Wireless EV Charging Market – Industry Analysis and Forecast (2017-2024)_by Application ( Home Charging Unit and Public Charging Station ), by Component ( Transmitter, Power Control Unit, and Receiver), by Power Supply Range (3- 50 kW), by Charging Type (Stationary and Dynamic), by Vehicle Type (Battery Electric Vehicles and Plug-in Hybrid Electric Vehicles), and by Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)
Wireless EV charging market valued USD 191.57 Billion in 2016 and expected to reach USD 4964.99 Billion by 2024, at a CAGR of 50.21%.
Key factors expected to drive the growth of market include rising demand for wireless charging in electric vehicles and increasing application of Wireless EV charging Market. However, high price of upgradation to wireless technology of charging is restraining Wireless EV charging market growth.
Public Charging Stations to hold largest market share between 2017 and 2024
By Application, Wireless EV charging Market is segmented into Home Charging Unit and Public Charging Station. From this segment, Public Charging Station is expected to gain the largest market share in the forecast period. Growth of this segment can be attributed to rising demand for electric vehicles, which further demand for charging stations which are publicly accessible.
Wireless EV charging market for >50 KW power supply range to experience highest growth rates
By Power Supply Range, Wireless EV charging market is segmented into 3–50 kW. Wireless EV charging market for >50 KW power supply range is estimated to be the fastest growing segment from power supply range segment owing to increase in demand for commercial electric vehicles and fast charging technology
Power Control Unit to hold largest market share by 2024
Based on components, Wireless EV charging market is segmented into Base Charging Pad (Transmitter), Power Control Unit, and Vehicle Charging Pad (Receiver). The largest segment of the wireless EV charging market is estimated to be the power control unit. The market size is the highest as the component is fixed at public charging stations as well as home charging units
Battery electric vehicle (BEV) to dominate Wireless EV charging market by 2024
On the basis of Vehicle Type, market is segmented into Plug-in Hybrid Electric Vehicles (PHEV) and Battery Electric Vehicles (BEV). From this segment, Battery electric vehicle (BEV) is anticipated to dominate overall market in terms of volume. Growth of this segment can be attributed to growing demand for electric vehicles, infrastructure for fast chargers and rising consumer demand for accessible features
APAC to grow at the highest CAGR between 2017 and 2024
Geographically market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. APAC is going to emerge as one of the higher growth region in forecast period, owing to increasing manufacturing and sales of vehicles in countries such as China and India.