(EnergyIndustry.Net, March 21, 2021 ) According to a new market research report titled "Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User - Global Forecast to 2027," the wireless electric vehicle (EV) charging systems market is expected to grow at a CAGR of 53.1% from 2020 to 2027 to reach $827.03 million by 2027.
Wireless EV charging systems use inductive power transfer technology to transfer power over the air from a pad embedded in the ground to a pad attached to the underbelly of an electric vehicle to charge the vehicle's battery. These pads are either installed in the parking spaces of commercial infrastructures and private garages for charging one vehicle at a time or along a stretch of road for charging multiple vehicles while they are on the move. Wireless EV charging systems can potentially help avoid plug-in problems usually faced with wired EV charging systems. The major factors driving the growth of the wireless EV charging systems market include the rising demand for electric vehicle (EV) fast-charging infrastructure, increasing implementation of wireless charging infrastructure in the European countries, and the increasing prevalence of range anxiety. The standardization of wireless EV charging systems also aids the growth of this market.
Moreover, the growing use of autonomous vehicles in public transport and logistics by major retail MNCs and shared mobility operators worldwide is expected to create significant opportunities for players operating in this market. However, the high cost of implementing wireless charging infrastructure obstructs the growth of this market to some extent. Insufficient funding from investors due to the lack of attractive value propositions of wireless EV charging systems for customers is a major challenge for the growth of the wireless electric vehicle (EV) charging systems market.
The Impact of COVID-19 on the Wireless Electric Vehicle (EV) Charging Systems Market
The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and to avoid its associated consequences, governments across the globe announced partial or complete lockdowns, significantly impacting various sectors, including the automotive sector.
In 2019, the global count of electric vehicles on roads had crossed 2 million. However, the COVID-19 crisis led to disruptions in supply chains, limitations on operations and workforce, and factory closures globally. The economic slowdown caused a severe decline in vehicle sales, especially in the electric vehicles segment. The demand for electric vehicle charging infrastructure has been impacted significantly. Major investments for deploying EV charging infrastructure have halted since most EVSE (Electric Vehicle Supply Equipment) manufacturers worldwide have been affected due to government restrictions and nationwide lockdowns. For instance, in the U.K., ubitricity and Pod Point halted the construction of new charging stations for the second phase of the Go Ultra Low City Scheme. Similarly, Rolec Services announced temporarily suspending the manufacture of EV charging stations in the U.K. due to COVID-19 restrictions.
Geographically, Asia-Pacific is the largest market for wireless EV charging systems globally. The major factors contributing to the region's high market share are the elevated demand for electric vehicles in the region, high demand for fast-charging infrastructure in China, Japan, and South Korea, and the increasing adoption of electric vehicles and growing infrastructural development in emerging economies such as India and Southeast Asian countries. Additionally, China is actively investing in the research & development and standardization of wireless charging systems for electric vehicles. These factors are expected to positively impact the wireless EV charging systems market in the Asia-Pacific region, propelling the growth of this regional market.
The key players operating in the global wireless EV charging systems market are WiTricity Corporation (U.S.), Plugless Power Inc. (U.S.), Momentum Wireless Power (U.S.), Groupe Delachaux (France), ELIX Wireless (North America), Mojo Mobility, Inc. (U.S.), HEVO Inc. (U.S.), TGood Global Ltd. (Hong Kong), Continental AG (Germany), Toshiba Corporation (Japan), ZTE Corporation (China), INTIS GmbH (Germany), WAVE Inc. (U.S.), Daihen Corporation (Japan), and Electreon Inc. (Israel) among others.