LONDON, March 16, 2021 /PRNewswire/ -- According to a new market research report titled "Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (<11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User - Global Forecast to 2027," the wireless electric vehicle (EV) charging systems market is expected to grow at a CAGR of 53.1% from 2020 to 2027 to reach $827.03 million by 2027.
Wireless EV charging systems use inductive power transfer technology to transfer power over the air from a pad embedded in the ground to a pad attached to the underbelly of an electric vehicle to charge the vehicle's battery. These pads are either installed in the parking spaces of commercial infrastructures and private garages for charging one vehicle at a time or along a stretch of road for charging multiple vehicles while they are on the move. Wireless EV charging systems can potentially help avoid plug-in problems usually faced with wired EV charging systems. The major factors driving the growth of the wireless EV charging systems market include the rising demand for electric vehicle (EV) fast-charging infrastructure, increasing implementation of wireless charging infrastructure in the European countries, and the increasing prevalence of range anxiety. The standardization of wireless EV charging systems also aids the growth of this market.
Moreover, the growing use of autonomous vehicles in public transport and logistics by major retail MNCs and shared mobility operators worldwide is expected to create significant opportunities for players operating in this market. However, the high cost of implementing wireless charging infrastructure obstructs the growth of this market to some extent. Insufficient funding from investors due to the lack of attractive value propositions of wireless EV charging systems for customers is a major challenge for the growth of the wireless electric vehicle (EV) charging systems market.
The Impact of COVID-19 on the Wireless Electric Vehicle (EV) Charging Systems Market
The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and to avoid its associated consequences, governments across the globe announced partial or complete lockdowns, significantly impacting various sectors, including the automotive sector.
In 2019, the global count of electric vehicles on roads had crossed 2 million. However, the COVID-19 crisis led to disruptions in supply chains, limitations on operations and workforce, and factory closures globally. The economic slowdown caused a severe decline in vehicle sales, especially in the electric vehicles segment. The demand for electric vehicle charging infrastructure has been impacted significantly. Major investments for deploying EV charging infrastructure have halted since most EVSE (Electric Vehicle Supply Equipment) manufacturers worldwide have been affected due to government restrictions and nationwide lockdowns. For instance, in the U.K., ubitricity and Pod Point halted the construction of new charging stations for the second phase of the Go Ultra Low City Scheme. Similarly, Rolec Services announced temporarily suspending the manufacture of EV charging stations in the U.K. due to COVID-19 restrictions.
However, most governments from affected regions have turned to infrastructure rehabilitation for stimulating economic recovery. Several governments are investing in charging infrastructure either through direct investments in public charging stations or by providing subsidies for the installation of private charging stations at homes and workplaces.
The overall wireless electric vehicle (EV) charging systems market is segmented based on type, component, technology, power supply, application, propulsion, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the static wireless EV charging systems segment accounted for the largest share of the overall wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is mainly attributed to the charging convenience offered by static wireless EV chargers, the systems' simple construction resulting in low cost of implementation, and the large number of pilot projects undertaken by leading automotive OEMs for integrating static wireless EV chargers into their electric vehicles.
Based on component, the base pads segment accounted for the largest share of the overall wireless electric vehicle (EV) charging systems market in 2020. The demand for wireless EV charging base pads is expected to increase during the forecast period, majorly due to increasing deployments of wireless EV charging systems in public places and across industries to wirelessly charge taxis, buses, and industrial vehicles; the standardization of wireless charging pads for allowing interoperability; and the presence of a large number of use cases and pilot projects supporting the adoption of static wireless EV charging systems that use designated base pads for power transmission.
Based on technology, the resonant inductive wireless EV charging systems segment accounted for the largest share of the overall wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is attributed to rising sales of electric vehicles, the increasing implementation of pilot projects for resonant inductive power transfer technology, and the leading automotive OEMs' growing integration of resonant inductive power transfer technology into their vehicles. Additionally, these systems do not have drawbacks related to close coupling and alignment of coils required to transmit power between the primary and secondary coils, which are present in other wireless power transfer technologies. Such benefits of resonant inductive wireless EV charging systems over other charging systems are expected to support the demand for this segment over the coming years.
Based on power supply, the less than 11 kW segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of the segment is majorly attributed to the standardization of wireless EV charging systems in the 'up to 11kW' segment, resulting in huge investments by automotive OEMs in the segment. Moreover, these charging systems are expected to witness high demand over the forecast period due to the increasing adoption of electric vehicles across Europe and North America.
Based on application, the commercial wireless EV charging systems segment accounted for the largest share of the overall wireless electric vehicle (EV) charging systems market in 2020. The major factor contributing to the large share of this segment is the rising adoption of electric buses and taxis across North America, Europe, and Asia-Pacific. Additionally, the increasing adoption of EVs by various consumer segments has highlighted the need for increasing public wireless charging infrastructure. Major retailers worldwide, such as IKEA and Walmart, and micromobility start-ups such as Voi Technology are exploring the deployment of wireless EV charging systems for fleet charging. China has also witnessed high demand for commercial wireless EV charging systems due to the presence of large commercial garage parking spaces and densely populated urban areas.
Based on propulsion type, the battery electric vehicles segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The increasing adoption of battery electric vehicles worldwide, government regulations to phase out fossil fuel-powered vehicles, and increasing government incentives for transitioning to electric mobility are the major factors contributing to the segment's large share. Additionally, designated wireless charging spots along roads can facilitate fast charging, increasing the range of electric vehicles. These factors are expected to support the market's growth.
Based on end user, the light commercial vehicles segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is attributed to the increasing sales of light commercial electric vehicles globally due to the need to control pollution and carbon emissions. Several governments are offering financial and non-financial incentives for the adoption of electric vehicles. Wireless charging systems can be an efficient and cost-effective solution for charging light commercial vehicles since they are on the move for most of the day and stop only at designated points for delivery or pickups.
Geographically, Asia-Pacific is the largest market for wireless EV charging systems globally. The major factors contributing to the region's high market share are the elevated demand for electric vehicles in the region, high demand for fast-charging infrastructure in China, Japan, and South Korea, and the increasing adoption of electric vehicles and growing infrastructural development in emerging economies such as India and Southeast Asian countries. Additionally, China is actively investing in the research & development and standardization of wireless charging systems for electric vehicles. These factors are expected to positively impact the wireless EV charging systems market in the Asia-Pacific region, propelling the growth of this regional market.
The key players operating in the global wireless EV charging systems market are WiTricity Corporation (U.S.), Plugless Power Inc. (U.S.), Momentum Wireless Power (U.S.), Groupe Delachaux (France), ELIX Wireless (North America), Mojo Mobility, Inc. (U.S.), HEVO Inc. (U.S.), TGood Global Ltd. (Hong Kong), Continental AG (Germany), Toshiba Corporation (Japan), ZTE Corporation (China), INTIS GmbH (Germany), WAVE Inc. (U.S.), Daihen Corporation (Japan), and Electreon Inc. (Israel) among others.
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
Electric Vehicle Charging Stations Market by Type (Plug-in, Wireless), Component (Hardware, Software), Bus Charging Infrastructure, Connector (CCS, CHAdeMO, GB/T, Tesla Supercharger), Installation, and End User - Global Forecast to 2027
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.