DUBLIN, October 2, 2017 /PRNewswire/ --
The "Wireless EV Charging Market by Application, Component, Market (Aftermarket/Retrofit and OE Market), Power Supply Range (3-<11 kW, 11-50 kW, and > 50 kW), Charging Type (Stationary and Dynamic), Vehicle Type, and Region - Global Forecast to 2025" report has been added to Research and Markets' offering.
The wireless EV charging market is projected to grow at a CAGR of 49.38% from 2020 to 2025, to reach a market size of USD 7,094.8 Million by 2025.
The key factors driving the wireless EV charging market are increasing demand for electric vehicles, increasing infrastructure for fast chargers, and rising consumer demand for convenience features.
The public charging station is estimated to be the fastest growing application segment of the wireless EV charging market. As the sale of electric vehicles is increasing, there is a growing need for publicly accessible charging stations.
The power control unit is estimated to be the largest segment of the wireless EV charging market, by component. The market size of the power control unit is the largest as this component is mandatorily installed at public charging stations as well as home charging units along with the base charging pad. On the other hand, the market for vehicle charging pad is limited to the number of electric vehicles enabled with the wireless charging technology.
The >50 kW power supply range is estimated to be the fastest growing segment of the wireless EV charging market. The growth of this market can be attributed to the increase in demand for commercial electric vehicles and fast charging technology.
The Original Equipment Market (OEM) is estimated to be the fastest growing segment of the wireless EV charging market, by market type. Many OEMs are planning to launch vehicles with wireless charging system from 2018. Once this technology is launched in the mass market, the OE market penetration would increase significantly.
Battery electric vehicle (BEV) is estimated to be the largest segment of the wireless EV charging market, by volume. The penetration of BEVs is expected to rise in the coming years due to strict emission norms by the governments of various countries and increase in the distance traveled by electric vehicles.
Asia-Pacific is estimated to dominate the wireless EV charging market, by volume as well as value. The region comprises countries such as China and India, which have a huge demand for electric vehicles. The demand for wireless charging system is directly linked to the electric vehicle production and consumer demand in this region. Also, government policies and subsidies favoring the growth of electric vehicles and electric vehicle charging stations (EVCS) drive the market in this region.
A key factor restraining the growth of the wireless EV charging market is the high price of upgradation to wireless charging technology. The implementation of wireless charging technology in an electric vehicle will add to the cost of the vehicle. Therefore, this makes the wireless charging for electric vehicles more expensive. The high upgradation costs involved are restricting the adoption of the wireless charging system by OEMs.
The wireless EV charging market is dominated by a few global players. Some of the key market players are Qualcomm Inc. (U.S.), Evatran Group - Plugless (U.S.), Momentum Dynamics Corporation (U.S.), Continental AG (Germany), WiTricity Corporation (U.S.), and HELLA KGaA Hueck & Co. (Germany).
- Rising Demand for Safety And Convenience
- Growing Infrastructure of Fast Chargers for Electric Vehicles
- Increasing Demand for Miles Driven By Electric Vehicles
- High Price of Upgradation to Wireless Charging Technology
- Rise in Demand for Semi-Autonomous And Autonomous Vehicles
- Development of Wireless Charging System for Commercial Electric Vehicles
- Minimizing Loss of Efficiency And Fast Charging
- High Level of Safety
- Long Routes for Dynamic Charging
- Aerovironment Inc
- Bombardier Inc.
- Chargepoint Inc.
- Continental Ag
- Elix Wireless
- Evatran Group Inc.
- Hella Kgaa Hueck & Co.
- Hevo Power
- Lg Chem Ltd
- Mojo Mobility Inc.
- Momentum Dynamics Corporation
- Olev Technologies
- Qualcomm Inc.
- Robert Bosch Gmbh
- Toshiba Corporation
- Toyota Motor Corporation
- Wave (Wireless Advanced Vehicle Electrification)
- Witricity Corporation
- Zte Corporation
For more information about this report visit https://www.researchandmarkets.com/research/42kwf7/wireless_ev
Laura Wood, Senior Manager
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SOURCE Research and Markets