The automotive inductive wireless charging systems market size is expected to grow by 6.88 million units during 2020-2024, progressing at a CAGR of over 102%. The COVID-19 pandemic has left a negative impact on the growth of the market. However, the market is expected to gain traction with vehicle manufacturers and governments across the world taking various initiatives to make wireless EV charging more accessible to consumers. For instance, the government of the UK is planning to adopt technologies to power EVs wirelessly through coils placed under the road. Such efforts will continue to propel the market growth during the forecast period.
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Technavio has announced its latest market research report titled Global Automotive Inductive Wireless Charging Systems Market 2020-2024 (Graphic: Business Wire)
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Automotive Inductive Wireless Charging Systems Market: Increasing Demand for HEVs and EVs
Rising concerns over the environmental impact caused by ICE vehicles has increased the adoption of green cars such as EVs and HEVs worldwide. In addition, many governments are introducing various incentives and subsidies to encourage the manufacture and adoption of hybrid and electric vehicles. This has resulted in advancements in terms of vehicle charging technologies such as wireless inductive charging. Besides, prominent EV manufacturers such as BMW, Chevrolet, and others are introducing EV models with built-in wireless charging capabilities. Also, by 2024, the adoption of HEVs is expected to increase by 100%. These factors are expected to offer significant growth opportunities for market vendors during the forecast period.
As per Technavio, the backward integration by OEMs to develop inductive charging systems is one of the key trends that will positively influence market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Inductive Wireless Charging Systems Market: Backward Integration by OEMs to Develop Inductive Charging Systems
Most of the EV charging activities happen in residential spaces. Hence, EV manufacturers are introducing inductive wireless charging solutions that are convenient to be used in a garage or parking port at home. For example, Audi's e-Tron model automatically detects the charging plate using a multi-media interface. Once the charging plate is detected, the Z-mover approaches the cladding at the bottom of the vehicle. The vehicle starts getting charged when the distance between the Z-mover and bottom of the vehicle is around 1 cm, thereby improving charging efficiency. Other prominent EV manufacturers such as BMW and Daimler are also developing similar wireless charging solutions for residential applications. Such developments among automakers are expected to boost the growth of the global automotive inductive wireless charging systems market during the forecast period.
"Adoption of on-road dynamic wireless charging systems and wireless charging systems for electric commercial vehicles will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Automotive Inductive Wireless Charging Systems Market: Segmentation Analysis
This market research report segments the automotive inductive wireless charging systems market by Application (Residential charging systems and Public charging systems) and Geography (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive inductive wireless charging systems market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the proliferation of EV manufacturing plants in the region.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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