Wireless EV Charging Market to Grow at a CAGR of 117.56%

wireless-ev-charging-market

The Wireless EV Charging Market is projected to grow at a CAGR of 117.56%, by value, during the forecast period. It is estimated to be USD 8 million by 2020 and is projected to reach USD 407 million by 2025.

The market growth is primarily driven by factors such as stringent emission regulations, increasing sales of EVs, rising demand for luxury EVs, rapid technological changes and increasing focus on R&D activities.

The major players in the market include WiTricity Corporation (US), Evatran Group (Plugless) (US), Momentum Dynamics Corporation (US), Qualcomm Technologies, Inc. (US), Bombardier, Inc. (Canada), ELIX Wireless (Canada), Continental AG (Germany), and Bosch (Germany).

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Owing to the emergence of newer technologies in the automotive industry along with the growing demand for electric vehicles, the wireless EV charging market has started to prosper. Regional adoption of these technologies depends on governmental norms and emission regulations along with customer preference. Moreover, the governments are now focusing on the development of the charging infrastructure, construction of public charging points, and maintenance of EVs. OEMs in collaboration with wireless charging technology manufacturers have also begun developing their own charging infrastructure for the convenience of EV owners. The Asia Pacific wireless EV charging market is growing at the fastest rate followed by North America, Europe, and the RoW. Asia Pacific is estimated to be the fastest-growing market because of the region’s fast advancements in the wireless EV technology in China, Japan, and South Korea. Also, China and South Korea are majorly developing dynamic wireless charging systems.

The BEV segment of the wireless EV charging market, by propulsion, is expected to grow at the highest CAGR during the forecast period. The adoption of BEVs is anticipated to increase in the coming years due to strict emission norms introduced by governments in various countries and an increase in the distance traveled by EVs. In addition, the governments of some countries have begun providing subsidies for low emission vehicles, thereby encouraging the use of BEVs. All these factors are expected to trigger the adoption of BEVs, which would create an opportunity in the wireless EV charging market.

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The Dynamic Charging segment is estimated to be the fastest-growing wireless EV charging market. The dynamic wireless charging technology for EVs is the most preferred and attractive future technology in the EV industry. The year 2018 can be seen as a year of huge development for testing of dynamic charging systems. The wireless charging system manufacturers such as Momentum Dynamics Corporation (US) and Qualcomm Technologies, Inc. (US) have demonstrated the dynamic wireless charging technology by constructing 100 meters of test roads embedded with the wireless charging system. China is also investing a huge amount of money in the dynamic charging system. China has built a 1,080-meter-long (3,540-foot-long) stretch of road in the eastern city of Jinan, which can charge EVs when they are in motion. All these developments are driving the overall growth of the dynamic charging segment.

Recent Developments:

• In 2018, GoMentum Station and ELIX announced a partnership that will facilitate the testing of ELIX’s patented MDC wireless power system, enabling autonomous EVs to charge themselves without human intervention. ELIX will become the official wireless charging supplier to GoMentum Station, beginning with the installation of an ELIX wireless charging unit at GoMentum Station’s 5,000-acre test facility for active use by testing partners.

• In 2017, WiTricity collaborated with Texas Instruments to use automotive-grade semiconductor components in WiTricity’s DRIVE 11 wireless charging systems and reference designs. DRIVE 11 wireless charging system enables drivers to park their EVs and be assured of rapid, efficient charging without having to handle charging cables. WiTricity’s TMN Controller utilizing TI’s C2000TM real-time control microcontroller (MCU) can enable DRIVE 11-based EVs and charging stations to automatically optimize energy transfer between the source and vehicle in a wide range of real-world operating conditions including parking misalignment, differing vehicle ground clearance, and varying battery voltage conditions.

• In May 2017, Qualcomm, Inc., through its subsidiary Qualcomm Technologies, Inc., launched Dynamic EV Charging (DEVC). This enables the charging process while driving and can charge the vehicle up to 20 kW. With this system, two vehicles traveling in opposite directions on the same route can be charged simultaneously. Qualcomm Halo will further be tested by VEDECOM (Research Institute) for FABRIC, a USD 10.61 billion project funded by the European Commission to test the technological feasibility.

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