Home / Press Release / Global Wireless Electric Vehicle (EV) Charging System Market is Predicted to Reach USD 235.15 Million by 2027

Global Wireless Electric Vehicle (EV) Charging System Market is Predicted to Reach USD 235.15 Million by 2027

The latest market report published by Credence Research, Inc. “Global Wireless Electric Vehicle (EV) Charging System Market: Growth, Future Prospects, and Competitive Analysis, 2015 - 2027”. The global market has acquired a market size of around USD 25.83 million in 2020 and expected to reach a healthy CAGR of over 44.5% during the forecast period from 2021 to 2027 to reach around USD 235.15 million in 2027.

Browse the full report at  https://www.credenceresearch.com/report/wireless-electric-vehicle-ev-charging-system-market 

Wireless charging, also known as conductive charging or cordless charging, is a form of charging that takes place without the use of a cord. Wireless charging works by transferring energy between two objects or points by using an electromagnetic field. It is important to have a charging station in order to carry out wireless charging of EV. The EV wireless technology has gotten a lot of attention, as EVs are supposed to be a big part of the automotive industry's future. The fact that even sports car manufacturers have started mixing electric motors with their supercharged petrol engines to make their cars environmentally friendly, can be interpreted as the amount of money spent trends on (EVs).

Key Trends in Global Market

Impact of COVID-19 on the Market Growth

In 2019, the number of electric vehicles on the road worldwide surpassed 2 million. The COVID-19 crisis, on the other hand, caused global supply chain disturbances, operational and workforce constraints, and factory closures. Vehicle sales have suffered a significant drop as a result of the economic downturn, especially in the electric vehicle segment. The need for charging facilities for electric vehicles has been greatly impacted. As most EVSE (Electric Vehicle Supply Equipment) manufacturers around the world have been hit by government restrictions and nationwide lockdowns, major investments in EV charging infrastructure have come to a halt.          

High Cost for Slower Charging and Integration of Technology  

The global market is constrained by slower charging rates and higher technology integration costs when compared with traditional cable chargers. Furthermore, range limitation in wireless charging systems are observed. When energy must be transferred over a long distance, RF energy technology ends. Further, the technology is highly expensive because inductive charging necessitates drive coils and electronics in both the unit and the charger, increasing manufacturing complexity and expense.

Global Market by Component Insights

Power Control Unit, Base Charging Pad, and Vehicle Charging Pad are some of the Component of this market. The base pads segment held the highest share in the market in year 2020, based on component. Increasing installations of wireless charging systems in commercial places and across different industries to charge taxis wirelessly, industrial vehicles and buses are expected to boost wireless charging base pads demand during the forecast period. 

Global Market by Charging Type Insights

Global market is bifurcated based on Charging Type as Dynamic and Stationary. Stationary Type dominated the market share as the wireless system for stationary devices is simple, secure, and dependable which makes it highly preferable. Drivers have option to charge their vehicles with whichever wireless charging device, making this technology interoperable. Also, vehicles can be wirelessly charged in parking lots and public areas.  

Global Market by Regional Insights

During the forecast period, the European region is projected to have the largest market share. Europe is expected to be the most important manufacturing centre and market for wireless charging stations. The convenience of viable infrastructure to support electric vehicle sales has fueled this development. Wireless charging technology can be employed in this region due to the existence of well-developed infrastructure. Furthermore, the participation of major players such as Robert Bosch and Continental AG will certainly boost the area's wireless charging for electric vehicle market. The demand for wireless charging systems in European countries will be driven by surge in EV high sale and a well-developed infrastructure with abundant charging stations.    

Global Market Competitive Landscape

Most prominent players in the global market include Qualcomm Technologies Inc., Continental AG, Bombardier, HELLA GmbH & Co. KGaA, ZTE Corporation, TOYOTA MOTOR CORPORATION, WiTricity Corporation, TOSHIBA CORPORATION and LIX Wireless. The report covers very detailed profiles of these key players.

Market Segmentation

Global Wireless Electric Vehicle (EV) Charging System Market by Component, 2015 - 2027

· Base Charging Pad

· Power Control Unit

· Vehicle Charging Pad

Global Wireless Electric Vehicle (EV) Charging System Market by Charging Type, 2015 - 2027

· Dynamic Wireless Charging System

· Stationary Wireless Charging System

Global Wireless Electric Vehicle (EV) Charging System Market by Region, 2015 - 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Wireless Electric Vehicle (EV) Charging System Market: Key Players

· Continental AG

· Qualcomm Technologies Inc.

· TOYOTA MOTOR CORPORATION

· Bombardier

· WiTricity Corporation

· HELLA GmbH & Co. KGaA

· TOSHIBA CORPORATION

· ZTE Corporation,

· LIX Wireless

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