Wireless charging is also known as conductive charging or cordless charging. Wireless charging is done by using an electromagnetic field to transfer energy between two objects or points through electromagnetic induction. It is highly imperative to have a charging station to execute the wireless EV charging. Considerable research has been done in the electric vehicle (EV) wireless technology for the last decade, as electric vehicles are expected to be an essential part of the future of the automotive industry. The amount of money spending trends on electric vehicles (EVs) can be interpreted by the fact that even sports car manufacturers, such as McLaren, Ferrari, and Porsche, have started combining electric engines along with their supercharged petrol engines, to make their cars environmental-friendly. Companies, such as Qualcomm, are leading the change to develop feasible wireless charging technologies. Several car OEMs, such as Volkswagen, Renault, Ford, Nissan, Toyota, BMW, Audi, Daimler, and Maserati are spending significantly on R&D activities of this technology.
The latest trend to gain momentum in the market is a novel wireless dynamic electric vehicle charging (DEVC) system at super speeds demonstrated by Qualcomm. This new system has potential to charge an electric vehicle dynamically up to 20 KW at the speed of 100 km/h.
Honda, a major player in the field of wireless charging, is undertaking R&D activities to develop a new dynamic charging technology. The company is evolving a new system that can allow dynamic charging at a power of 180kW (300A, 600DC) when the electric vehicle is travelling at a speed of 160km/h.
Key factors driving the wireless electric vehicle charging market are the increase in demand for electric vehicle, rise in oil prices, global warming, increasing infrastructure for fast or dash chargers, and rising consumer demand for convenience features. The U.S Energy Department announced up to US$ 4 Mn to develop wireless chargers for electric vehicles. This funding is estimated to accelerate the development of wireless charging technology, during the forecast peiod, to provide automated charging of parked vehicles, which can ensure easy and efficient vehicle charging. The partnership between the Germany-based automotive giant Daimler AG and Qualcomm to test wireless charging technologies for both, in-car charging applications and wireless charging of electric vehicles is a major leap in the automotive wireless EV charging market.
Major drawbacks for this market include in comparison with the gasoline vehicle, the electric vehicle has six times lower cost for one mile drive, whereas its driving range is only one third of the gasoline vehicle per full charge. Another key factor restraining the wireless EV charging market is the high price of upgrade to wireless charging technology.
The wireless EV charging market is estimated to expand at a CAGR of 49.38% from 2020 to 2025. In terms of revenue, the market is anticipated to reach significant growth by 2025. Europe, along with North America, is a prominent market for electric vehicles and is estimated to expand during forecast period. Asia Pacific is anticipated to dominate the wireless EV charging market, in terms of volume as well as value. Demand for wireless charging system is directly linked to the electric vehicle production and consumer demand in APAC and Middle East and Africa. Furthermore, government policies and subsidies favoring electric vehicles and electric vehicle charging stations (EVCS) are driving the market in Middle East and Latin America.
Key wireless charging manufacturers and service providers operating in the global wireless EV charging market include Robert Bosch GmbH (Germany), Continental AG (Germany), Toyota Motor Corporation (Japan), Toshiba Corporation (Japan), and WiTricity Corporation (U.S.), Qualcomm, Inc. (U.S.), and Evatran Group (U.S.).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.