The Wireless EV Charging Market is forecast to reach $250 million by 2025, growing at a CAGR of 45.2% from 2020 to 2025. Implementation of strict emission standards, the 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 Segment Analysis – By Vehicle Type
The Wireless EV Charging Market is segmented into Plug-in hybrid electric vehicles (PHEV), Battery electric vehicles (BEV) by vehicle type. The BEV segment is expected to witness the highest growth of around 51.6% during the forecast period 2020 – 2025. Leading automotive companies such as Tesla, BMW, and Nissan are now offering wireless charging in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf, thereby driving the demand for wireless EV charging market. OEMs are focused on BEVs for curbing rising pollution due to strict government regulations. Increasing sales of BEV and funding from government is expected to drive the overall demand.
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Wireless EV Charging Market Segment Analysis – By Charging Type
The market is segmented by charging type into Stationary Charging and Dynamic Charging. The market was dominated by the stationary charging with a share of 71% in 2019. The stationary wireless charging system is convenient, safe and reliable. This technology is interoperable since drivers can charge any wireless charging system on their vehicles. Vehicles can also be charged wirelessly at the parking spot and on public streets. The growth of stationary wireless charging system has contributed to the expansion of charging networks for electric vehicles. Many companies have introduced stationary wireless charging systems. For instance, Evatran (Plugless) has introduced a stationary wireless charging system for Nissan Leaf and Chevrolet Volt.
Wireless EV Charging Market Segment Analysis – BY Geography
Global Wireless EV Charging Market is dominated by Europe with a share of 41% in 2019. The availability of well-developed infrastructure allows the wireless charging network to be implemented in this area. Furthermore, the presence of leading players including Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co. is expected to drive the development of the region’s wireless charging market for electric vehicles. Increase in electric vehicle sales and sound infrastructure with a large number of charging stations would drive the market for wireless charging of electric vehicles in the European region.
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.
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Wireless EV Charging Market Challenges
Expensive integration of technology and slower charging
Slower charging speeds and costlier technology adoption relative to conventional cable chargers serve as key limitations in the market for wireless electric vehicle charging. Therefore, wireless charging systems have a limited connection range. If energy is to be transmitted over a long distance RF energy technology fails. Furthermore, the technology is more expensive, as inductive charging requires drive electronics and coils in both device and charger, thus, it increases the complexity and cost of manufacturing.
Wireless EV Charging Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Wireless EV Charging Market. Wireless EV Charging driver market is expected to be dominated by major companies such Continental AG, Robert Bosch GmbH, Qualcomm Inc., Toyota Motor Corporation, Powermat Technologies Ltd, Texas Instruments Inc., Witricity Corporation., Toshiba Corporation., Elix Wireless, and Evatran Group Inc. among others.
In May 2020, Hevo Inc., which is a Brooklyn-based start-up announced plans to launch a wireless electric vehicle charger. The company has designed a ground-mounted pad that beams electricity up to a car-mounted receiver to wirelessly charge it. Now, the product is about to enter low-volume production at the Flex contract manufacturing facility in Austin, Texas, which will serve the 200 unit orders HEVO received in the first quarter of 2020.
In February 2019, WiTricity, an automotive wireless power transfer pioneer, announced its technology acquisition from Qualcomm Incorporated of Qualcomm’s Halo wireless EV charging platform and other IP assets. The technology acquisition is aimed at granting 1500 patents of WiTricity to Qualcomm.
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.
Related Reports :
A. Electric Vehicle Market
B. Wireless Charging Market
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