Increase in sales of electric vehicle to reduce the carbon emission and need to curb the dependency on conventional fuel have boosted the growth of the global wireless charging for electric vehicle market. The market across Europe contributed the highest share in 2019. However, due to Covid-19 pandemic, the major EV charger manufacturers have suspended their operations, which would hamper the market.
Portland, OR, Oct. 28, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wireless charging for electric vehicle market generated $7.5 million in 2019 and is estimated to reach $210.1 million by 2030, registering a CAGR of 36.4% from 2020 to 2030. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
The surge in sales of an electric vehicle to curb carbon emission and the need to reduce the dependency on conventional fuel drive the growth of the global wireless charging for the electric vehicle market. However, slower charging an expensive integration of technology hinders market growth. On the other hand, technological advancements and an increase in research activities in the field of wireless charging technologies create new opportunities for the market player in the coming years.
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The demand for wireless electric vehicle charging is likely to decrease during the Covid-19 pandemic as various electric vehicle manufacturers 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 the wireless electric vehicle charging market.
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The report offers detailed segmentation of the global wireless EV charging market-based on the mode of power source, charging method, installation, distribution channel, vehicle type, and region.
Based on the 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, the greater than 50 kW segment is estimated to portray the highest CAGR of 40.7% during the forecast period.
Based on the 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 41.2% 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 38.0% from 2020 to 2030.
Leading market players analyzed in the wireless charging for EV market 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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