Market Research

Wireless Electric Vehicle (EV) Charging Market Opportunities 2020-2030

Jul 20, 2020 8:22 AM ET

iCrowd Newswire – Jul 20, 2020

The Global Wireless Electric Vehicle Charging Market is estimated to grow at a substantial growth rate with a CAGR of 45.8% during the forecast period 2020-2030. As per the detailed market study, the global wireless electric vehicle (EV) charging industry was valued at $7.56 million in the year 2019 and is anticipated to reach $701.38 million by the end of the year 2030. Increasing sales of EVs majorly drives the market growth due to various advantages offered by these vehicles such as reduced fuel consumption and less emission of pollutants.

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The global wireless electric vehicle charging industry is driven by various growth factors such as frequent demand for harvesting ambient RF energy, continuous technological advancements in wearables and portable electronics, increasing demand for energy-efficient sources as an alternative fuel and rise in sales of EVs. Whereas, slower charging as compared to other charging technologies and expensive wireless charging technology will act as major growth hindering factors during the forecast period. On the other hand, extensive research and development activities with a focus in the field of wireless charging technologies and smart marketing strategy are anticipated to offer lucrative market opportunities for the market players operating in the global wireless electric vehicle charging industry.

Segmentation Overview of the Global Wireless Electric Vehicle Charging Market

The wireless electric vehicle charging market is segmented on the basis of power source, installation, distribution channel and vehicle type. These major market segments are further categorized into various sub-segments to study the market in detail.

On the basis of Power Source Segment, the Global Wireless Electric Vehicle Charging Market is segmented into:

  • 3–<11 kW
  • 11–50 kW
  • >50 kW

On the basis of Installation Segment, the Global Wireless Electric Vehicle Charging Market is segmented into:

  • Home
  • Commercial

On the basis of Distribution Channel Segment, the Global Wireless Electric Vehicle Charging Market is segmented into:

  • OEMs
  • Aftermarket

On the basis of Vehicle Type Segment, the Global Wireless Electric Vehicle Charging Market is segmented into:

  • BEV
  • PHEV
  • Commercial EV

Key Players Insights of the Global Wireless Electric Vehicle Charging Market

Evatran Group Inc. (plug less power), Elix Wireless, Toshiba Corporation, Witricity Corporation, Texas Instruments Inc., Powermat Technologies Ltd., Toyota Motor Corporation, Qualcomm Inc., Robert Bosch GmbH, Continental AG and others are some major players included in the research study of the global wireless electric vehicle charging market. Market players are adopting various competitive strategies such as marketing-based strategical developments, product advancement and collaboration.

Geographical Overview of the Global Wireless Electric Vehicle Charging Market

The Europe wireless electric vehicle charging market dominated the global marketplace with ~50% of the market share in the year 2019. The regional dominance is attributed to increase in demand of durable and fuel-efficient charging systems for electronic products such as portable gadgets and power tools.

The Asia-Pacific wireless electric vehicle charging market is estimated to grow at a substantial growth rate with a CAGR of 50.2% during 2020-2030. The regional dominance is attributed to increase in demand for charging system for portable electronics and advanced increase in adoption of fuel-efficient EVs in the region.

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Keywords:    Wireless Electric Vehicle (EV) Charging Market