Wireless Electric Vehicle Charging Market: Asia-Pacific Region Set To Grow At 27.8% CAGR during 2019-2025
Pune, Maharashtra, February 24, 2020 (Wired Release) Allied Analytics Wireless Electric Vehicle Charging Market 2020-2025: Stringency in emission regulations have led the OEMs and government to promote the usage of the electric vehicles. This has resulted to increase in demand for the electric vehicles. Different governments are taking initiative to promote the usage of the electric vehicles such as in Norway the government has introduced tax exemption and free parking and toll for EV buyers. This results in in the increase in demand for the electric vehicles. Such initiative leads to higher demand for the charging stations both at home and commercials. As the automotive industry is transforming toward the adoption of autonomous vehicles for ride sharing features the wireless charging is expected to be the utmost important technology. In addition, the on-the-go charge allows the vehicle to achieve maximum distance with minimum time for charging.
Allied Market Research recently published a report, titled, Wireless Electric Vehicle Charging Market by Power Source (3 11 Kw, 11 50 Kw and 50 Kw), Installation (Home and Commercial), Distribution Channel (OEMs and Aftermarket), and Vehicle Type (Battery Electric Vehicles (BEV), Plug In Hybrid Electric Vehicle (HEV) and Commercial Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018 – 2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global Wireless electric vehicle charging market generated $21.8 million in 2017 and is projected to reach $1.4 billion by 2025, registering a CAGR of 22.4% from 2018 to 2025.
Increase in sales of electric vehicles and growing demand for energy-efficient sources have fueled the growth of global Wireless electric vehicle charging market. On the other hand, expensive technology has restrained the growth to some extent. Nevertheless, excessive research in far-field wireless charging technologies, high-end technical advancement and smart marketing strategies have created multiple opportunities in the segment.
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11-50 KW to be dominant by 2025
Based on power source, the 11-50 KW segment held the lion share in 2017 and is expected to dominate during the forecast period. Increase in the demand for home based and commercial charging features has driven the market. 50 KW segment is expected to grow at the highest CAGR of 40.5%. The fact that it offers fast charging and takes significantly lower time than the usual charging ports has spurred the growth.
The home segment to be in the leading position during the forecast period
Based on installation, the home segment accounted for 85% of the total market and in 2017 and has come out as the major shareholder. As there are limited public charging stations, it has acted as a major driving factor for home installations. And, with most of the EV consumers opting for easy access, there has been a significant growth in the segment.
Asia-Pacific to maintain its top status and to exhibit the fastest growth throughout 2018-2025
The market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). Based on region, Asia-Pacific grabbed 43% of the total market share in 2017 and is also expected to garner the highest CAGR of 27.8% during the period 2018-2025. The government support for automotive industry, upcoming emission regulations, rapid industrialization, rise in demand for electric vehicles and focus on developing newer products to meet changes in consumer demands in the region will influence the growth of wireless electric vehicle charging market.
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Key players of the industry
Leading market players analyzed in the wireless electric vehicle charging market research include Robert Bosch Gmbh, Qualcomm Inc., Toyota Motor Corporation, Continental AG, Texas Instruments Inc., Witricity Corporation., Toshiba Corporation., Evatran Group Inc., and Powermat Technologies Ltd. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to maintain their top status in the industry.
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