Wireless Electric Vehicle Charging (WEVC) Market Value is Projected to Grow from $9 Million in 2017 to $1294 Million by 2023.

In the report “Wireless Electric Vehicle Charging (WEVC) 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 Wireless Electric Vehicle Charging (WEVC) 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 Wireless Electric Vehicle 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 $67.39M 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 $11.83 million, whereas the dynamic charging EV system needs $9.37 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 $1231million 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.

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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:

  1. Electric Vehicle Wireless Charging Market By Type
  1. PHEV
  2. HEV
  3. BEV
  1. Electric Vehicle Wireless Charging Market By Power Supply
  1. 3-<11 kW
  2. 11-50 kW
  3. > 50 kW
  1. Electric Vehicle Wireless Charging Market By Charging
  1. Stationary
  2. Dynamic
  1. Electric Vehicle Wireless Charging Market by Geography (covers 10+ countries)
  2. Electric Vehicle Wireless Charging Market Entropy

Companies Cited / Interviewed

  1. Witricity Corporation
  2. Hevo Inc.
  3. TDK Corporation
  4. Momentum Dynamics Corporation
  5. Plugless Power
  6. Mojo Mobility
  7. Toshiba Corporation
  8. Company 8
  9. Company 9
  10. Company 10+

Related Report:

  1. Electric Vehicle Charging Services Market
  1. Electric Vehicle Technologies Market

What can you expect from the report?

The Electric Vehicle Wireless Charging Market Report is Prepared with the Main Agenda to Cover the following 20 points:

1. Electric Vehicle Wireless Charging Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)

2. Electric Vehicle Wireless Charging Market trends & Relevant Market Data 12. Country level Analysis

3. Electric Vehicle Wireless Charging Manufacturer Landscape 13. Competitor Analysis

4. Distributor Landscape                                                                   14. Electric Vehicle Wireless Charging Market Shares Analysis

5. Pricing Analysis                                                                              15. Electric Vehicle Wireless Charging Market Value Chain Analysis

6. Top 10 End user Analysis                                                             16. Supply Chain Analysis

7. Product Benchmarking                                                                17. Electric Vehicle Wireless Charging Market Strategic Analysis

8. Product Developments                                                                18. Current & Future Market Landscape Analysis

9. Mergers & Acquisition Analysis                                                 19. Opportunity Analysis

10. Patent Analysis                                                                          20. Electric Vehicle Wireless Charging Market Revenue 

Frequently Asked Questions:

Q. Does IndustryARC publish country or application based reports in Electric Vehicle Wireless Charging Market segment?

Response: Yes, we do have separate reports as mentioned below:

1. Americas Electric Vehicle Wireless Charging Market Analysis (2018-2023)

2. Asia Pacific Electric Vehicle Wireless Charging Market Analysis (2018-2023)

3. Europe Electric Vehicle Wireless Charging Market Analysis (2018-2023)

4. Power Supply Electric Vehicle Wireless Charging Market Forecast (2018-2023)

5. Charging Electric Vehicle Wireless Charging Market Forecast (2018-2023)

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?

Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:

1. Increase the level of data in application or end user industry.

2. Increase the number of countries in geography chapter.

3. Find out market shares for other smaller companies or companies which are of interest to you.

4. Company profiles can be requested based on your interest.

5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

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