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Wireless Charging for Electric Vehicle Market
Wireless EV Charging market by Power Source, Charging Method, Installation, Distribution Channel, and Vehicle Type: Global Analysis, Forecast, 2020–2030.
PORTLAND, OREGON, UNITED STATES, January 3, 2022 /EINPresswire.com / -- Surge in sales of electric vehicle to curb the carbon emission and need to reduce the dependency on conventional fuel drive the growth of the global wireless electric vehicle charging market . Europe contributed the highest share in 2019. The demand for wireless EV charging is likely to decrease during the COVID-19 pandemic as various EV manufacturers have halted their operations amid lockdown.
Leading market players analyzed in the research include Robert Bosch GmbH, Continental AG, Toyota Motor Corporation, Qualcomm Inc., Texas Instruments Inc., Powermat Technologies Ltd., Toshiba Corporation, Witricity Corporation, Evatran Group Inc., and Elix Wireless.
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Surge in sales of an electric vehicle to curb the carbon emission and need to reduce the dependency on conventional fuel drives the growth of the global wireless electric vehicle charging market. However, slower charging and expensive integration of technology hinder the market growth. On the other hand, technological advancements and increase in research activities in the field of wireless charging technologies create new opportunities for the market player in the coming years.
Covid-19 scenario:
• The demand for wireless electric vehicle charging is likely to decrease during the COVID-19 pandemic as various electric vehicle manufacturers such as Kia Motors Corp., Nissan Motor Co., Daimler AG, BMW AG, and Tesla, Inc. have halted their operation amid lockdown.
• The revenue generated from the commercial installation segment is likely to decrease due to reduced electric vehicle infrastructure activities including construction of charging stations amid lockdown.
• The government of India is expected to start the second phase of Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) after lifting the lockdown. The initiative was announced in 2019 which includes setting up around 2,700 charging stations in metro cities. This is likely to drive the growth of wireless electric vehicle charging market.
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The report offers a detailed segmentation of the global wireless EV charging market based on mode of power source, installation, distribution channel, vehicle type and region.
Based on power source, the 11–50 kW segment contributed to the largest share in 2019, accounting for more than 90% of the total share, and is estimated to maintain its dominant position during the forecast period. However, greater than 50 kW segment is estimated to portray the highest CAGR of 54.3% during the forecast period.
Based on installation, the commercial segment accounted for the largest share in 2019, holding more than 90% of the total share, and is expected to maintain the largest share throughout the forecast period. However, the home segment is expected to register the highest CAGR of 54.2% from 2020 to 2030.
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Based on region, Europe contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 50.2% from 2020 to 2030.
According to the report published by Allied Market Research, the global electric vehicle charging system market generated $4.26 billion in 2020, and is estimated to generate $42.62 billion by 2030, witnessing a CAGR of 26.2% from 2021 to 2030. The report offers an extensive analysis of changing market trends, competitive landscape, key investment pockets, top segments, value chain, and regional landscape.
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