Press release
Wireless EV Charging Market Is Estimated to Expand at a CAGR of 49.38% From 2020-2025
Wireless charging is also known as conductive charging or cordless charging. Wireless charging is done by using an electromagnetic field to transfer energy between two objects or points through electromagnetic induction. It is highly imperative to have a charging station to execute the wireless EV charging. Considerable research has been done in the electric vehicle (EV) wireless technology for the last decade, as electric vehicles are expected to be an essential part of the future of the automotive industry. The amount of money spending trends on electric vehicles (EVs) can be interpreted by the fact that even sports car manufacturers, such as McLaren, Ferrari, and Porsche, have started combining electric engines along with their supercharged petrol engines, to make their cars environmental-friendly. Companies, such as Qualcomm, are leading the change to develop feasible wireless charging technologies. Several car OEMs, such as Volkswagen, Renault, Ford, Nissan, Toyota, BMW, Audi, Daimler, and Maserati are spending significantly on R&D activities of this technology.
The latest trend to gain momentum in the market is a novel wireless dynamic electric vehicle charging (DEVC) system at super speeds demonstrated by Qualcomm. This new system has potential to charge an electric vehicle dynamically up to 20 KW at the speed of 100 km/h.
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Honda, a major player in the field of wireless charging, is undertaking R&D activities to develop a new dynamic charging technology. The company is evolving a new system that can allow dynamic charging at a power of 180kW (300A, 600DC) when the electric vehicle is travelling at a speed of 160km/h.
Key factors driving the wireless electric vehicle charging market are the increase in demand for electric vehicle, rise in oil prices, global warming, increasing infrastructure for fast or dash chargers, and rising consumer demand for convenience features. The U.S Energy Department announced up to US$ 4 Mn to develop wireless chargers for electric vehicles. This funding is estimated to accelerate the development of wireless charging technology, during the forecast peiod, to provide automated charging of parked vehicles, which can ensure easy and efficient vehicle charging. The partnership between the Germany-based automotive giant Daimler AG and Qualcomm to test wireless charging technologies for both, in-car charging applications and wireless charging of electric vehicles is a major leap in the automotive wireless EV charging market.
Major drawbacks for this market include in comparison with the gasoline vehicle, the electric vehicle has six times lower cost for one mile drive, whereas its driving range is only one third of the gasoline vehicle per full charge. Another key factor restraining the wireless EV charging market is the high price of upgrade to wireless charging technology.
The wireless EV charging market is estimated to expand at a CAGR of 49.38% from 2020 to 2025. In terms of revenue, the market is anticipated to reach significant growth by 2025. Europe, along with North America, is a prominent market for electric vehicles and is estimated to expand during forecast period. Asia Pacific is anticipated to dominate the wireless EV charging market, in terms of volume as well as value. Demand for wireless charging system is directly linked to the electric vehicle production and consumer demand in APAC and Middle East and Africa. Furthermore, government policies and subsidies favoring electric vehicles and electric vehicle charging stations (EVCS) are driving the market in Middle East and Latin America.
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Key wireless charging manufacturers and service providers operating in the global wireless EV charging market include Robert Bosch GmbH (Germany), Continental AG (Germany), Toyota Motor Corporation (Japan), Toshiba Corporation (Japan), and WiTricity Corporation (U.S.), Qualcomm, Inc. (U.S.), and Evatran Group (U.S.).
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