Global Wireless EV charging Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Wireless Charging Market Overview
“The global Wireless Charging market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Wireless EV charging also known as cordless charging for electrical vehicles, use electromagnetic field for transferring energy between two objects via electromagnetic induction.
Global Wireless EV charging Market: Dynamics
Increasing the adoption of electrical vehicles among individuals as well as government organizations in order to reduce carbon emissions is a major factor driving the growth of the global wireless EV charging market.
In addition, rising awareness among individuals regarding global warming and high oil prices are also factors supporting the usage of electrical vehicles. Increasing demand for fast charging infrastructure in various countries is another factor fueling the growth of the target market.
Furthermore, preference for wireless technology and the development of self-driving cars are factors expected to boost the growth of the global wireless EV charging market over the forecast period.
However, the high upgradation cost of wireless EV charging technology is a factor that may hamper the growth of the global wireless EV charging market. Nevertheless, the availability of wireless electric vehicle chargers for commercial vehicles at an affordable cost can create high revenue opportunities for prominent players in the target market.
Global Wireless EV charging Market: Segment Analysis
Among the battery electric vehicle segments, the battery electric vehicle segment is expected to account for a significant share in terms of revenue in the near future.
Government supporting schemes for the adoption of battery electric vehicles to reduce emissions is a key factor supporting the growth of battery electric vehicle segment in the global market.
Among the charging type segments, the dynamic wireless charging system segment is expected to register high growth in terms of revenue over the forecast period.
A dynamic wireless charging system extends the driving rage of the electrical vehicle and reduces charging time. These are the factors expected to fuel the growth of the target market in the upcoming years.
Global Wireless EV charging Market: Regional Analysis
Market in North America and Europe are expected to account for a major share in terms of revenue over the forecast period. Government initiatives for the adoption of electrical vehicles among individuals, coupled with the presence of prominent players are factors driving the growth of the target market in this region.
In addition, the high adoption of advanced technology among consumers is another factor anticipated to support the growth of the wireless electronic vehicle charging market in North America.
Market in Asia Pacific is anticipated to register high growth in terms of revenue in the near future, followed by Latin America and Middle East & Africa. Growing automotive sector in countries in this region such as China and India is a key factor fueling growth of the target market in this region.
Additionally, government subsidiaries provided for electrical vehicles to increase their usage, coupled with growing manufacturing plants for electrical vehicles are factors expected to propel the growth of the wireless EV charging market in the Asia Pacific.
Global Wireless EV charging Market Segmentation:
Segmentation by Component:
- Power Control Unit
- Vehicle Charging Pad
- Base Charging Pad
Segmentation by Propulsion Type:
- Plug-In Hybrid Electric Vehicle
- Battery Electric Vehicle
Segmentation by Charging Station Type:
- Home Charging Stations
- Commercial Charging Stations
Segmentation by Charging Type:
- Stationary Wireless Charging System
- Dynamic Wireless Charging System
Segmentation by Vehicle Type:
- Electric Commercial Vehicle
- Electric Two-Wheeler
- Passenger Cars
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Robert Bosch GmbH
- Continental Aktiengesellschaft
- Toyota Motor Corporation
- QUALCOMM Incorporated
- Bombardier Inc.
- HELLA GmbH & Co. KGaA
- WiTricity Corporation
- Evatran Group, Inc.
- ZTE Corporation
- Toshiba Corporation
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