Global Wireless Electric Vehicle (EV) Charging Systems Market Overview:
Inductive power transfer technology is used in wireless EV charging systems to transfer power from a pad embedded in the ground to a pad attached to an EV's underbelly to charge its battery. These pads are either situated in commercial infrastructure and private garage parking spaces for charging one vehicle at a time or along a stretch of road for charging many vehicles while they are on the move. Wireless EV charging systems have a number of advantages over plug-in EV charging systems, including ease of use, convenience, and ease of installation. These charging solutions eliminate the plug-in issues that are common with cable EV charging. Additionally, these systems can help reduce the vehicles’ battery sizes and range anxiety issues associated with electric vehicles.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing Popularity of Pop-Up EV Chargers and Growing Demand for Roadside EV Charging Cabinets and Lamp-Post EV Charging Points
Market Growth Drivers:
Increase in Demand for Electric Vehicles and Rising Prevalence of Range Anxiety
Challenges:
Slower Charging as Compared to Other Charging Technologies are Expected to Hamper the Growth of the Market
Restraints:
High Cost of Upgrading to Wireless Charging Technology
Opportunities:
Increasing Initiatives from Governments for Wireless Charging and Rising Opportunities in Emerging Countries
Competitive Landscape:
The demand for wireless electric vehicle (EV) charging systems is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes Continental AG, Powermat Technologies Ltd, WiTricity Corporation and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders demonstrate a market-defining vision of how wireless electric vehicle (EV) charging systems can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Some of the key players profiled in the report are Continental AG (Germany), Powermat Technologies Ltd (Israel), Qualcomm Technologies Inc. (United States), Toyota Motor Corporation (Japan), WiTricity Corporation (United States), WAVE Inc. (Ideanomics) (United States), Ossia Inc. (United States), Efacec (Portugal), IPT Group (Lebanon) and Electreon (Israel). Additionally, following companies can also be profiled that are part of our coverage like Plugless Power Inc. (Evatran Group) (United States), Hevo Inc. (United States) and Momentum Dynamics Corp (United States). Analyst at AMA Research see United States Vendors to retain maximum share of Global Wireless Electric Vehicle (EV) Charging Systems market by 2028.
Considering Market by , the sub-segment i.e. will boost the Wireless Electric Vehicle (EV) Charging Systems market.Latest Market Insights:
In January 2021 IPT Group had announced the acquisition of PRIMOVE from Bombardier. With this acquisition, IPT brings together two cleantech scale-ups in wireless power transfer for e-mobility that will benefit from synergies, allowing IPT to offer a more comprehensive product portfolio to service a wider range of customers. IPT Technology has created heavy-duty e-mobility systems and has origins in industrial wireless applications. IPT is enhancing its market position and speeding up its business planning by merging the technology and skills of both firms.
In February 2022 Witricity had announced the launch of aftermarket wireless charging upgrade of WiTricity Halo. The WiTricity Halo update will enable 11 kW wireless charging, allowing for a charge rate of up to 35-40 miles of driving range per hour of charging time, comparable to today's Level 2 AC plug-in chargers in terms of speed and efficiency. The WiTricity Halo upgrade consists of three major components: a vehicle-mounted power receiver, a wall box that connects to electric power, and a charging pad that may be mounted on or in the ground.
What Can be Explored with the Wireless Electric Vehicle (EV) Charging Systems Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Wireless Electric Vehicle (EV) Charging Systems Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Wireless Electric Vehicle (EV) Charging Systems
Understand the Competitive Scenario
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Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Wireless Electric Vehicle (EV) Charging Systems market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Wireless Electric Vehicle (EV) Charging Systems market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Wireless Electric Vehicle (EV) Charging Systems Distributors and Suppliers, Raw Material Suppliers, End-use industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.