According to Market Research Future (MRFR)’s new study, the global wireless electric vehicle charger market is prognosticated to strike healthy CAGR during the forecast period 2016 to 2027. The rise in the demand for electric vehicles is likely to dictate the growth of the market in the upcoming years.
The concerns raised by the depletion of natural resources coupled with endeavors for the reduction of carbon footprints are expected to fuel demand for wireless technology for charging electric vehicles. Additionally, the technological advancements and innovations brought by the key players are further poised to boost the proliferation of the wireless electric vehicle charger market over the assessment period.
The governments across the world have catalyzed their efforts for accelerating the adoption of electric cars. Provisions for financial incentives are made available for increasing the sales of electric vehicles. This, in turn, is anticipated to favor the expansion of the wireless electric vehicle charger market over the next few years. However, lack of standardization of products remains an impediment to the market growth.
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MRFR’s report offers a detailed segmental assessment of the wireless electric vehicle charger market based on technology and component. By technology, the global wireless electric vehicle charger market has been segmented into inductive charging, conductive charging, dynamic charging, magnetic resonance, and others.
By component, the wireless electric vehicle charger market has been segmented into electromagnetic induction, wireless power receiver, rectifies, power distribution box, vehicle receiver unit, ground transmission unit, and battery, and others.
The global wireless electric vehicle charger market, by region, has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is, at present, leading the global market. The initiatives undertaken by the government for reducing the dependency on fuel and promoting the adoption of electric vehicles is expected to catalyze the expansion of the wireless electric vehicle charger market over the assessment period. Furthermore, the presence of key players in the region is poised to influence the growth rate of the market positively.
Europe is an important revenue pocket of the wireless electric vehicle charger market. The thriving automotive sector of the region is significantly driving the proliferation of the market. It is expected to exhibit a similar trend in the forthcoming years. Electric vehicles have large-scale market presence in the region which is projected to propel the expansion of the wireless electric vehicle charger market. Furthermore, the availability of excessive funds for research & development of new technologies is likely to boost the growth of the market over the next couple of years.
Asia Pacific is poised to witness a rapid growth rate in the foreseeable future. The accelerated adoption of electric vehicles in China backed by its government is anticipated to catapult the wireless electric vehicle charger market in the region. In addition, other fast-developing countries are also prognosticated to witness an upsurge in demand for electric vehicles. This, in turn, is expected to dictate the growth trajectory of the wireless electric vehicle charger market in the region during the forecast period.
Some of the key players profiled in the report are Leviton (U.S.), WiTricity Corporation (U.S), ABB (Switzerland), Convenient Power HK Limited (Hong Kong), Delphi Automotive (U.K.), Qualcomm (U.S.), Siemens (Germany), and Bosch Group (Germany)
In October 2018, WiTricity, a pioneer in wireless power transfer, has entered into an IP licensing agreement with China-based Anjie Wireless to expedite EV adoption in China
In November 2018, the national laboratory at Oak Ridge, Tennessee, U.S., has demonstrated wireless charging system for electric cars that are capable of transferring 120 kW of power with a 97% efficiency.
In November 2018, car sharing firm, Zipcar, has partnered with Innovate UK and US-based FreeWire Technologies for testing mobile wireless electric vehicle charging in London.