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Global Wireless Electric Vehicle Charging Market to Grow at a CAGR of 36.38% During 2021-2026, Aided by the Growing Technological Advancements

According to a new report by EMR titled, ‘Global Wireless Electric Vehicle Charging Market Report and Forecast 2021-2026’, the market attained a value of around USD 9.43 million in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 36.38% between 2021 and 2026 to reach USD 60.7 million by 2026.

The global wireless electric vehicle charging industry is being driven by the rising issues of pollution and global warming, which is leading to the increased adoption of electric vehicles. Moreover, the heightened demand for wireless charging facilities for hassle-free experience is expected to bolster the industry growth in the forecast period. In addition, the rapid technological advancements, such as the development of on-the-go charging facilities, are also anticipated to significantly contribute to the market growth. These factors are estimated to positively impact the industry growth in the forecast period.

The growing focus of the leading players to develop efficient wireless charging mechanisms for electric vehicles by incorporating advanced technologies  is estimated to further catalyse the industry growth in the forecast period. For instance, according to a press release issued by WiTricity Corporation, dated February 2019, the company announced the acquisition of certain technology platform and IP assets, including the Qualcomm Halo technology, from Qualcomm Incorporated (NASDAQ: QCOM) and Qualcomm Technologies, Inc.  in a bid to promote wireless EV charging adoption. With this agreement, WiTricity is set to attain control of over 1500 patents and patent applications related to wireless charging, while Qualcomm Incorporated will become a minority shareholder in WiTricity.  Furthermore, another leading wireless electric vehicle charging technology vendor, Blink Charging (NASDAQ: BLNK), in a press release dated July 2020, announced the collaboration with Enersys (NYSE: ENS), a leading stored energy solutions vendor, for the development of high-power wireless and efficient DC fast charging system with integrated battery storage for the transportation industry. These developments are expected to positively impact the growth of the wireless electric vehicle charging industry in the forecast period.

Market Breakup by Power Source, Charging Method, Installation, Distribution Channel, Vehicle Type, and Region:

  • The market is divided based on power source into 3≤11 KW, 11-50 KW, and >50 KW.
  • Based on charging method, the market can be distributed into capacitive wireless power transfer, magnetic gear wireless power transfer, resonant inductive power transfer, and inductive power transfer.
  • On the basis of installation, the industry is bifurcated into home and commercial.
  • The industry is segmented, on the basis of distribution channel, into OEMs and aftermarket. 
  • On the basis of vehicle type, the market can be categorised into battery electric vehicle, plug-in hybrid electric vehicle, and commercial EV.
  • Region-wise, the global market for wireless electric vehicle charging can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for wireless electric vehicle charging is being driven by the increased demand for electric vehicles.
  • The rising issues of pollution and global warming have significantly contributed to the market expansion.
  • Increased demand for wireless charging outlets for stationary and on-the-go charging potential is also aiding the industry growth.
  • The rising technological advancements and the development of improved wireless charging mechanisms are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for wireless electric vehicle charging for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the power sources, charging methods, installations, distribution channels, vehicle types, and major regions of wireless electric vehicle charging.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global wireless electric vehicle charging market are Bombardier Inc., Continental AG, Plugless Power Inc, Fulton Innovation LLC, Qualcomm Technologies, Inc., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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