Wireless Electric Vehicle Charging Market to Reach Market Value of Over US$ 200 Million by the End of 2026

  • 10 May 2019

Cordless charging or wireless charging consume an electromagnetic field to transfer energy between two points through electromagnetic induction. Tremendous R&D activities are in progress to discover viable wireless charging technology. As electric vehicles are soon becoming imperative due to increasing environmental concerns, so is the need for convenient electric vehicle charging. Availability of mobile apps that seamlessly integrate with electric vehicle charging systems is also creating a customer base that does the task in a click. The government initiatives to control greenhouse gas emissions and striking incentives to promote fuel-efficient vehicle manufacturing business are greatly influencing the expansion of the wireless electric vehicle charging market. The preferred use of self-parking systems, need to keep on road taxis running for longer, reduction in the size of the batteries installed in electric vehicles are few examples of futuristic demands for the wireless EV charging.

The global wireless electric vehicle charging market is intended to grow at a CAGR of 43.5% and value over US$ 200 million by the end of 2026.

Global Wireless Electric Vehicle Charging Market Restraints
•    Signalling errors and technological obstacles
•    High pricing of electric vehicles

Global Wireless Electric Vehicle Charging Market, by Distribution Channel 
+ OEMs  
+ Aftermarket
Prominent OEMs are offering wireless charging as a retrofit option as of now. However, wireless charging is anticipated to become a default feature in the next two years or so and OEMs are set for this offering. Once the static wireless charging equipment becomes a norm, commercial launch of dynamic wireless charging is projected around 2025 end. Also, attractive government incentives will continue to draw OEMs toward innovative products. Thus the OEM segment is to witness considerable growth in CAGR for the future. 

Global Wireless Electric Vehicle Charging Market, by Vehicle Type 
+ Battery Electric Vehicles 
+ Hybrid Electric Vehicles 
+ Plug-In Electric Vehicles

Global Wireless Electric Vehicle Charging Market, by Power Source 
+ 3 - <11 Kw
+ 11 - 50 Kw  
+ >50 Kw

Global Wireless Electric Vehicle Charging Market, by Installation 
+ Residential  
+ Commercial
At present, the residential segment holds a major chunk of the wireless electric vehicle charging market due to the high usage of personal vehicles by population in North America and Europe. However, with the rise in availability of wireless charging spots and stations in places like hospital, shopping centres and corporate premises is predicted as a catalyst to the growth of the commercial wireless charging segment in near future.

Global Wireless Electric Vehicle Charging Market, by Region
+ North America 
+ Latin America 
+ Europe 
+ Asia Pacific 
+ Rest of the World 
The wide adoption of electric vehicles and the resulting rise in a number of wireless charging stations in North America makes this region a market leader till date. Budding penetration of electric vehicles in the European countries, especially in Netherlands, and Germany can be attributed to the anticipated lucrative growth of the wireless EV charging market in Europe. Presence of leading OEM plants, increasing purchasing power among working class and government aids are fuelling lucrative growth opportunities in the APAC region.

Competitive Landscape:   
+ Tier 1 players- established companies in the market with a major market share 
+ Tier 2 players  
+ Emerging players which are growing rapidly  
+ New Entrants   

FutureWise Key Takeaways  
+ Growth prospects 
+ SWOT analysis  
+ Key trends  
+ Key data-points affecting market growth  

Objectives of the Study:  
+ To provide an exhaustive analysis on global wireless electric vehicle charging market on the basis of distribution channel, by vehicle type, by power source and regions
+ To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
+ To evaluate and forecast micro-markets and the overall market  
+ To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
+ To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
+ Profiling of companies to evaluate their market shares, strategies, financials and core competencies   

 

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