Increase in sales of electric vehicles and growing demand for energy-efficient sources have fueled the growth of global Wireless electric vehicle charging market
PORTLAND, Oregon, April 17, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Wireless Electric Vehicle Charging Market by Power Source (3 - <11 Kw, 11 - 50 Kw and >50 Kw), Installation (Home and Commercial), Distribution Channel (OEMs and Aftermarket), and Vehicle Type (Battery Electric Vehicles (BEV), Plug - In Hybrid Electric Vehicle (HEV) and Commercial Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018 – 2025." The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global Wireless electric vehicle charging market generated $21.8 million in 2017 and is projected to reach $1.4 billion by 2025, registering a CAGR of 22.4% from 2018 to 2025.
Increase in sales of electric vehicles and growing demand for energy-efficient sources have fueled the growth of global Wireless electric vehicle charging market. On the other hand, expensive technology has restrained the growth to some extent. Nevertheless, excessive research in far-field wireless charging technologies, high-end technical advancement and smart marketing strategies have created multiple opportunities in the segment.
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Based on power source, the 11-50 KW segment held the lion share in 2017 and is expected to dominate during the forecast period. Increase in the demand for home based and commercial charging features has driven the market. >50 KW segment is expected to grow at the highest CAGR of 40.5%. The fact that it offers fast charging and takes significantly lower time than the usual charging ports has spurred the growth.
The home segment to be in the leading position during the forecast period
Based on installation, the home segment accounted for 85% of the total market and in 2017 and has come out as the major shareholder. As there are limited public charging stations, it has acted as a major driving factor for home installations. And, with most of the EV consumers opting for easy access, there has been a significant growth in the segment.
Asia-Pacific to maintain its top status and to exhibit the fastest growth throughout 2018-2025
The market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). Based on region, Asia-Pacific grabbed 43% of the total market share in 2017 and is also expected to garner the highest CAGR of 27.8% during the period 2018-2025. The government support for automotive industry, upcoming emission regulations, rapid industrialization, rise in demand for electric vehicles and focus on developing newer products to meet changes in consumer demands in the region will influence the growth of wireless electric vehicle charging market.
Leading market players analyzed in the research include Robert Bosch Gmbh, Qualcomm Inc., Toyota Motor Corporation, Continental AG, Texas Instruments Inc., Witricity Corporation., Toshiba Corporation., Evatran Group Inc., and Powermat Technologies Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to maintain their top status in the industry.
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North America and Europe are the potential markets for the growth of electric vehicles. Asia-Pacific has witnessed high adoption of electric vehicles in the past years, and is expected to dominate the electric vehicle market in the upcoming years. In addition, stringent vehicle norms and regulations, and growth in number of electric vehicle charging stations are expected to increase the adoption of electric vehicles in future.
Asia-Pacific is expected to lead the global electric vehicle chargers market throughout the forecast period, followed by North America. LAMEA is expected to grow at a lowest rate during the forecast period. Furthermore, China dominates the electric vehicle chargers market in Asia-Pacific, similarly, the U.S. dominates the electric vehicle charger market in North America and UK leads the electric vehicle chargers market in European region.
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