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Automotive Inductive Wireless Charging Systems market was valued at US$ 196.9 million in 2022 and is anticipated to reach US$ 2723.5 million by 2029, witnessing a CAGR of 45.0% - Valuates Reports
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Electric vehicles are gaining importance in modern times because of the rise in global fuel prices and alarming levels of air pollution. There is widespread concern about the negative effects of global warming. In such a scenario the rapid adoption of electric vehicles is seen as the most viable solution. The time taken to charge electric vehicles was one of the major concerns, but with the advent of wireless inductive charging this issue has been resolved. Inductive wireless charging is considered a major breakthrough as it has made the use of plugs and cords redundant. Inductive charging takes place when an electromagnetic field transfers energy between two coils.
Advantages
Protected connections - No corrosion when the electronics are all enclosed, away from water or oxygen in the atmosphere. Less risk of electrical faults such as short circuit due to insulation failure, especially where connections are made or broken frequently.
Low infection risk - For embedded medical devices, transmission of power via a magnetic field passing through the skin avoids the infection risks associated with wires penetrating the skin.
Durability - Without the need to constantly plug and unplug the device, there is significantly less wear and tear on the socket of the device and the attaching cable.
Increased convenience and aesthetic quality - No need for cables
Disadvantages
Slower charging - Due to the lower efficiency, devices take longer to charge when supplied power is the same amount.
More expensive - Inductive charging also requires drive electronics and coils in both device and charger, increasing the complexity and cost of manufacturing.
The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Currently, The industry concentration is high, the technical barriers and financial barriers of Automotive Inductive Wireless Charging Systems are also high. In particular, as the market leader in Automotive Inductive Wireless Charging Systems, Bosch take the global market share of about 44%, other key manufacturers include Qualcomm, Texas Instruments, WiTricity, Fulton Innovation.
This report aims to provide a comprehensive presentation of the global market for Automotive Inductive Wireless Charging Systems, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Automotive Inductive Wireless Charging Systems.
The Automotive Inductive Wireless Charging Systems market size, estimations, and forecasts are provided in terms of output/shipments (K Units) and revenue ($ millions), considering 2022 as the base year, with history and forecast data for the period from 2018 to 2029. This report segments the global Automotive Inductive Wireless Charging Systems market comprehensively. Regional market sizes, concerning products by type, by application and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
Segment by Type
Electromagnetic Induction
Magnetic Resonance
Segment by Application
Passenger Vehicles
Commercial Vehicles
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