What is Wireless Car Charging Market?
Wireless Car Charging enables to charge the electric-powered car in order to with constant source of power both at the stationary and moving position. Instead of using a plug-in cable to charge the electric car, it uses wireless electric vehicle charging (WEVC) technology to wirelessly charge the car’s battery. Due to increasing greenhouse gas radiation and scarcity of petroleum products for upcoming years the demand for electric cars is increasing and this has driven the wireless car charging market.
Highlights from Wireless Car Charging Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Evatran Group (United States), WiTricy Corporation (United States), Hevo Power (United States), Tesla Inc. (United States), Bombardier, Inc. (Canada), Bayerische Motoren Werke AG (Germany), Momentum Dynamic Corporation (United States), Robert Bosch Group (Germany), Evatran, LLC (United States), Mojo Mobility Inc. (United States), ZTE Corporation (China) and HEVO, Inc. (United States) |
In Wireless Car Charging Market, it has been observed that most of the companies are upgrading or introducing innovative products. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share. Research Analyst at AMA predicts that United States and European Vendors will contribute to the maximum growth of Global Wireless Car Charging market throughout the forecasted period.
Evatran Group (United States), WiTricy Corporation (United States), Hevo Power (United States), Tesla Inc. (United States), Bombardier, Inc. (Canada), Bayerische Motoren Werke AG (Germany), Momentum Dynamic Corporation (United States), Robert Bosch Group (Germany), Evatran, LLC (United States), Mojo Mobility Inc. (United States), ZTE Corporation (China) and HEVO, Inc. (United States) are some of the key players profiled in the study. Wireless Car Charging Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Passenger Cars and SUV Cars |
Type | Static Wireless Charging and Dynamic Wireless Charging |
Operating Techniques | Capacitive Wireless Power Transfer (CWPT),Permanent Magnetic Gear Wireless Charging System (PMWC),Inductive Wireless Charging System (IWC),Resonant Inductive Power Transfer (RIPT) |
Power Supply | 3–<11 kilowatt,11–50 kilowatt,5 >50 kilowatt |
On the basis of geography, the market of Wireless Car Charging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Government Support for Electric Vehicles
Market Growth Drivers:
Increasing Demand for Hybrid and Electric Cars, Preference Due to Safe and Effective Charging and Enables to Reduce Carbon and Harmful Emissions
Challenges:
Lack of a Unified Standard and Safety Concerns Surrounding Wireless Charging:{Since the charging occurs without direct human control, it must be designed to respond safely to the presence of foreign objects and living objects under or near the electromagnetic field. The charging system should recognize and protect an animal or child that enters the electromagnetic field}
Restraints:
High Cost of Upgrading to Wireless Charging Technology
Opportunities:
Growing Government Spending on Battery Technology and Increasing Requirement of Constant Power Source for Electric Cars
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Wireless Car Charging Providers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
Market Leaders & Development Strategies
In February 2019, WiTricity, a startup that’s developing wireless charging technology for electric vehicles (EVs) acquired Qualcomm’s EV wireless charging unit Halo. The terms of the deal were not disclosed and Qualcomm becomes a minority shareholder in WiTricity as a result of the transaction.
In February 2019, WiTricity signed technology licensing agreement with Yura Corporation, a leading South Korea-based automotive Tier 1 supplier for wireless charging technology for EVs. This agreement enables Yura to access WiTricity's wireless charging technology, support, and intellectual property (IP) rights to develop and commercialize wireless EV charging systems. and In July 2016, Evatran Group and Zhejiang VIE Science and Technology Company formed a joint venture to integrate Plugless, Evatran’s wireless electric vehicle (EV) charging system, into the EVs of car manufacturers (OEMs) based in China. This new venture is called Zhejiang VIE Evatran Electronic Technologies Co. and was created with an initial investment of USD 5 million