A recent market research report by Transparency Market Research presents a thorough analytical account of the global market for wireless electric vehicle (EV) charging. The report it titled “Wireless EV Charging Market (Technology, Applications, and Region – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.”
A massive rise in demand for cleaner vehicles that have a lower carbon footprint has led to the development of the electric vehicle industry. The industry has witnessed a vast rise in the number of companies manufacturing electric vehicles and ancillary systems in the last few years. Expected to emerge as one of the most promising arm of the global automotive sector in the next few years, the thriving market for electric vehicles is the foremost factor expected to drive the global market for wireless EV charging. The report states that the global wireless EV charging market will register an impressive 49.38% CAGR over the period between 2020 and 2025.
The report states that the key drivers of the market will remain the increased uptake of electric vehicles across all consumer groups, constant fluctuations in global oil prices. Increased awareness regarding the negative impacts of conventional transport fuels on the environment, and the rapidly developing infrastructure for dash or fast chargers. A number of governments are increasingly investing in the area of electric vehicles with the aim of increasing uptake of tehse cleaner vehicles. The U.S. Department of Energy (DoE), for instance, has announced funds worth US$4 mn to be used for the development of wireless chargers for electric vehicles. Funding of this form are expected to bode well for the overall development of the global wireless EV chargers market.
One of the key hindrances for the market is the comparison of electric vehicles with gasoline vehicles. Analysts suggest that though gasoline vehicles are much expensive than electric vehicles, they are much more effective when it comes to the potential run when compared to the average run of electric vehicles per full change. Moreover, the excessive prices of technologically advanced electric vehicles could also act as a hindrance for the global electric vehicles market, which, in turn, would negatively impact the uptake of wireless EV chargers.
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The report presents an analysis of the growth prospects of the global wireless electric vehicles market across regions such as Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Of these, the markets in North America and Europe are presently the most lucrative regional markets. The presence of a large number of high net worth individuals, increased demand for advanced technologies, and strict emission regulation norms in these regions will continue to drive the demand for electric vehicles and will help fuel the market for wireless EV charging in the next few years.
The market in Asia Pacific is expected to emerge as a highly promising market for wireless EV charging in the next few years, in terms of both value and volume. Steady development of economies and a rising consumer base that can afford high-cost advanced automobiles could work in favor of the wireless EV charging market in the region in the next few years.
Some of the leading companies operating in the global wireless EV charging market are Continental AG (Germany), Qualcomm, Inc. (U.S.), Toyota Motor Corporation (Japan), Robert Bosch GmbH (Germany), Evatran Group (U.S.), WiTricity Corporation (U.S.), and Toshiba Corporation (Japan).