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
Northbrook, IL -- (SBWIRE) -- 10/27/2020 -- The Wireless Charging for Electric Vehicle Market is projected to grow from USD 16 million in 2020 to USD 234 million by 2027, at a CAGR of 46.8% during the forecast period.
The adoption of wireless charging for electric vehicles has gained momentum due to the rising demand for efficient and user-friendly charging systems for electric vehicles. Increased power transfer capability, better battery size ratio, and reduced charging time are also expected to fuel the demand for wireless charging systems. Improvements in battery technology, charging technology, and increased vehicle range have fueled the demand for electric vehicles, which in turn has driven the growth of wireless charging systems. A significant increase in financial support from governments in the form of tax rebates and subsidies and favorable regulations to promote the use of eco-friendly vehicles have also increased the adoption rate of wireless charging systems for electric vehicles.
The key players in the wireless charging for electric vehicle market are Robert Bosch GmbH (Germany), Continental AG (Germany), WiTricity Corporation (US), ZTE Corporation (China), and HELLA KGaA Hueck & Co. (Germany).
1 Increasing Support From Government for Wireless Charging
2 New Revenue Pockets in Europe and the Asia Pacific
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BEV is expected to be the largest market, by propulsion, during the forecast period
The BEV segment is expected to hold the largest share in the wireless charging for the electric vehicle market, by propulsion type, during the forecast period. Leading automotive companies such as Tesla, BMW, and Nissan now offer wireless charging in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf. OEMs are focusing on BEVs due to stringent government regulations to curb rising emissions. Increasing BEV sales and government support are expected to drive the overall market.
Stationary charging is expected to be the largest contributor in the wireless charging for electric vehicle market, by charging type, during the forecast period
The stationary wireless charging system is convenient, safe, and reliable. This technology is interoperable as drivers can charge their vehicles with any wireless charging system. Also, vehicles can be charged in the parking spot and public places wirelessly. The growth of the stationary wireless charging system has contributed to the expansion of charging networks for electric vehicles. Many companies have introduced stationary wireless charging systems. For instance, Evatran (Plugless) has introduced a stationary wireless charging system for the Nissan Leaf and Chevrolet Volt.
1. In February 2019, WiTricity entered into a technology licensing agreement with Yura Corporation, a leading South Korea-based automotive Tier 1 supplier. The agreement will allow Yura to access WiTricity's wireless charging technology, support, and intellectual property (IP) rights to develop and commercialize wireless charging for electric vehicle systems.
2. In March 2019, Elix announced the grand opening of its China engineering center located in Zongshen Power's state-of-the-art campus in Chongqing. This engineering center will advance the development and manufacturing of wireless charging systems and allow ELIX to use synergies with one of China's leading automotive manufacturers, Zongshen Power.
3. In November 2019, London-based Connected Kerb partnered with Munich-based induction technology specialist Magment to deliver the first UK installment of wireless/induction charging across multiple public sites; on-street residential, car parks, public service, and taxi ranks. The arrival of this technology will lay the foundation of a new era of EV charging, helping to make EVs accessible to those with disabilities and more convenient for all people.
4. In March 2019, WiTricity established a development team in Switzerland and extended its relationship with the University of Auckland. WiTricity's Switzerland Development Center (SDC) will focus on product R&D and commercialization of wireless electric vehicle charging and provide support to OEMs and Tier 1s both in the region and globally.
5. In 2018, Toyota and Chubu entered into an agreement with the aim of commencing a verification project that entails the construction of a large-capacity storage battery system that reuses electrified vehicle batteries as well as the examination of the recycling of used batteries.
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