Wireless Charging Technology Demand Proportional to Electric Vehicle Sales

The Government of Indonesia aims to increase the electric vehicle (EV) (passenger vehicles) stock of the country to 2 million units by 2030. Likewise, the French government has a target to expand its plug-in hybrid electric vehicle (PHEV) (passenger vehicles) stock and battery electric vehicle (BEV) (passenger vehicles) stock to 1.8 million and 3 million, respectively, by 2028. The expanding EV stock requires a developed and efficient charging infrastructure for the convenience of EV owners.

To improve EV charging, several international organizations, such as the Institute of Electrical and Electronics Engineers (IEEE), the International Electro Technical Commission (IEC), the Underwriters Laboratories (UL), and the Society of Automotive Engineers (SAE), have focused on improving the safety and efficiency of wireless EV charging systems. Thus, the flourishing EV sector and increasing innovations being made in the charging systems will drive the wireless charging market growth during the forecast period (2021-2030). As per P&S Intelligence, the market generated around $4 billion revenue in 2020.

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The technology segment of the wireless charging market is classified into inductive, radio frequency, and magnetic resonance. Under this segment, the inductive category accounted for the largest market share during the historical period (2014-2019), and it is expected to retain its dominance throughout the forecast period. This can be primarily credited to the surging demand for low-power devices, such as fitness bands, ear pods, smartphones, and smartwatches, and medical appliances. Users can charge inductive technology-based low-power devices and medical appliances by placing them on conductive pads that are directly connected to wall sockets.

Presently, wireless technology providers, such as Integrated Device Technology Inc., Powermat Technologies Ltd., Samsung Electronics Co. Ltd., Convenient Power HK Limited, WiTricity Corporation, TDK Corporation, Texas Instruments Inc., and NXP Semiconductors N.V., are engaging in product launches and collaborations to offer their products to a greater number of customers. For example, in December 2019, Integrated Device Technology Inc. and Qualcomm Inc. collaborated to use the integrated circuit of the former in consumer electronics based on WiPower technology of the latter.

Geographically, the North American region will emerge as the largest user of wireless charging technology in the upcoming years due to the presence of a large number of companies providing this technology, such as Plugless Power LLC, Energizer Holdings Inc., WiTricity Corporation, and Qualcomm Technologies Inc., in the region. Moreover, the increasing innovations being made by EV and medical device manufacturers in wireless charging systems and booming demand for consumer electronics are promoting the adoption of this technology in the region.

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Whereas, the Asia-Pacific (APAC) wireless charging market is expected to witness the fastest growth throughout the forecast period. This will be primarily on account of the escalating demand for EVs and consumer electronics, such as personal digital assistants (PDAs), ear pods, smartphones, gaming consoles, smartwatches, and laptops in the region. For example, the Society of Manufacturers of Electric Vehicles (SMEV) states that EV sales in India surged from 129,600 in the financial year (FY) 2018-2019 to 155,400 in the FY 2019-2020.

Therefore, the rising EV sales and improving charging infrastructure will lead to the large-scale deployment of wireless charging technology in the forthcoming years.

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This release was published on openPR.