Wireless Ev Charging Market - Forecast (2023 - 2028)

Wireless EV Charging Market Overview

The market for Wireless EV Charging is forecast to?reach $250 million by 2025, growing at a?CAGR of 45.2% from 2020 to 2025.?Implementation of strict emission standards, growing emphasis on R&D activities, and rapid technological developments are expected to drive the demand for wireless EV charging market. Companies, such as Qualcomm, are leading the change to develop feasible?wireless charging?technologies. Several automotive OEMs, such as Volkswagen, Renault, Ford, Nissan, Toyota, BMW, Audi, Daimler, and Maserati are spending significantly on R&D activities for this technology, thereby creating more opportunities for the wireless EV charging market.

Wireless EV Charging Market Report Coverage

The report: “Wireless EV Charging Market– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Wireless EV Charging Market.?

By Vehicle Type –?Plug-in hybrid electric vehicles (PHEV), Battery electric vehicles (BEV)

By?Charging Type –?Stationary Charging, Dynamic Charging

By?Charging Method –?Electromagnetic induction, magnetic resonance, electric field coupling, others

By Power Supply Range –?Level 1 (3.3 kW to?<7.7KW), Level 2 (7.7 KW to < 11KW), Level 3 (11KW to < 20KW), Level 4 (20KW to < 50 KW), Level 5 (50 KW and above)

By Component–?Base Charging Pad, Power Control Unit, Vehicle Charging Pad

By Manufacturing Type–?Aftermarket, OEM

By Usage Type–?Home Charging System, Commercial Charging System

By Geography -?North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)

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Key Takeaways

• BEV segment is expected to witness the highest growth of around 51.6% during the forecast period 2020 – 2025?as they are being predominantly adopted due to strict government regulations.
• Global Wireless EV Charging Market is dominated by Europe with a share of 41% in 2019 due to the presence of major players in this region.
• Increase in sales of electric vehicles are consequently driving the wireless EV charging market.
• Slower charging rate and costlier integration of technology as compared to traditional cable chargers act as the key restraints of the wireless electric vehicle charging market.

Wireless EV Charging Market Drivers

Increase in sales of electric vehicles (EVs)?

EVs deliver several advantages such as reduced fuel consumption (petrol, diesel, and gas) and reduced emissions from tailpipes, which significantly boost their demand across the globe. It in turn is expected to accelerate the need for wireless charging during the forecast period for electric or plug-in hybrid vehicles. According to stats of Edison Electric Institute,??EV market share grew to 1.8% in March 2019, up from 1.6% in March 2018.?Moreover, global EV sales totalled about 2.1 million for 2018, an increase of 64% compared to the total sold in 2017. This is anticipated to create more opportunities for the wireless EV charging market.

Surge in initiatives such as collaborations by EV manufacturers

In addition, key players operating in the wireless electric vehicle charging market are adopting various strategic moves such as product development and collaboration, to further expand their product portfolio and global footprint. Nichicon Corporation and Qualcomm, for example, signed a strategic agreement. Based on the agreement, Nichicon Corporation is expected to integrate Qualcomm Halo wireless electric vehicle charging (WEVC) technology into its product range and focus on selling WEVC wireless electric vehicle charging technology for hybrid and electric vehicles from Qualcomm Halo. Furthermore, several EV manufacturers are deploying wireless charging systems in their products. For instance, in Germany, on May 28, 2018, BMW launched its wireless electric car charging system. This system allows vehicles to park over the inductive charging station followed by a simple push of the start/stop button to initiate charging.