Because of the ongoing growth in the automotive industry, the growth of the Wireless Electric Vehicle Charger Market, a huge market for charging devices, has risen significantly over the last decades. It is a recent phenomenon that the arrival of electric vehicles and the worldwide wireless electric vehicle charging market is yet in its adolescent stage. However, with the rising environmental concerns, the craze for electric vehicles is likely to rise in the near future, which leads to a high-paced expansion of the wireless electric vehicle charger market across the globe.
According to the industry experts and based on the analysis of the global wireless electric vehicle charging market, it is expanding and gaining popularity. The consumer is aware now and very much interested in purchasing this device. The major arrival of the Wireless Electric Vehicle Charger began in the last few years. There is a various aspect to the charging market that includes increasing production and adoption of electric passenger car, increasing investment in smart city technologies and financial enticement provided by governmental institutions among others. The global Wireless Electric Vehicle Charger market valuation was USD 1316.5 million in 2019, and it is projected to reach USD 1506.8 million by the end of the year 2026, expanding at a CAGR of 1.9% during 2021-2026.
COVID 19 Impacts and effects
As the sale of electric vehicles is increasing, there is a rising number of wireless electric car charging station. Because of the higher demand and increase in production of electric vehicles all over the world to reduce carbon emission, the demand for the growth of the global electric vehicle charging system market. The high cost related to the installation of electric vehicle charging systems is expected to confine the market growth. Moreover due to the increasing adoption of wireless charging technology is estimated to provide fresh growth opportunities during the projected period.
The primary wireless electric vehicle charging technology and systems manufacturers all over the globe have blocked the assembling activities in European countries and Asia-Pacific regions (India, Republic of China, and South Korea) due to rattled supply chains amid lockdown.
The governmental bodies of emerging economies such as China and India have declared a large number of expensive stimulus packages to assist the EV market in overcoming an economic crisis brought into the world by Covid-19 by providing financial assistance heavily in the high mechanized and emerging charging infrastructure. China is one of the first few countries that provide and investment packages to stimulate and regulate its automotive industry. This is prone to drive the expansion of the EV charging system market during the estimated period.
Wireless Electric Vehicle Charger Market is booming due to a lot of factors. The infiltration of smartphones, smart devices, and other consumer electronic products of recent times has dramatically pushed the need for wireless devices. Wireless Electric Vehicle Charger enables organizations and common individuals to charge the vehicles without any hassles. There are plenty of encryption features that are integrated into the wireless electric vehicle charging devices that are beneficial to the car market, and that drive the global public market demand for such wireless devices prominently.
Wireless Electric Vehicle Charger Market is a global marketplace. It is an integrated platform. There are plenty of small and medium enterprises (SMEs) associated with this. The wireless electric vehicle charging market is a highly competitive market. Moreover, the encouragement by the native Government for spreading and grasping wireless services represents a scalable opportunity for the public-owned car market to expand its reach. The reliance on modern devices for commercial and personal purposes can trip the market need or expectation over the estimated period.
There is always a fear in the global automobile market growth. Due to this fact, wireless electric car charging is evolving every day and trying to combat its negative sides. Most of the cloud vendors offer advanced level encryption for their customers in order to ease the risk and guarantee total confidentiality. There is a lack of alertness about privacy and security issues among enterprises; this has limited the adoption and implementation of the hybrid cloud. The average level of understanding of the security benefits conducted by the hybrid cloud has severely affected its acceptance rate among users on a global platform. Private data protection is highly sensitive, and it restricts organizations from shifting their business activities to the cloud. The lack of awareness of the clarity about the governance of cloud computing increases the risk of the restraints for hybrid cloud. That is the reason cloud processes are advised to be monitored continuously to lower the risks and improve the standard security features.
The world of cars is so dynamic, but according to recent data, North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa are the main geographical prime centers of the global wireless electric vehicle charging market. Among these uprising nations, Asia Pacific has come up as the most prime regional wireless electric vehicle charging market. The major rise in the number of activities of favorable government initiatives and the rising uptake of modern technology by electric vehicle manufacturers in these regions has created major factors apart from the growth of the Asia Pacific wireless electric vehicle charging market. The wireless EV charging market is rising in spite of all the drawbacks. There are many challenges like cost of production and time-consuming production methods, but this particular industry seems to overcome all the challenges.
The primary wireless electric vehicle charging technology claims to have a 1.9%. The demand for this concept has risen because companies are conscious now. The Asian and North American countries are focusing on expanding the production to meet the targets and deal with innovative technologies effectively.
The wireless electric vehicle (EV) charging market offers a competitive landscape. Companies are now investing in research and development, new market initiatives, major regional presence, company prime strengths and weaknesses, new launches related to wireless products, and many more.
The major players who dominate the wireless electric vehicle (EV) charging market report are:
By Sales Channel
Companies are creating new avenues, and this concept of wireless electric vehicle charging technology is gaining momentum. The processes are dynamic now, so the concept of wireless electric vehicle charging technology is evolving every day. To meet the supply chain and global technology services criteria, the companies are getting agreement to grow together.
The prominent players in the wireless electric vehicle charging market deliberately keep innovating and investing in research and development in order to keep a tap on a cost-effective portfolio. There have been global mergers and acquisitions among the major players, where the business entities project to bolster their reach to their consumers.
The Wireless Electric Vehicle Charger market is divided by Types:
The Wireless Electric Vehicle Charger market is divided by Applications:
North-America is projected to dominate the Global Wireless electric vehicle charger market with the highest market share due to the govt. The help that reduces dependency on oil-related items in the region, because of this the area is a highly profitable market for electric vehicle charging and therefore having revenue of USD 1316.5 million in 2019, and it is expected profit to reach USD 1506.8 million by the end of 2026. It is a known data that the Wireless electric vehicle charger Market in Asia-pacific market is projected to grow at a CAGR of 1.9%. The European market for Wireless electric vehicle charger market is projected to grow at double the rate. There are many incidents happening in the global platform, like Oak Ridge National Labs (ORNL) has now declared that they have developed a wireless electric vehicle charger of 20 kW capacities. The modern device has provided a 90 % efficiency. The Leviton has also declared to launch a mini electric vehicle charging station. There are many innovations happening all across the world.
Based on regions:
Rest of Europe
Rest of APAC
Rest of MEA
Rest of Latin America
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology and Component|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Leviton (U.S.), WiTricity Corporation (U.S), Convenient Power HK Limited (Hong Kong), Siemens (Germany), Delphi Automotive (U.K.), Qualcomm (U.S.), and Bosch Group (Germany)|
|Key Market Opportunities||Wireless electric vehicle charger market is increasing due to growing production and adoption of electric passenger car|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Rising production of electric vehicles, investments in smart technologies, and incentives by governments are major drivers of the global wireless electric vehicle charging market.
Lack of standards can hamper the global wireless electric vehicle charging market growth.
North America can dominate the global wireless electric vehicle charging market.
Asia Pacific is deemed to be highly profitable for the global wireless electric vehicle charging market.
Delphi Automotive, ABB, Qualcomm, Convenient Power HK Limited, Siemens, Bosch Group, WiTricity Corporation, and Leviton are key players of the global electric vehicle charging market.
North America and the Asia Pacific
To have an expected CAGR would be 1.9% during the forecast period.