CHICAGO, Jan. 6, 2020 /PRNewswire/ -- According to the new market research report "Wireless Charging for Electric Vehicle Market by Power Supply (3–<11, 11–50, & >50 KW), Application (Home & Commercial), Distribution channel (Aftermarket & OE), Component, Charging system, Propulsion, Vehicle type, & Region - Global Forecast to 2027", published by MarketsandMarkets™, the Wireless Charging for Electric Vehicle Market is projected to grow at a CAGR of 46.8% during the forecast period, to reach USD 234 million by 2027 from USD 16 million in 2020.
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163 – Tables
61 – Figures
203 – Pages
The increasing demand and sales of electric vehicles, government regulations to curb emission, and rapidly developing infrastructure are expected to drive the growth of the Wireless Charging for Electric Vehicle Market. OEMs have partnered with wireless charging technology manufacturers to develop charging infrastructure for the convenience of electric vehicle owners.
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BEV is estimated to hold the largest market share during the forecast period
Government initiatives to promote zero or low-emission vehicles have contributed to the growth of BEVs. The governments of some countries now provide subsidies for environment-friendly cars to encourage the use of BEVs. For instance, the Chinese government provides subsidies of RMB 55,000 on the purchase of a passenger BEV and RMB 30,000 for a PHEV.
Dynamic charging is estimated to be the fastest growing segment of Wireless Charging for Electric Vehicle Market
Dynamic charging is estimated to be the fastest growing segment of Wireless Charging for Electric Vehicle Market. With benefits such as no waiting time for charging a vehicle, dynamic charging technology has become popular in the electric vehicle industry. Wireless charging system manufacturer Electreon occupies a 3,000 sqm facility near Tel Aviv with a 260-meter circular test road. The wireless power transfer technology includes a unique DWPT system (Dynamic Wireless Power Transfer) Road infrastructure - coils placed under the road at the center of the traffic lane. Future roads and highways are expected to be equipped with this technology, and drivers would have to pay a tax for entering the lane to charge their electric vehicle on the move.
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Europe is expected to dominate the Wireless Charging for Electric Vehicle Market in 2027
Europe is expected to be the largest market for wireless charging of electric vehicle during the forecast period. The improved infrastructure in this region will enable the easy installation of wireless charging systems for electric vehicles. The presence of leading players such as Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co. is also expected to drive the growth of Wireless Charging for Electric Vehicle Market in the region. Reduced price of the battery and improving sales of electric vehicles would also contribute to the growth in this region.
The Wireless Charging for Electric Vehicle Market is dominated by globally established players such as Robert Bosch GmbH (Germany), Continental AG (Germany), WiTricity Corporation (US), ZTE Corporation (China), and HELLA KGaA Hueck & Co. (Germany).
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