Global Wireless Charging for Electric Vehicle Market Size Was Worth USD 16 million in 2020 and Is Projected to Grow to USD 234 million by 2027

October 12, 2021, New York, USA -

Wireless Charging Market for Electric Vehicles: Introduction

Wireless charging is also referred to as conductive charging or cordless charging. Wireless charging occurs through the use of electromagnetic fields to transmit energy between two points or objects using electromagnetic induction. It is vitally important to be equipped with a charging station for wireless Electric Vehicles (EV) charging.

There has been a lot of research conducted in the field of electric vehicle (EV) wireless technological advancements during the last decade, and electric vehicles are anticipated to become an integral part of the future automobile industry. 

Even sports car manufacturers are spending huge money on electric vehicles (EVs). They have started combining electric engines along with their petrol engines, in order to make their cars environment friendly.

Companies like Qualcomm which is leading the effort to develop practical wireless charging technology. Many car OEMs like Volkswagen, Renault, Ford, Nissan, Toyota, BMW, Audi, Daimler and Maserati are investing significant funds in research and development activities related to this technology.

The Global Wireless Charging Market for Electric Vehicles Market Forecast and Overview:

It is estimated that the Wireless Charging for Electric Vehicles market is expected to reach USD 234 Million by 2027. This will translate into a compound annual growth rate of 46.8% over the forecast time (2021 to 2027). The market was worth USD 16 Million in the year 2020.

Wireless charging for vehicles will be one of the most advanced technologies being developed and is likely to increase the growth of the electric car market. It's predicted that by 2040 more than 50 percent of new automobile sales will be electric.

Although wireless charging is an absolute necessity for electric automobiles, there are a couple of potential disadvantages which need to be taken into consideration, like the loss of power during charging, the absence of charging infrastructure, high cost and so on.

The rise in sales of electric vehicles around the globe is expected to increase the market for portable charging devices. The governments of countries such as Norway, the United Kingdom, Japan as well as in the United States, and in developing nations like China are offering buyers with incentives.

At present, only a few nations are working in the field of wireless charging for electric vehicles (EV). The director of the Joint Transportation Research Program (Purdue University) has announced a collaboration with Magment Concrete Wireless Power, which is Germany-based. The collaboration aims to meet the needs of electric vehicles, including wireless charging.

Market Trend and Dynamics of the Global Wireless Charging Market for Electric Vehicles Market:

The Rise In Electric Vehicle Sale.

The market for electric vehicles has seen a steady growth rate over the last few years. Through the third quarter of 2019, total sales of electric vehicles amounted to around 1,614,048 units as which was compared to 1,279,527 in the third quarter of 2018. The rise in sales is due to increasing regulatory norms that are being enforced by diverse governments and organizations to limit emissions and promote zero-emission vehicles.

This has forced automakers to spend more money on the R&D of electric vehicles that eventually enabled them to advertise electric cars as the next generation of vehicles. This approach had a significant effect on the public since there was a dramatic shift in the purchasing patterns from traditional IC engines to electrical ones. The shift has not impacted the demand for IC engines but instead made a market that is promising for electric vehicles in the present as well as in the near future.

Electric vehicles are on the same level (sometimes even surpassing) with IC engines regarding performance, reliability as well as the initial cost of buying. Tesla has developed electric vehicles which claim to have more power, acceleration and top speed more than the average IC hybrid car or engine.

 

All over the world, governments have created various schemes and initiatives that will encourage buyers to consider electric vehicles over conventional ones. California ZEV, which is aimed at having 1.5 million electric vehicles on the roads by 2025, is one initiative to encourage the purchasing of electric cars. Countries such as India, China, United Kingdom, Korea, France, Germany, Norway, Netherlands and so on. are just a few countries with numerous incentives for those who want to purchase an electric car.

The rise of vehicles powered by electric motors is predicted to boost and increase the need for charging devices and wireless charging. Wireless charging promises to decrease the effort needed for charging your vehicle. Wireless charging is predicted to increase in popularity and create an increasing market soon.

The Key Market Segmentation of the Global Wireless Charging Market for Electric Vehicles Market: 

Global Wireless Charging Market for Electric Vehicles Market can be divided into Component, Power Supply Range, Propulsion Type, Charging Type, Vehicle Type, Application, Charging System and Geographical landscapes, etc. 

Wireless Charging Market for Electric Vehicles Market Segmentation By Component:

Base Charging Pad

Power Control Unit

Vehicle Charging Pad

Wireless Charging Market for Electric Vehicles Market Segmentation By Power Supply Range:

3–<11 kW

11–50 kW

>50 kW

Wireless Charging Market for Electric Vehicles Market Segmentation By Application:

Public/Commercial Charging Station

Home Charging Unit

Wireless Charging Market for Electric Vehicles Market Segmentation By Charging System:

Magnetic Power Transfer

Capacitive Power Transfer

Inductive Power Transfer

Wireless Charging Market for Electric Vehicles Market Segmentation By Propulsion Type:

Battery Electric Vehicle (BEV)

Plug-In Hybrid Electric Vehicle (PHEV)

Wireless Charging Market for Electric Vehicles Market Segmentation By Charging Type:

Dynamic Wireless Charging System

Stationary Wireless Charging System

Wireless Charging Market for Electric Vehicles Market Segmentation By Vehicle Type:

Passenger Cars (PC)

Electric Commercial Vehicle (ECV)

Electric Two-Wheeler

Wireless Charging Market for Electric Vehicles Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

The Middle East and Africa

Major Key Players in the Global Wireless Charging Market for Electric Vehicles Market Are:

BMW

Plugless

OLEV Technologies

HEVO Power

Qualcomm

WiTricity

Nissan

Toyota

Bombardier

Hella Aglaia Mobile Vision

Daimler

Tesla Motors