Global Automotive Inductive Wireless Charging Systems Market was valued US$ xx Million and expected to reach US$ XX Million by 2027 at a CAGR of xx% during the forecast period.
Definition: Automotive Inductive Wireless Charging Systems are designed to charge the batteries of plug-in electric vehicles without the use of a cord. An inductive wireless charging system employs one transmitting pad attached to the ground and one receiving pad connected below the chassis of the vehicle.
The vehicle is aligned in such a manner that the two pads are facing each other carried out with help of a guidance system. A Magnetic-resonance field is created between the receiving pad and transmitting pad for charging the electric vehicle. The report covers an in-depth analysis of COVID 19 pandemic impact on Global Automotive Inductive Wireless Charging Systems Market by region and on the key players’ revenue affected till July 2020 and expected short-term and long-term impact on the market.Market Dynamics Concerns related to global warming and growing pollution levels across the globe have compelled the governments to adopt stringent emission norms. Zero Emission vehicles like Electric vehicles and Hybrid electric Vehicles are perceived as a promising solution to curb pollution and global warming.
Therefore, many economies are subsidizing public charging infrastructure development efforts to boost the adoption of plug-in electric vehicles and hybrid electric vehicles. For instance, the US government provides infrastructure incentives to the owners of electric public charging stations under Alternative Fuel Infrastructure Tax Credit. Under the incentive, a tax credit of 30% of the cost of infrastructure or a maximum of up to $30,000 is available. Society of Automotive Engineers (SAE) published SAE J2954, the standard for ground-system requirements for wireless charging of electric vehicles (EV) in October 2020.
The standardization process is expected to provide the impetus for the adoption of Electric Vehicles and autonomous vehicles. The development of standard is the conducive for the automotive inductive wireless charging system market . Wireless Inductive charging systems have a higher charge time ranging from one to two hours for an all-electric model of vehicle which has strategic disadvantage as compared to DC fast-charging stations. This is the the restricting factor for the growth in deployment of the automotive inductive wireless charging system. High-power wireless charging systems that are equivalent to DC fast-charging stations in terms of performance will be an opportunity for the market.
Segment Analysis Battery electric vehicle is expected to be the largest contributing segment to the Global Automotive Inductive Wireless Charging Systems Market with CAGR of xx% during the forecast period. After the development of standards by SAE, OEMs have started integrating inductive wireless charging systems in Battery electric vehicles. Automotive manufacturers are partnering with the OEMs to provide the inductive wireless charging systems in the BEV, plug-in Hybrid cars. For instance, two 10kW charging pads are installed inside modified Renault Kangoo electric vans by the OEM Qualcomm. BMW, Nissan is providing wireless charging in BMW i3, and Nissan Leaf models respectively. Regional AnalysisNorth America is expected to account for the major market share and register a CAGR of xx% during the forecast period 2020-2027. North America held xx% of Global Automotive Inductive Wireless Charging System’s market share in 2019.
Private investments from the major players like WiTricity, Evatran, Fulton Innovation LLC in North America, coupled with government subsidies will reduce the investment gaps in the Automotive Inductive Wireless Charging Systems industry which is expected to trigger growth in the region. Increasing sales of electric vehicles are expected to supplement the growth in the infrastructure which will directly influence Global Automotive Inductive Wireless Charging Systems market. For example, according to International Energy Agency, 2.1 million electric cars were sold in 2019, which totaled 7.2 million electric cars, registering the year-on-year growth of 40%.
Competitive Landscape The MMR reports cover key developments in the Automotive Inductive Wireless Charging Systems market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product approvals product launches, and others. Inorganic growth strategies activities witnessed in the Automotive Inductive Wireless Charging Systems market were mergers & acquisitions and collaborations & partnership. The objective of the report is to present a comprehensive analysis of the Global Automotive Inductive Wireless Charging Systems market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Automotive Inductive Wireless Charging Systems market dynamics, structure by analyzing the market segments and project Global Automotive Inductive Wireless Charging Systems Market Clear representation of competitive analysis of key players by price, financial position, growth strategies, and regional presence in the Global Automotive Inductive Wireless Charging Systems Market make the report investor’s guide.
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Scope of Global Automotive Inductive Wireless Charging Systems Market
Global Automotive Inductive Wireless Charging Systems Market, by Power Source
• 3–50 kW
Global Automotive Inductive Wireless Charging Systems Market, by Vehicle Type
• Battery electric vehicle • Plug-in hybrid electric vehicles • Commercial Electric Vehicles
Global Automotive Inductive Wireless Charging Systems Market, by Distribution Channel
• OEM • Aftermarket
Global Automotive Inductive Wireless Charging Systems Market Segmentation, by Region
• North America • Europe • Asia-Pacific • South America • Middle East & Africa
Global Automotive Inductive Wireless Charging Systems Market Major Players
• Evatran Group Inc. • Fulton Innovation • Continental AG • Qualcomm Technologies, Inc. • Witricity Corporation • Mojo Mobility • Robert Bosch GmbH • Toyota Motor Corporation • ZTE Corporation • Momentum Dynamics Corporation • AeroVironment, Inc. • ChargePoint, Inc. • ECOtality, Inc.
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