Wireless EV Charging Market (Technology, Applications, and Region – Global Industry to witness high growth in near future

Growth Prospects and Emerging Trends

Wireless EV Charging Market (Technology, Applications, and Region – Global Industry to witness high growth in near future

Press Release

Wireless charging is also known as conductive charging or cordless charging. Wireless charging is done by using an electromagnetic field to transfer energy between two objects or points through electromagnetic induction. It is highly imperative to have a charging station to execute the wireless EV charging. Considerable research has been done in the electric vehicle (EV) wireless technology for the last decade, as electric vehicles are expected to be an essential part of the future of the automotive industry. The amount of money spending trends on electric vehicles (EVs) can be interpreted by the fact that even sports car manufacturers, such as McLaren, Ferrari, and Porsche, have started combining electric engines along with their supercharged petrol engines, to make their cars environmental-friendly. Companies, such as Qualcomm, are leading the change to develop feasible wireless charging technologies. Several car OEMs, such as Volkswagen, Renault, Ford, Nissan, Toyota, BMW, Audi, Daimler, and Maserati are spending significantly on R&D activities of this technology.

Get Sample Report of the Research Study at: https://www.marketresearchreports.biz/sample/sample/7654

The latest trend to gain momentum in the market is a novel wireless dynamic electric vehicle charging (DEVC) system at super speeds demonstrated by Qualcomm. This new system has potential to charge an electric vehicle dynamically up to 20 KW at the speed of 100 km/h.

Honda, a major player in the field of wireless charging, is undertaking R&D activities to develop a new dynamic charging technology. The company is evolving a new system that can allow dynamic charging at a power of 180kW (300A, 600DC) when the electric vehicle is travelling at a speed of 160km/h.

Key factors driving the wireless electric vehicle charging market are the increase in demand for electric vehicle, rise in oil prices, global warming, increasing infrastructure for fast or dash chargers, and rising consumer demand for convenience features. The U.S Energy Department announced up to US$ 4 Mn to develop wireless chargers for electric vehicles. This funding is estimated to accelerate the development of wireless charging technology, during the forecast peiod, to provide automated charging of parked vehicles, which can ensure easy and efficient vehicle charging. The partnership between the Germany-based automotive giant Daimler AG and Qualcomm to test wireless charging technologies for both, in-car charging applications and wireless charging of electric vehicles is a major leap in the automotive wireless EV charging market.

Major drawbacks for this market include in comparison with the gasoline vehicle, the electric vehicle has six times lower cost for one mile drive, whereas its driving range is only one third of the gasoline vehicle per full charge. Another key factor restraining the wireless EV charging market is the high price of upgrade to wireless charging technology.

The wireless EV charging market is estimated to expand at a CAGR of 49.38% from 2020 to 2025. In terms of revenue, the market is anticipated to reach significant growth by 2025. Europe, along with North America, is a prominent market for electric vehicles and is estimated to expand during forecast period. Asia Pacific is anticipated to dominate the wireless EV charging market, in terms of volume as well as value. Demand for wireless charging system is directly linked to the electric vehicle production and consumer demand in APAC and Middle East and Africa. Furthermore, government policies and subsidies favoring electric vehicles and electric vehicle charging stations (EVCS) are driving the market in Middle East and Latin America.

Request for TOC of the report here: https://www.marketresearchreports.biz/sample/toc/7654

Key wireless charging manufacturers and service providers operating in the global wireless EV charging market include Robert Bosch GmbH (Germany), Continental AG (Germany), Toyota Motor Corporation (Japan), Toshiba Corporation (Japan), and WiTricity Corporation (U.S.), Qualcomm, Inc. (U.S.), and Evatran Group (U.S.).

MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

The report provides the following information:

  • Tailwinds and headwinds molding the market’s trajectory
  • Market segments based on products, technology, and applications
  • Prospects of each segment
  • Overall current and possible future size of the market
  • Growth pace of the market
  • Competitive landscape and key players’ strategies

The main aim of the report is to:

  • Enable key stakeholder’s in the market bet right on it
  • Understand the opportunities and pitfalls awaiting them
  • Assess the overall growth scope in the near term
  • Strategize effectively with respect to production and distribution

MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.