough opportunities for this sector to expand and grow.
Competition between Wireless Electric Vehicle Charging manufacturers and government funding for EVs has enabled manufacturers to develop the network across various regions as per government regulations, which is considered one of the critical factors accountable for the growth of this sector. The growing uses of the electric vehicle's lithium-ion battery would likely drive the Wireless Electric Vehicle Charging market Value during the study period.
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world. Due to the rising demand for environmentally friendly vehicles, North America is expected to rise at a steady pace on the Wireless Electric Vehicle Charging market Value during the forecast period. The presence of key players in this area, such as Plugless Power, WiTricity, Qualcomm, Inc., and HEVO technology, contributes to this market development.
In addition, heightened electric vehicle production and sales are expected to drive growth in this region. Owing to the increased production of electric vehicles from China and Japan, the Asia-Pacific is expected to hold the largest market share over the review period. In addition, increased car production and sales are expected to increase demand for the Wireless Electric Vehicle Charging market Value in this area.
In addition, rising disposable income from countries like China, India, and other nations, and increasing population, urbanization, and concentrating on reducing vehicle emissions also drives the market.
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