The Wireless Charging for Electric Vehicle Market is projected to grow at a CAGR of 46.8 % during the forecast period, from USD 16 million in 2020 to USD 234 million by 2027. Electric cars are powered using electric motors that run on rechargeable battery packs, as a result of which they cause less pollution and are environmentally friendly as compared to conventional vehicles.
They also offer higher performance benefits and greatly reduce energy dependence, since they rely on electricity. These cars are normally charged at a charging station, many of which are offered by electric utilities. Growing government spending on battery technology and environmental concerns has led to increased focus on electric and hybrid vehicles. Wireless car charging involves charging through an electromagnetic field. As a result, users need not plug in their cars and can park on top of an inductive pad for charging. This not only results in a higher degree of convenience but also helps in charging the car much faster as compared to the wired approach. Wireless technology offers safe and effective charging, which is expected to drive the industry over the forecast period. Additionally, the number of wireless charging stations is expected to increase significantly over the next few years, which is estimated to have a favorable impact on the market. However, the lack of a unified standard for manufacturers and infrastructure developers is expected to restrain the market growth. Efforts are being made to establish an industry standard so as to avoid waste of resources as well as boost commercialization of wireless car charging products. For example, the Society of Automotive Engineers announced in late 2013 that it would issue a standard frequency for wireless power transfer in electric vehicles in 2014. New York-based startup HEVO (Hybrid Electric Vehicle Optimization) Power has planned to roll out wireless charging manholes as part of a pilot project in 2014.
EVs offer multiple advantages such as reduced fuel (petrol, diesel, and gas) consumption and decreased emissions from tailpipes, which significantly boost their demand across the globe. This in turn is expected to escalate the need for wireless charging for electric or plug-in hybrid vehicles during the forecast period.
In addition, key players operating in the wireless electric vehicle charging market are adopting various strategic moves such as product development and collaboration, to tap the business potential. For instance, Nichicon Corporation and Qualcomm entered into a strategic agreement. Based on the agreement, Nichicon Corporation is expected to include Qualcomm Halo wireless electric vehicle charging (WEVC) technology in its product portfolio and focus on commercializing Qualcomm Halo wireless electric vehicle charging WEVC technology for hybrid and electric vehicles.
Furthermore, several EV manufacturers are deploying wireless charging systems in their products. For instance, in Germany, on May 28, 2020, 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. Once the battery is completely charged, the system switches off automatically. Qualcomm, Renault, and French mobility together developed a wireless charging system called Ground Pad. This system can be installed in a garage or outside to connect to the vehicle’s charging system over eight centimetres through a magnetic field.
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. In addition, wireless charging devices have a distance limitation. RF energy technology fails when energy is to be transferred over a long distance. In electric vehicles, the charging time required is more and it varies in accordance with the vehicle battery capacity.
The major players in the market include Robert Bosch GmbH (Germany), Continental AG (Germany), WiTricity Corporation (US), ZTE Corporation (China), and HELLA KGaA Hueck & Co. (Germany).
The European region is expected to hold the largest market share during the forecast period. The availability of well-developed infrastructure enables the incorporation of wireless charging infrastructure in this region. In addition, the presence of leading players such as Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co. is expected to accelerate the growth of the wireless charging for electric vehicle market in the region. 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.
Report : Wireless Charging for Electric Vehicle Market - By Power Source (3-<11 kW, 11-50 kW, and >50 kW), By Charging Type (Dynamic Wireless Charging System and Stationary Wireless Charging System), By Vehicle Type (battery electric vehicles (BEV), plug-in hybrid electric vehicle (PHEV), and Commercial Electric Vehicles), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027