Europe Wireless Charging Market Projected to Reach at 8.4% CAGR Till 2023 | Key Players - Hella Aglaia Mobile Vision, Hevo Power, Plugless, Qualcomm

The wireless charging market for electric vehicles in Europe is expected to grow at a CAGR of 8.4% by 2023. The partnership between the German automotive giant Qualcomm and Daimler AG to test wireless charging technologies for in-car charging applications and for wireless charging of electric vehicles is a major leap in the automotive wireless charging market for EVs. This is one of many partnerships being formed between automotive and technology-based companies to leverage an exciting opportunity in a market that is expected to multiply rapidly over the next few years. Europe, along with North America, is the largest market for electric vehicles and is projected to be the epicenter of growth and activity by 2023.The first-ever EV charger available commercially was Evatran’s Plugless L2 (Level 2) EV Charging System, which came with control panels that could be mounted on walls, a wireless transmitter for charging. As production of both heavy and light electric vehicles will outpace traditional vehicle manufacturing, it is anticipated that the existent challenge of standardization will also be eliminated.

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Sweden was the first country to pilot the use of wireless charging for electric cars, with which research project taking the lead with partners Stockholm Municipality, Vattenfall and others. The aim now is to make the existing electric vehicle infrastructure in Europe, the expanded and most comprehensive in the world, wireless through affordable pricing. Germany, along with the United Kingdom and France, will be the biggest market for wireless charging due to a combination of economies of scale, being automotive manufacturing hubs and high levels of income.

Market Dynamics
• Stringent regulations mandating the reduction of vehicular pollution
• Advancements in research, development and enhancement of electric vehicles
• Set up and scaling of manufacturing of electric vehicles across the world
• High disposable income and demand for electric cars
• Europe’s Wireless Charging for EVs Market –Challenges

The high cost of electric cars, systems and associated components making it prohibitive for some mass market users and a market still in development and technologies which can be improved are some of the bottlenecks for this market.

Key players:

HELLA AGLAIA MOBILE VISION, HEVO POWER, PLUGLESS, QUALCOMM, amongst others.

Key Developments in the Market

December 2017 - Daimler starts delivering all-electric trucks in Europe.
December 2017 - Firms to install 150 electric car charging points around the UK in the next year.

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Growing Demand for Europe Wireless Charging Market for Electric Vehicles

Germany is on the way to become the largest wireless charging market for Electric vehicles market in Europe and the fifth-largest globally. Purchase incentives were introduced as late as 2016, the reaction was hesitant, then. A late starter in EV adoption, Germany now makes it up with triple speed. The German car industry appears as committed as creative, legislators are getting all tougher on Diesel and public awareness and interest made several steps forward.

The growing demand for smartphones and other computing devices in these regions, the market is also being driven by the scope of the technology for the field of wireless charging for electric vehicles.

Technologies, applications and components are the three major segments of this market. However, issues such as the extra costs related to technology, the absence of firm market standards, and lower efficiency as compared to wired chargers are increasingly restricting the market growth.

As the demand for the wireless charging market is directly related to the sales of electric vehicles, the more sales of electric vehicles in the market, higher is the demand for wireless charging.

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This release was published on openPR.