Wireless Electric Vehicle Charging Market to Reach $701.38 Mn, Globally, by 2030 at 45.8% CAGR: Allied Market Research
PORTLAND, Oregon, May 7, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wireless Electric Vehicle Charging Market by Power Source (3-<11 kW, 11-50 kW, and >50 kW), Installation (Home, and Commercial), Distribution Channel (OEMs, and Aftermarket), and Vehicle Type (BEV, PHEV, and Commercial EV): Global Opportunity Analysis and Industry Forecast, 2020-2030."According to the report, the global wireless electric vehicle charging industry was estimated at $7.56 million in 2019, and is expected to hit $701.38 million by 2030, registering a CAGR of 45.8% from 2020 to 2030.
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Drivers, restraints, and opportunities -
Increase in sales of electric vehicles and rise in demand for energy-efficient sources as an alternative to fuel drive the growth of the global wireless electric vehicle charging market. On the other hand, expensive integration of technology and slower charging curb the growth to some extent. However, extensive research in far-field wireless charging technologies and technological advancements and adoption of smart marketing strategy are expected to create multiple opportunities in the near future.
The commercial segment to dominate by 2030 -
Based on installation, the commercial segment contributed to around 96% of the global wireless electric vehicle charging market share in 2019, and is expected to rule the roost by the end of 2030. Increase in sales of commercial EVs and demand for safer, convenient, and faster wireless charging systems fuel the growth of the segment. The home segment, on the other hand, would grow at the fastest CAGR of 54.2% throughout the forecast period. Surge in demand for electric vehicles has led consumers get inclined toward installing charging base at residential locations which, in turn, propels the segment growth.
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The aftermarket segment to maintain the dominant share -
Based on distribution channel, the aftermarket segment accounted for more than three-fifths of the global wireless electric vehicle charging market revenue in 2019, and is anticipated to retain its dominance during the study period. With rise in demand for the electric and commercial electric vehicles, the demand for charging stations has increased to a significant extent. This factor has boosted the segment growth. At the same time, the OEMs segment would cite the fastest CAGR of 49.3% till 2030. Ease in installation and different price options offered by OEMs are expected to drive the growth of the segment.
Europe, followed by Asia-Pacific and North America, garnered the major share in 2019 -
Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, generating more than half of the global wireless electric vehicle charging market. This is due to rise in demand for fuel-efficient and durable charging systems for electronic products such as power tools and portable gadgets. Simultaneously, Asia-Pacific would register the fastest CAGR of 50.2% from 2020 to 2030. This is attributed to rise in adoption of fuel-efficient EVs and ever-increasing demand for advanced charging system for portable electronics.
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Key players in the industry-
-- Robert Bosch GmbH
-- Evatran Group Inc.
-- Qualcomm Inc.
-- EVATRAN GROUP Toyota Motor Corporation
-- Powermat Technologies Ltd.
-- Texas Instruments Inc.
-- Continental AG
-- Toshiba Corporation.
-- Elix Wireless
-- Witricity Corporation
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