Global Wireless Charging Market for Electric Vehicles - Growth, Trends, and Forecast (2018 - 2023)
The global wireless charging market for electric vehicles is expected to register a CAGR of 45% during the forecast period. The massive amount of R&D and investment in the wireless technology is set to drive the market at a high growth rate. Manufacturers are also realizing that consumers are ready to pay premium prices for a product that exactly serves the purpose. Sports car makers, such as McLaren, Ferrari, and Porsche, have started incorporating electric motors, along with their supercharged internal combustion engines, to make their cars eco-friendly. Companies, such as Qualcomm are investing heavily in wireless charging technology, while Plugless Power and HEVO are leading the way with innovative applications of the technology.
One of the key issues in the electric vehicles is range. EVs may be suitable for short distances or city commuting, but anything over 200 miles requires a recharge. Scientists at Stanford have come up with a solution to this problem – transferring electricity wirelessly to a moving object. Qualcomm has demonstrated a new wireless dynamic electric vehicle charging (DEVC) system at highway speeds which is capable of charging an electric vehicle dynamically, at up to 20 KW at the speed of 100 km/h. The company launched a charging system that can charge the vehicle dynamically on the same track. Two vehicles moving in the opposite direction can also use this new dynamic charging system.
Europe is expected to be the largest manufacturing hub, and also the largest market for wireless charging stations. This growth owes to the availability of viable infrastructures to support electric vehicle sales. Electric vehicles are considered to be a viable option for customers while purchasing a vehicle. The sales of electric vehicles in the European region have been on the rise, since last five years. The sales are forecasted to increase, thereby opening opportunities for technologies, like wireless charging infrastructure for electric vehicles.