Global Wireless Electric Vehicle (EV) Charging Market Continues To Grow Owing To The Demand For Electric Vehicles From Developing Nations And Governmental Policies To Reduce Carbon Emission

 

Wireless Electric Vehicle (EV) Charging Market

A wireless electric vehicle (EV) charging makes it possible to use a single system to power all of the necessary electronics for an automotive charging system. The wireless electric vehicle (EV) charging can easily be configured to power any number of electronic devices, from computers to laptops, from cell phones to power tools, from infrared detectors to GPS systems, from cigarette lighter plug-ins to real key chains, and more. Using a single wireless electric vehicle (EV) charging simplifies the electronics process, which greatly reduces the time and money spent on installation and wiring.

Market Dynamics                                               

The main factor driving the growth of the wireless electric vehicle (EV) charging market is the rapidly increasing demand for electric vehicles, especially in developing nations such as India and China. The requirement of owning an electric vehicle in nations such as India and China are increasing every day, owing to the necessity of lowering vehicle emission. For instance, according to the Federation of Automobile Dealers Associations of India, 1309 electric cars were sold in the region in 2019. Additionally, rapidly developing EV infrastructure and favorable government policies related to ownership of automobiles are expected to drive the wireless electric vehicle (EV) charging market. For instance, in March 2019, the Indian Government authorized the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME India) scheme. Depending on this scheme the government is hoping to reduce the cost of electric and hybrid cars in India and to mainly focus on the implementations of electric vehicles in both shared and public transportation in the future.

However, the high cost of the initial setup of wireless charging infrastructure is the main restraining factor hindering the growth of the wireless electric vehicle (EV) charging market.

This market is distributed in five regions that include Asia-Pacific, North America, Africa, and the Middle East, Europe, and Latin America. Among these, Asia Pacific is expected to hold a significant share of the wireless electric vehicle (EV) charging market owing to the demand for electric vehicles in the region. For instance, according to the China Association of Automobile Manufacturers (CAAM), currently, 81% of the cars in China are electric cars. Additionally, the presence of key players in the region is expected to augment the market growth. The wireless electric vehicle (EV) charging market in North America is estimated to witness significant growth owing to the various federal policies regarding reducing carbon emission from vehicles and promoting sustainability.

Competitive Analysis

Key players operating in the global wireless (EV) charging market include Hevo Power, ZTE Corporation, Witricity Corporation, Toyota Motor Corporation, Toshiba Corporation, Robert Bosch GmbH, Qualcomm, Inc., Hella KGaA Hueck & Co., Evatran Group Inc., Elix Wireless, Continental AG, and Bombardier Inc.

In October 2019, ChargePoint Inc, and San Francisco Municipal Transportation Agency (SFMTA) signed an agreement to manufacture electric busses in the future together. Likewise, in September 2019, ChargePoint Inc. introduced a new charger called ChargePoint Home Flex.

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