Automobile technology is moving rapidly towards a goal where the users have to put minimal effort to commute and use their cars, and manufacturers know that the consumer is ready to pay a premium for a product that exactly fulfills the purpose. This is one major reason for the massive research in the electric car wireless technology, as electric cars form a vital part of the future of automotive industry. The spending trends on EVs can be understood by the fact that even sports car makers like Mclaren, Ferrari and Porsche have started incorporating electric engines along with their supercharged petrol engines to make their cars more eco-friendly. Companies like Qualcomm are leading the charge to develop viable wireless charging technologies. Qualcomm has teamed up with Swiss electric car parts manufacturer Brusa to make and supply its charging plates to other companies. Many car manufacturers like BMW, Audi and Daimler are actively researching this technology and Audi will debut this technology and offer it to its customers in the Audi Q7 E tron. In light of the massive research and development being seen in this market, it is estimated that the global wireless charging for EV market is poised to grow at a CAGR of 62.7% by 2020.
North America and Europe will be the hotbed of activities and manufacturing hubs for such technologies and also the biggest markets. This is due to the fact that currently it is only these markets where there is a viable infrastructure present to support electric vehicle sales. Electric vehicles are now seen as a viable option by customers and are considered when making the decision to buy a car. In the United Kingdom, trials are currently being conducted to test wireless technology that can power the electric vehicles while on the move. These trials are expected to continue till the end of 2017, after which a firm roadmap is expected that will boost the wireless charging market. Furthermore, due to the bandwagon effect, this technology has a probability of adoption in other European countries as well.
Within the Asia-Pacific region, Japan is the only market that can compete with its European and North American counterparts. South Korea and China are still developing but China has the potential to be the biggest market for electric vehicles and in turn, for wireless charging. This is mainly because of government support and China’s distinction for being the largest automobile market in the world. Europe will be the fastest growing region in the global wireless charging for EV market and will achieve a CAGR of 73%. The growth of the market in Asia-Pacific region will be slow over the next 2-3 years. However, on the brighter side, adoption rates for EVs in this region will spike up, in turn, propelling the market for wireless charging at exponential rates over the next 10 years.
The global wireless charging market for electric vehicles currently is in its infancy stage but will surely register explosive rates of growth over the next 5 years. Therefore, now is the right time to enter if the manufacturers are to build their market shares. The market has been segmented by geography (North America, Europe, Asia-Pacific and Rest of the World).
Some of the key players in the market are:
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