According International Energy Agency (IEA), over 750 thousand new electric vehicles registration was recorded in 2016. As the number continued to increase, various private and publicly accessible charging infrastructures are also continued to be developed. Plug-in hybrid electric vehicles revenue was valued $19.2m for electric vehicle wireless charging market in 2016 and is estimated to reach $97m by 2023 growing at a CAGR of 20.21% throughout the forecast period 2017-2023. The utilization of battery powered vehicles is significantly growing across the globe due to the growing awareness on automotive carbon emissions and diminishing oil reserves, thus creating a huge opportunity for the growth of market
Electric vehicle wireless charging is one of the most efficient, convenient and easy-to-use charging technology for charging electric vehicles. This is a power feature that makes the electric vehicle more convenient and more futuristic without need for plug-in cables or adaptors. Wireless power transfer (WPT) using magnetic resonance is a rapidly developing technology that can overcome the issue of wiring process while charging the vehicle and in addition, the kilowatts power level (WPT) enables to increase the transfer distance from several millimeters to several hundred millimeters with a grid to load efficiency above 90%.
Market Research and Market Trends of Wireless electric vehicle charging
- WiTricity’s TMN™ Controller utilizing Texas Instruments C2000™ real-time control microcontroller (MCU) can enable DRIVE 11-based electric vehicles and charging stations to automatically optimize energy transfer between the power source and vehicle. OEMs such as BMW, AUDI, Daimler, etc. are providing wireless charging as a retrofit solution as of 2018. This is anticipated to be offered in vehicles as a default option by 2020.This is anticipated to spike volume for the static wireless charging equipment till 2025 after which dynamic charging would be introduced commercially in the market.
- In 2017, the Qualcomm Technologies, Inc. has introduced dynamic electric vehicle charging for FABRIC project which is capable of charging an electric vehicle dynamically at up to 20 kilowatts at highway speeds, thus creating a huge opportunities for the growth of market
- ElectRoad, a company based out of Israel is testing out dynamic charging could power buses and cars on the go. The company’s main aim is to reduce the size of the battery used by introducing the dynamic charging.
- Infrastructure Advancements: Electric car charging infrastructure is thriving in U.S with investments from more manufacturers in their electric car programs. Ford announced $4.5 billion investment in electric vehicles as well as wireless charging station. Qualcomm and Nichicon entered into commercial wireless electric vehicle charging license agreement. Key automotive companies such as Volkswagen, BMW, Renault, Benz, and Audi, headquartered in Germany are updating its in vehicle technologies by providing wireless charging as an optional feature.
Who are the Major Players Wireless electric vehicle charging market?
The companies referred in the market research report includes Cree Inc., Kyocera Corporation, MonoCrystal, Sumco Corp, Sumitomo Electric Industries, Ltd, Hitachi Metals Ltd, Mitsubishi Chemical Corporation and more than 10 other companies.
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