Market Overview

Wireless electric vehicle (EV) charging uses near field charging technology, where electric vehicles are charged using resonant magnetic inductive power transfer. This technology uses components such as charging pads and power control unit where energy is transferred between base charging pads and vehicle charging pads using electromagnetic induction, which helps to charge the battery of electric vehicles. Furthermore, wireless charging is also known as inductive changing or cordless charging as it does not require any wire or cable to charge the vehicle.

The demand for electric vehicles is increasing in the countries such as India and China, owing to growing EV buying trend, favorable government regulation to reduce vehicle emission, and fast developing EV infrastructure, which is expected to increase demand for wireless electric vehicle charging over the forecast period. For instance, according to the Global EV Outlook, in 2018, China was the largest electric car market with 1.1 million units electric cars sold, which contributed around half of the global electric car fleet in 2018 with total number of 2.3 million electric cars.

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Market Dynamics

government policies is expected to influence the electric vehicles market to grow in India. For instance, in March 2019, Government of India approved the second phase of “Faster Adoption and Manufacturing of Electric Vehicles in India” (FAME India) scheme, where government is expected to reduce the purchase price of hybrid and electric vehicles in India and is focusing on implementation of electric vehicles for public or shared transportation in the near future. These factors are expected to drive growth of the wireless electric vehicle charging market during the forecast period.

Moreover, high initial cost to setup wireless charging infrastructure for charging electric vehicles is the major restraining factor for global wireless EV charging market. For charging an electric vehicle wirelessly the vehicle and charging stations requires installation of vehicle charging pads and base charging pads, which are available at high price. These factors are expected to hamper market growth over the forecast period.

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Major players operating in the global wireless EV charging market include Bombardier Inc., Continental AG, Elix Wireless, Evatran Group Inc., Hella KGaA Hueck & Co., Qualcomm, Inc., Robert Bosch GmbH, Toshiba Corporation, Toyota Motor Corporation, Witricity Corporation, ZTE Corporation, and Hevo Power.

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