The market for wireless charging of electric vehicles in Asia-Pacific is currently valued at nearly USD 0.100 million in 2017, and is expected to reach approximately USD 3.790 million by 2023, at a CAGR of about 83%.Electric vehicles that use electricity as fuel are a route to reducing pollution from automobiles. With the increase in the number of electric vehicles in the recent times, the demand for charging stations is also increasing at a substantial rate. 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. Apart from the high cost of electric vehicles, the primary concern for quite a few prospective electric vehicle users has been the unavailability of PEV (Plug-in EVs) docks. As a result of the plugin aspect of electric vehicles, the electric automobile industry has faced formidable entry barriers. Some users park their vehicles outdoors where a car’s plugin and charging can be difficult, especially in adverse weather conditions, while others find the wires and docks to be a hassle.
Source: iSuppli; HIS / Mordor Intelligence Analysis
These cars are particularly popular in the developed markets of Europe and North America, where the ecosystem for charging stations by employing plug-in electric vehicle (PEV) docks is developed. All this has changed with the introduction of wireless charging for electric vehicles. While the technology has served smaller devices like smartphones in the past, it has only recently been applied to large vehicles. Amid the clamor for environmental concerns in the highly populated cities across the world, governments are insisting on stringent fuel efficiency norms. With the barrier of plugin charging no longer in its way, the market for electric vehicles is set to grow by leaps and bounds. The wireless charging technology makes it easy for people to find designated wireless charging stations and just park the vehicle over the charging pad without any hassle.
The latest trend to gain momentum in the market is wireless dynamic electric vehicle charging (DEVC) system at super speeds demonstrated by Qualcomm. This new system has potential to charge an EV 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 and 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. Additionally, 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. Wireless charging technology is expected to grow along with the autonomous vehicle technology.
Asia-Pacific Wireless Charging For EVs Market- Drivers:
- Stringent regulations mandating reduction of vehicular pollution
- Advancements in research, development and enhancement of electric vehicles
- Set up and scaling of manufacturing of electric vehicles across the world
- Rising disposable income and demand for electric cars
- Progressive laws in developed and developing regions
- Lowering of costs involved in EV manufacture
Asia-Pacific Wireless Charging For EVs Market- Restraints:
- The high cost of electric cars, systems and associated components
- the high price of an upgrade to wireless charging technology
- The market still in development and technologies can be improved
- Large low-income population
- High level of income disparity, making market segmentation difficult
- Lack of supportive infrastructure in some areas
Key Developments in Market:
- May 2016: SAE Developing Wireless Charging Standard for Electric Cars.
- May 2017: Qualcomm demonstrated the newly developed dynamic version of its Halo wireless-charging system.
Major Players: BMW, Mercedes, Nissan, Plugless, Qualcomm, WiTricity amongst others.
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1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Forecast Model
3. Key Findings Of The Study
4. Executive Summary
5. Market Overview
5.1 Current Market Scenario
5.2 Technology Trends
5.3 Porter’s Five Forces Framework
5.5.1 Bargaining Power of Suppliers
5.5.2 Bargaining Power of Consumers
5.5.3 Threat of New Entrants
5.5.4 Threat of Substitute Products or Services
5.5.5 Competitive Rivalry among Existing Competitors
6. Market Trends
6.1 Factors Driving the Market
6.1.1 Electric Demand Sales to Grow in Future
6.1.2 Incentives for Automakers
6.2 Factors Restraining the Market
6.2.1 High Cost of Technology
6.2.2 Still High Conversion Efficiency not available
7. Global Wireless Charging Market for Electric Vehicle by Region
7.1.2 Electric Vehicle Market Size and Forecast
7.1.3 Market Forecast and Opportunities
7.1.4 Analyst View
8. Key Vendor Analysis
8.7 Hella Aglaia Mobile Vision
8.9 Tesla Motors
8.11 OLEV Technologies
8.12 HEVO Power
9. Future Outlook of the Market