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Wireless EV Charging Market Overview
The global wireless electric vehicle (EV) charging market is currently at its nascent phase, but is estimated to witness a significant growth during the forecast period (2020–2030). The wireless EV charging is one of the latest technologies that is being developed for EVs, replacing the conventional way of plugging the vehicle to the supply power. Wireless or inductive charging has the potential to enable EVs to operate in a similar way as traditional internal combustion engine (ICE) vehicles do. These chargers installed within a roadway offer continuous EV charging, and hence, eliminate the range anxiety issue and requirement for large battery capacities. Rising demand for plug-in electric vehicles (PEVs), research and development (R&D) for wireless technology, and installation of fast-charging infrastructure are expected to drive the market in the forecast period.
The wireless EV charging market on the basis of type is categorized into static wireless charging and dynamic wireless charging. Of these, static wireless charging is projected to dominate the market during the forecast period. As compared to dynamic wireless chargers, static chargers require less infrastructure, have less technological barriers, and have more R&D investments. Due to such factors, several companies are introducing static wireless charging systems. For instance, in May 2018, BMW AG launched static wireless electric car charging system, namely GroundPad. The company initially offered services to install the charger in Germany, and subsequently followed the U.K., the U.S., Japan, and China. The charging system has a charging power of 3.2 kW and an efficiency rate of near about 85%.
The wireless EV charging market in terms of vehicle propulsion is categorized into battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV). Between the two, the BEV category is projected to attain faster growth in the market, during the forecast period. Owing to introduction of stringent emission norms by governments in several countries, coupled by government support for EV acceptance in form of grants and subsidies, the sale of BEV is projected to increase in coming years. This would allow EV original equipment manufacturers (OEMs) to manufacture wireless charging-enabled vehicles. BEVs are more technologically advanced than PHEVs and are totally dependent on charging infrastructure. PHEVs run on both petrol/diesel and electricity. Therefore, they have an alternative to propel the vehicle, if the battery is discharged. On the other hand, BEVs are wholly depended on EV charging stations. Therefore, BEV category is predicted to attain faster growth during 2020–2030.
Geographically, Asia-Pacific (APAC) is estimated to hold the largest share in the wireless EV charging market in 2030. The region includes the emerging economies, such as China and India, along with developed countries like Japan. Globally, China is the fastest-growing market for EVs across the world, and there are tremendous opportunities with inductive charging systems technology. China is an active participant in introducing inductive chargers from past few years. For instance, in 2016, Evatran Group Inc. and Zhejiang VIE Science & Technology Co. Ltd. formed a joint venture to integrate Evatran’s wireless EV charging system, Plugless, into the EVs of car OEMs based in China. The venture was formed with an initial investment of $5 million and currently enables Evatran to sell its wireless chargers in China directly to OEMs such as BYD. Such factors are boosting the market of wireless EV chargers in the region.
Wireless EV Charging Market Dynamics
The wireless EV charging market is experiencing enormous development, which is mainly attributable to the growth in the EV industry. By giving subsidies, incentives, and tax exemptions, governments across the world are encouraging adoption of EVs and installation of charging stations. In 2018, the sales of plug-in electric cars in China increased nearly 83% from the previous year’s sales to reach 1.1 million. Furthermore, in Europe, the plug-in electric car market stood at 384,040 units in 2018, registering nearly 33% increase from 2017. Of the total units in 2018, 201,280 were BEVs and 182,760 were PHEVs.
With growing sales of EVs, the demand for fast charging is also increasing. To achieve this, several charging station developers are investing in R&D in wireless technology. Using dynamic wireless charging systems, EVs can get charged while being driven. This will eliminate the range anxiety issue among customers. Furthermore, this is more user-friendly approach due to no usage of charging cable. Such factors are boosting the faster adoption of this technology across the world.
Wireless EV Charging Market Competitive Landscape
The global wireless EV charging market is at its developing phase, with limited companies offering the inductive charging technology. Evatran Group Inc. is developing wireless charging for passenger cars, such as BMW i3, Tesla Model S, BMW i3, Gen 1 Chevrolet Volt, and BMW i3. WiTricity Corporation is offering inductive chargers for passenger cars and sport utility vehicles (SUVs) and is working with Nissan Motor Co. Ltd, Honda Motor Co. Ltd, General Motors Company, Hyundai Motor Company, and Furukawa Electric Co. Ltd. Other significant players include HEVO Inc., Qualcomm Technologies Inc., Bombardier Inc., Siemens AG, BMW AG, Momentum Dynamics Corporation, Conductix-Wampfler GmbH, and ELIX Wireless Charging Systems.
The report covers country-wise wireless EV charging market analysis. Some of the major countries covered in the report are the U.S., Canada, China, Japan, Australia, South Korea, Germany, France, Spain, Italy, the U.K., Russia, Norway, the Netherlands, Mexico, Brazil, and others.
Wireless EV Charging Market Segmentation
By Operating Techniques
By Vehicle Propulsion
By Vehicle Type