ID: MRFR/AM/5748-HCR | February 2021 | Region: Global | 135 pages
The wireless electric vehicle charging market is expected to show exceptional performance during the forecasted period by registering a CAGR of 48.82 %.
The concept of wireless electric vehicle charging is based upon the principle of inductive coupling, in which energy passes through an electric device and is used for charging batteries. For this method to function, there is a need for a charging base station where energy transfer can occur between two objects. The rise in demand for electric vehicles has contributed to the high demand for wireless electric vehicle charging solutions. In the future, the demand in the market is expected to rise owing to the high demand for electric vehicles and awareness of sustainable mobility solutions further. According to the International Energy Agency (IEA), in 2019, the sales of electric cars topped 2.1 million all across the globe. This trend could continue and increase the global market size of Wireless Electric Vehicle Charging during the forecasted period.
Several market variables could increase the attractiveness of the wireless electric vehicle charging industry during the forecasted period, such as the surge in demand for electric vehicles and the adoption of improved technology to produce efficient electric vehicle charging solutions. A detailed analysis of the market has been conducted to determine its growth potential in the future. Various factors such as drivers, opportunities, challenges, and restraints that could impact the market growth have been identified and examined in the report.
Covid 19 analysis
The Covid 19 pandemic has negatively affected the global wireless electric vehicle charging market by diminishing its demand and reducing the sales volume. Due to the decline in mobility the people have been spending less on wireless electric vehicle charging technologies. However, the global wireless electric vehicle charging industry is expected to recover during the forecasted period owing to eased restrictions by different national governments.
Competitive Intensity in the Industry
The level of competition in the global market is extremely intense. As the demand for electric vehicles has surged in recent times, many players have entered the market landscape, increasing the competitive intensity. Some of the key market players that dominate in the market and influence the global market size have been listed below:
The chief business players operating in the global market rely on innovative technologies to adapt to the dynamic and evolving market landscape.
Recent Market Developments
Chief Variables existing in the market
The chief market drivers that could contribute to the future growth of the market are the high sales of electric vehicles, strict environmental regulations, and awareness of sustainable mobility solutions.
Some of the major challenges in the market of wireless electric vehicle charging include changing the regulatory landscape and high competition. The evolving technological landscape has made it difficult for businesses to frequently upgrade their wireless electric vehicle charging solutions.
There is an opportunity for major market players to strengthen their research and development function to introduce more efficient and sustainable wireless electric vehicle charging technologies. The increase in demand for electric and autonomous vehicles could also create business opportunities in emerging economies.
The key restrains in the market include high costs relating to research and development activities and energy loss during transmission. Companies need to tackle these restraints to operate in the market effectively.
Cumulative Evaluation of the Market
The detailed market analysis has shed light on several market trends of wireless electric vehicle charging that exist in the market. Key trends include high demand for electric vehicles, integrating technology in charging solutions, and better awareness of electric vehicles. These elements have the potential to influence the market growth during the forecasted period.
Overview of the main market segments
Based on the charging type, the global market can be segmented into dynamic wireless electric charging and stationary wireless electric charging. The dynamic wireless electric charging segment is likely to dominate the market due to increasing demand in the future.
The market can be fragmented into3 to 7.7. KW,7.7. to 11 KW,11 to 20 KW, 20 to 50 KW, and 50 KW and above segments. The performance of each of these segments is expected to influence the market size during the forecasted period.
The global market can be divided into a commercial charging station and a home charging station based on the charging station. The demand would influence the future performance of the market in both of these segments.
The global market can be divided into base charging pad, power control unit, and vehicle charging pad. The performance of the market at these segment levels is likely to influence its growth and profitability in the future.
The global wireless electric vehicle charging industry can be segmented into battery and plug-in electric vehicles based on propulsion. The rising demand for lithium-ion batteries is expected to increase the demand for battery electric vehicles.
The global market can be divided into electric passenger and commercial vehicles based on vehicle type. The demand in the passenger EV segment had been sluggish in the previous year due to the pandemic. However, the segment performance is expected due to major market trends such as ceased mobility restrictions and the high sales of electric passenger vehicles.
Based on application, the market can be further segmented into OEM and aftermarket. The market segments are expected to play an influential role in shaping its growth potential during the forecasted period.
The global wireless electric vehicle charging industry can be divided into numerous geographical segments such as North America, Europe, the Asia Pacific, and the rest of the world. During the forecasted period, the Asia Pacific segment is expected to register the highest growth due to the high production of electric vehicles. Nations like China and Japan are expected to play a key role in expanding the region's market share. Factors like rising pollution, urbanization and high focus to curtain carbon emissions could also act as catalysts and accelerate the growth of the market in other regions.
In the detailed global market of wireless electric vehicle charging report, a thorough analysis of the market environment has been carried out. The diverse range of variables that exist in the market and influence the performance of the key market players have been captured and examined. Some of the important strategic tools that have been used to conduct the in-depth market analysis are SWOT analysis and Porter's Five Force analysis. These tools have increased the richness of the study and helped determine the growth potential of the global market during the forecasted period. The vital market trends of wireless electric vehicle charging that have been captured in the report could influence the market's future performance and profitability.
Key Industrial Segments
By Charging Type
By Power Supply Range
By charging station
By Charging Pads
By Vehicle Type
|Market Size||2027: USD 258.65 Million|
|CAGR||48.82% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Charging Type, Power Supply Range, Charging Pad, Charging System, Propulsion Type, Vehicle Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Plugless Power (USA), WiTricity (USA), Nission (Japan), Qualcomm, Inc. (USA), ZTE Corporation (China), ELIX Wireless (Canada), HEVO power (USA), Continental AG (Germany), Toshiba Corporation (Japan), and BMW (Germany).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The key driving factors for the growth of this market are the swelling demand for dynamic electric vehicle charging (DEVC) technology, growing long distance drive by electric vehicles, increasing demand for environment friendly vehicles, and emerging concern on safety in electric vehicles.
The market will be valuing in the highest rate of the market in the forecast period.
WiTricity (USA), Plugless Power (USA), Nission (Japan) are the top 3 key players included in the study of global market.
The Asia Pacific geographical segment is expected to register the highest growth during the forecasted period due to favorable market factors such as an increase in the production of electric vehicles in major Asian markets like Japan and China
The propulsion, power supply range, vehicle type, charging type, charging station, charging pad, application are the segments included in the study of global market.