Automotive Inductive Wireless Charging Systems Market Is Expected To Grow At a CAGR Of 78.2% FROM 2017-2026.
According to Stratistics MRC, the “Global Automotive Inductive Wireless Charging Systems market” is expected to grow at a CAGR of 78.2% during the forecast period. Rising demand for a shift towards green cars which are eco-friendly improved investments in infrastructure development and in-house charger growth by OEMs and improved sales of PEVs in major regions worldwide are some factors impacting market growth. However, high-cost pressure on OEMs from demand-side and high installation costs are hampering the market growth. One of the major trends in the market is the introduction of on-road dynamic wireless charging systems.
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Automotive Inductive wireless charging is a kind of charging method, which uses magnetic induction to charge the electric and electronic devices. The time taken for charging a device depends on the frequency band. When the vehicle is on the road, the battery pack is charged in small amounts through regenerative braking, these vehicles are referred to as plug-in EVs. These vehicles include all EVs, hybrid EVs, and plug-in HEVs. Automotive Inductive Wireless Charging Systems are also recognized as electric drive vehicles.
Opportunity: The factor such as improvement and advancement development in machines to increase fuel efficiency would provide ample opportunities for the market growth.
Government in main developed economies such as the U.S, Europe and Japan intends to raise fuel efficiency and decrease vehicle emissions which are anticipated to enlarge the demand of hybrid electric vehicles, plug-in electric vehicles and battery electric vehicles across the world. This will lead to the increase in the demand of automotive inductive wireless chargers market. Automotive manufacturers across the globe such as Volvo Car Coro, BMW AG and Daimler AG intends to enlarge the production and sell hybrid end electric vehicles in future which is anticipated to raise the demand of automotive inductive wireless charging market.
Driver: Increasing demand for quick charging to alleviate range concerns.
WCS systems are extremely simple to be installed and can be powered throughout a number of renewable energy sources such as solar panels or windmills, which have resulted in reduced need on the national power grids. Also, the dynamic charging potential of WCS allows for the users to charge vehicles even while moving, thereby eliminating any range concerns. The possibility of endless series will greatly raise adoption between consumers.
By application, commercial vehicle segment is estimated to have a lucrative growth. To raise fuel efficiency and decrease vehicle emissions, plug-in electric vehicles, and battery electric vehicles are using across the world. This will lead to the increase in the demand for automotive inductive wireless chargers market. Automotive manufacturers across the globe such as Volvo Car Coro, BMW AG, and Daimler AG intend to raise the production and sale hybrid end electric vehicles in the future.
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By geography, the Europe region is anticipated to hold considerable market share during the forecast period. The availability of well-developed infrastructure enables the incorporation of wireless charging infrastructure in this area. In addition, the occurrence of leading players such as Robert Bosch GmbH, Continental AG, and HELLA KGaA Hueck & Co. is likely to accelerate the development of the wireless charging for electric vehicle market in the region. Rise in electric vehicle sales and sound infrastructure with a large number of charging stations would drive the marketplace for wireless charging of electric vehicles in the European region.
The Global Automotive Inductive Wireless Charging Systems Market Leaders are Fulton Innovation LLC, PowerbyProxi Limited, Mojo Mobility, Robert Bosch GmbH, ChargePoint, Inc., AeroVironment, Inc., ECOtality, Inc., Gill Industries, Texas Instruments Evatran, WiTricity, Qualcomm Technologies, Momentum Dynamics, Continental AG, WiPower Technology Company, and Mopar.
Mojo Mobility: In April 2018, Mojo Mobility partnered with Hyundai-Kia America Technical Center to research and develops a system able of rapid charging an electric vehicle wirelessly. Mojo Mobility is well-known for developing extremely efficient wireless charging systems capable of transferring high power without need for precise alignment among the charger and the vehicle. Wireless power transfer system being integrated and tested using fleet of Kia Soul EVs. Technology would advance charging times and convenience.
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Texas Instruments Evatran: In July 2015, Texas partnered with start-ups in India to get faster chip development cycles and go to market sooner in latest areas such as automotive and industrial machines. The power in analog chip design and with trends like Internet of Things (IoT) catching up, start-ups could assist speed up the growth.
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