The Wireless Charging for Electric Vehicle Market is projected to grow at a CAGR of 46.8%, by value, during the forecast period. It is projected to reach USD 16 million by 2020 and USD 234 million by 2027.
The market growth is primarily driven by factors such as stringent emission regulations, increasing demand, and sales of electric vehicles, rapid technological changes, and increasing focus on R&D activities.
- Increasing Support From Government for Wireless Charging
- New Revenue Pockets in Europe and the Asia Pacific
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Regional adoption of advanced technologies depends on government norms and emission regulations as well as customer preference. Several governments are now focusing on the development of charging infrastructure, construction of public charging points, and maintenance of electric vehicles. OEMs have partnered with wireless charging technology manufacturers to develop charging infrastructure for the convenience of electric vehicle owners. The Asia Pacific wireless charging for the electric vehicle market is expected to grow at the highest rate, followed by North America, Europe, and the Rest of the World (RoW). Market growth in the Asia Pacific region can be attributed to technological advancements and the presence of leading market players in China, Japan, and South Korea.
By propulsion type, the BEV segment of the wireless charging for the electric vehicle market 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 increased driving range of electric vehicles. In addition, the governments of some countries now provide subsidies for low-emission vehicles to encourage the use of BEVs. All these factors are expected to trigger the adoption of BEVs, which in turn would create growth opportunities in the wireless charging for the electric vehicle market.
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Dynamic charging is estimated to be the fastest-growing segment of the wireless charging for the electric vehicle market. The preference for dynamic wireless charging technology is expected to increase in the future due to the reduced/zero waiting time for the charging of electric vehicles.
Wireless charging system manufacturers such as Momentum Dynamics Corporation (US) and Qualcomm Technologies, Inc., acquired by WiTricity Corporation (US), have demonstrated the dynamic wireless charging technology by constructing 100 meters of test roads embedded with the wireless charging system.
- In February 2019, WiTricity entered into a technology licensing agreement with Yura Corporation, a leading South Korea-based automotive Tier 1 supplier. The agreement will allow Yura to access WiTricity’s wireless charging technology, support, and intellectual property (IP) rights to develop and commercialize wireless charging for electric vehicle systems.
- In March 2019, Elix announced the grand opening of its China engineering center located in Zongshen Power’s state-of-the-art campus in Chongqing. This engineering center will advance the development and manufacturing of wireless charging systems and allow ELIX to use synergies with one of China’s leading automotive manufacturers, Zongshen Power.
- In November 2019, London-based Connected Kerb partnered with Munich-based induction technology specialist Magment to deliver the first UK installment of wireless/induction charging across multiple public sites; on-street residential, car parks, public service, and taxi ranks. The arrival of this technology will lay the foundation of a new era of EV charging, helping to make EVs accessible to those with disabilities and more convenient for all people.
- In March 2019, WiTricity established a development team in Switzerland and extended its relationship with the University of Auckland. WiTricity’s Switzerland Development Center (SDC) will focus on product R&D and commercialization of wireless electric vehicle charging and provide support to OEMs and Tier 1s both in the region and globally.
- In 2018, Toyota and Chubu entered into an agreement with the aim of commencing a verification project that entails the construction of a large-capacity storage battery system that reuses electrified vehicle batteries as well as the examination of the recycling of used batteries.
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