Electric vehicles and use of wireless EV charging shows the promising future in automobile industry and to Witness a CAGR of 51.62% during 2017 – 2023
Wireless EV charging is an easy to use wireless technology used to charge electric vehicle more efficiently and conveniently. Wireless charging does not need plug in cables or adaptors. The technology works on the principle of resonating magnetic induction to transfer energy wirelessly from ground based pad to a pad installed in the vehicle.
Key findings of the Wireless EV Charging Market
Inductive charging is expected to be the largest growing technology segment during the forecast period. The development in electric vehicles and future application of the wireless technology drives the growth of inductive charging.
By Vehicle type, battery electric vehicle is estimated to holds the largest share, due to strict government emission norms in various countries.
Approximately 34 million electric vehicles will be on road worldwide by 2050.
Geographically, Asia-Pacific is expected to grow at the significant rate during the forecast period. The growth of the market in the region is governed to the huge demand and production of electric vehicles.
Moreover, the implementation of government policies and subsidies also drives the growth of electric vehicles and wireless EV charging market in Asia-Pacific.
Some of the leading players in global wireless EV charging market include Toyota Motor Corporation, Continental AG, Robert Bosch GmbH, Bombardier Inc., Witricity Corporation, Hella KGaA Hueck & Co., Toshiba Corporation, ZTE Corporation, Elix Wireless, Qualcomm, Inc, among others.
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The Global wireless EV charging market was valued at USD 486 million in 2016, and is expected to reach USD 6,695 million by 2023, growing at a CAGR of 51.62% from 2017 to 2023. The key factor driving the growth of the wireless EV charging markets is increasing use of electric vehicles to eliminate harmful carbon dioxide emission. Moreover, the growing environmental issues including global warming had led to greater demand for wireless EV charging across the globe.
Global wireless EV charging market is demanded owing to increasing investment in research and development. Development of wireless charging station in commercial buildings and public roads are creating the opportunity for the wireless EV charging market. Increasing focus on renewable technologies and government subsidies are the present market trends propelling the market growth of the wireless EV charging market.
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