The global wireless EV charging market size is poised to worth around US$ 413.6 Mn by 2026 and growing at a CAGR of around 52.2% during the forecast period 2019 to 2026.
Electric vehicles are changing the structure of the global automotive market due to the advantage of reduced pollutant emissions compare to nonrenewable fossil-fueled vehicles. However, the traveling range and charging process are two major issues affecting its adoption over conventional vehicles. As a result, the introduction of wireless charging technology is overcoming the aforementioned issues with the benefit of convenient charging such as charging at parking spot or while parking in the garage, even the wireless EV charging can charge the vehicle while driving. The wireless charging can be bifurcated into two categories including static and dynamic charging. As the name indicates, static wireless charging designed for charging while the vehicle remains static and dynamic charging is intended to charge the vehicle while moving either on roadways or highways.
The rapidly growing electric vehicle market to combat the carbon emissions by combustion-based engine vehicles is primarily supporting the market growth. Some of the other factors such as increasing oil prices, global warming, increasing infrastructure for fast or dash chargers, and rising consumer demand for convenient charging are driving the market value. Additionally, the wireless EV charging market is also gaining growth due to the support of various governmental authorities for the rapid development of fast-charging infrastructure for electric vehicles. For instance, the U.S Energy Department announced around US$ 4 Mn in 2012 to develop wireless chargers for electric vehicles. Furthermore, the increasing investment in the wireless charging technology and infrastructure is further expected to expand the growth over the forecast period from 2019 to 2026.
On the other hand, the high cost associated with the up-gradation to wireless charging technology is anticipated to restrict the growth to an extent over the estimated period.
Public/Commercial Charging Station is projected to register the fastest growth over the estimated period
On the basis of application, the public/commercial charging station segment is anticipated to project the fastest double-digit growth over the estimated period from 2019 to 2026. Commercial electric vehicles are estimated to account a major share in the market over the forecast timeframe period.
The market research study on “Wireless EV Charging Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global Wireless EV Charging market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global Wireless EV Charging Market, its component, power supply range, propulsion type, charging type, vehicle type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Wireless EV Charging market size and volume, and segment markets by component, power supply range, propulsion type, charging type, vehicle type, application, and geography along with the information on companies operating in the market. The Wireless EV Charging market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
The Asia Pacific is projected to exhibit the fastest growth throughout the estimated period from 2019 to 2026
The region is particularly gaining growth due to increasing favorable government initiatives and the adoption of high-end technology products by EV manufacturers. The major economies of the region China and India are expected to contribute to the market value over the estimated timeframe.
The players profiled in the report include Continental AG, Elix Wireless, Evatran Group, Powermat Technologies Ltd., Qualcomm, Inc., Robert Bosch GmbH, Texas Instruments Inc., Toshiba Corporation, Toyota Motor Corporation, and WiTricity Corporation. The major players are involved in R&D activities to grab the potential opportunity in the wireless EV charging. The companies are also involved in strategic partnerships to expand their market share.
Market By Component
Market By Power Supply Range
Market By Propulsion Type
Market By Charging Type
Market By Vehicle Type
Market By Application
Market By Charging System
Market By Geography
Middle East & Africa
The market for wireless EV charging is expected to reach the market value of around US$ 413.6 Mn by 2026.
The wireless EV charging market is expected to grow at a CAGR of around 52.2% from 2019 to 2026.
The public/commercial charging station segment is projected to exhibit the fastest growth over the estimated period from 2019 to 2026.
Rapidly growing electric vehicle market, regulations to decrease carbon emissions from the vehicle, increasing oil prices, global warming, increasing infrastructure for fast or dash chargers, and rising consumer demand for convenient charging are the factors projected to drive the demand over the forecast period.
Continental AG, Elix Wireless, Evatran Group, Powermat Technologies Ltd., Qualcomm, Inc., Robert Bosch GmbH, Texas Instruments Inc., Toshiba Corporation, Toyota Motor Corporation, and WiTricity Corporation are some of the major global players in the market.
The Asia Pacific is projected to exhibit the fastest growth over the forecast period from 2019 to 2026.
The rapidly growing electric vehicle market to combat the carbon emissions by combustion-based engine vehicles is primarily supporting the market growth.