Wireless Electric Vehicle Charging (WEVC) Market
Posted by Venkatesh on November 1st, 2018
In the report “Electric Vehicle Wireless Charging Market By Vehicle (PHEV, HEV, BEV); By Market (Aftermarket, OEM), By Power Supply Range (3-<11 kW, 11-50 kW, and > 50 kW), By Charging (Stationary and Dynamic), By Component, By System & Geography – Forecast (2018-2023)", published by IndustryARC, the wireless electric vehicle charging market is set to make electric vehicle more convenient and futuristic,without the need for plug-in cables or adaptors.
In the report “On the global EV outlook 2018”, it is highlighted that the electric vehicles supply equipment (EVSE) outlets had surpassed 2 million in 2017.The Wireless charging systems tend to be around 90% efficient when in use.Rising deployment of charging stations across the globe is another major factor driving the growth of the wireless charging market.
North America with major share in the Electric Vehicle Wireless Charging Market
North America is set to dominate the Electric Vehicle Wireless Charging Market with a value share of 89% in 2016. In the Asia-Pacific, trials are being conducted to test dynamic charging, a wireless charger technology that can power the battery of electric vehicles while moving. APAC is estimated to grow prominently with a CAGR of 96.09% during 2018-2023, owing to the increasing deployment of electric vehicles in countries such as China, Korea, Japan and India. According to IEA, in 2016, China is the largest electric car’s market that has accounted for more than 40% of the electric cars sold in the world.Automotive wireless charging has witnessed a surge in demand for electric vehicles in the coming years,coupled with the rising number of investments related to the development of better charging systems from Government as well as the public sector.
Selected Charging Type Analysis done in the Electric Vehicle Wireless Charging Market Report:
Wireless power transfer for electric vehicles are gaining momentum when compared to wired power charging, resulting in the inconveniences caused by the wired PEV that includes mechanical, electrical hazards, and others, thus creating a huge opportunity for the growth of the lucrative market.Recently, wireless power charging of electric vehicles is gaining huge momentum owing to the rising demand for electric mass transportation means like electric trains, buses, utility vehicles, and many others.In 2023, Dynamic charging type electric vehicles value is anticipated to generate revenues of .39M with a CAGR of 92.16% in the forecast period.
According to the IEEE journal based on economic analysis of the dynamic charging electric vehicle, the total cost comparison of the stationary charging system and dynamic charging system is calculated for eighteen buses, which are operated for 10 years. The total cost of the stationary charging EV system is .83 million, whereas the dynamic charging EV system needs .37 million.Thus,the dynamic charging system requires more investments on the power tracks than the stationary charging system.Stationary charging electric vehicles are anticipated to reach a revenue of 31 million by 2023, growing at a CAGR of 97.66% throughout the forecast period 20182023.
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Excerpts on Electric Vehicle Wireless Charging Market Growth Factors
• New governmental incentives globally are projected to enhance EV adoption and technology development across all the parts of the globe.
• Future electric vehicles could recharge wirelessly while driving. While driving on the highway, drawing wireless power directly from plates installed in the road would make it possible to drive for miles without having to plug-in and this on-board battery wireless will drive the adoption rate.
• Wireless charging stations are being developed as a part of government initiative programs and EV manufacturers are being involved in the development of wireless charging spots in the parking locations.
• Electric vehicle manufacturers are installing vehicle’s wireless charging systems in oil and gas stations for easy charging, and this is to enhance the sales of auto wireless charger.
Key players of the Electric Vehicle Wireless Charging Market
Qualcomm Inc., BMW AG, Hella Aglai Mobile Vision, Evatran Group, Toyota Kirloskar Group, Dailmer AG, Bombardier, and OLEV Technologies are some of the key players of global wireless electric vehicle charging systems in the electric vehicles market.Advent of new companies will drive innovations since the key players will strive to maintain their dominance.EV wireless charging market witnessed a large number of collaborations and agreements in the mentioned period. TDK, Qualcomm joint venture,and Momentum Dynamics Corporation launching zero emission electrified bus transportation with wireless technology are the recent merger and developments in the public sector that is driving the growth.
Electric Vehicle Wireless Charging Market report is segmented as below
The global Electric Vehicle Wireless Charging Market study across various end user industries is incorporated in the report:
A. Electric Vehicle Wireless Charging Market By Type
B. Electric Vehicle Wireless Charging Market By Power Supply
1. 3-<11 kW
C. Electric Vehicle Wireless Charging Market By Charging
D. Electric Vehicle Wireless Charging Market by Geography (covers 10+ countries)
Companies Cited / Interviewed
1. Witricity Corporation
What can you expect from the report?
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
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IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences &Healthcare.
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About the AuthorVenkatesh
Joined: August 23rd, 2018
Articles Posted: 184
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