Electric cars are powered using electric motors that run on rechargeable battery packs, as a result of which they cause less pollution and are environmentally friendly as compared to conventional vehicles. They also offer higher performance benefits and greatly reduce energy dependence, since they rely on electricity. These cars are normally charged at a charging station, many of which are offered by electric utilities. Growing government spending on battery technology and environmental concerns has led to increased focus on electric and hybrid vehicles.
Wireless car charging involves charging through an electromagnetic field. As a result, users need not plug in their cars, and can park on top of an inductive pad for charging. This not only results in higher degree of convenience, but also helps in charging the car much faster as compared to the wired approach. Wireless technology offers safe and effective charging, which is expected to drive the industry over the forecast period. Additionally, the number of wireless charging stations is expected to increase significantly over the next few years, which is estimated to have a favorable impact on the market. However, the lack of a unified standard for manufacturers and infrastructure developers is expected to restrain market growth. Efforts are being made to establish an industry standard so as to avoid waste of resources as well as boost commercialization of wireless car charging products. For example, the Society of Automotive Engineers announced in late 2013 that it would issue a standard frequency for wireless power transfer in electric vehicles in 2014. New York based startup HEVO (Hybrid Electric Vehicle Optimization) Power has planned to rollout wireless charging manholes as part of a pilot project in 2014.
Owners of cars such as the Chevrolet Volt and Nissan LEAF can choose to wirelessly charge their vehicles, with the help of Parking Pad, a wireless charger by Evatran. Increased interoperability and commercialization is expected to help the market pick up speed in the coming years. Europe and North America were the leading markets in 2012, on account of higher product penetration. Companies operating in the market include Bosch Group, Energizer, Intel, LG, Evatran Group/Plugless Power, Qualcomm, and Convenient Power among others.
This report, by Grand View Research, takes a closer look at the wireless car charging industry, providing a holistic perspective on market dynamics, trends, supply and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key regional markets of North America, Europe, Asia Pacific and Rest of the World (RoW).
This research report analyzes various factors which have been driving and inhibiting the global wireless car charging market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.