The global wireless charging for electric vehicle market accounted for a value of USD 25 million in 2019 and is projected to register growth at a CAGR of 38.8% during forecast period.
COVID-19 has impacted the wireless charging for electric vehicle market. This pandemic has negatively impacted automotive industry. All the production and assembly activities were halted due to lockdown in many countries. The supply of raw material and finished products is immensely affected due to travel restriction and border closers. The sales of vehicles are immensely hit by the corona virus outbreak. The wireless charging for electric vehicle will foresee growth post COVID-19.
For more details, visit: Global Wireless Charging for Electric Vehicle Market By Propulsion (BEV and PHEV), By Application (Home Charging and Public Charging), By Component, By Charging Type, By Vehicle Type, By Region, Forecast & Opportunities to 2026
The demand for wireless electric vehicle charging market is increasing as the demand for electric vehicle is increasing across the world. The fossil fuel resources are depleting and the oil prices are also increasing which increases demand for alternative energy sources. This drives growth in wireless electric vehicle charging market during forecast period.
On the basis of charging type, the wireless electric vehicle charging market is segmented into dynamic wireless charging system and stationary wireless charging system. The stationary wireless charging segment is estimated to dominate the market during forecast period. This system is safe, reliable and convenient. This technology is interoperable and helps drivers in changing their vehicles with any wireless charging system. Vehicles can be charged in public places and parking spot wirelessly. This increases demand for stationary wireless charging system and drives growth in this segment during forecast period.
On the basis of propulsion, the wireless electric vehicle charging market is segmented into BEV and PHEV. The BEV is estimated to hold largest market share during forecast period. The demand and adoption of battery electric vehicle is increasing in the world. Many automotive companies such as Nissan, Tesla and BMW are rapidly adopting wireless charging and offering wireless charging in BEV models such BMW i3 and Nissan Leaf etc. The stringent emission norms implemented by government to reduce emission leads to wide range adoption of battery electric vehicle. This drives growth in BEV segment during forecast period.
Europe region is estimated to hold largest market size during forecast period. The well developed infrastructure is available in this region which can easily incorporate wireless charging infrastructure. This region has presence of leading players such as KGaA Hueck &Co. and Robert Bosch GmbH etc. which further increases market growth in this region. The adoption of electric vehicle is increasing in this region as the environmental awareness is increasing among consumers and government is also supporting electric vehicle segment. This increases demand for wireless electric vehicle charging market during forecast period.
The key market players in wireless electric vehicle charging industry are Witricity Corporation, Momentum Dynamics Corporation, Mojo Mobility, Elix Wireless Inc., Efacec, Continental AG, Robert Bosch GmbH, Tosiba Corporation, Toyota Motor Corporation, Bombardier Inc., Hella KGaA Hueck & Co., ZTE Corporation, HEVO Inc., Tgood Electric Co. and Evatran Group Inc.
- What are the expected industry trends over the next three to five years?
- Which of the wireless charging for electric vehicle charging type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?