Asia Pacific to lead the global wireless car charging market
The market for wireless car charging has grown exponentially across the globe, with an increasing number of people seeking the convenience of wirelessly charging their vehicles. Of the different regional markets, the market in Asia Pacific is anticipated to witness a relatively high growth rate during the forecast period 2017 – 2025, with an estimated market share of almost 46% in 2017. EMEA is the second largest market with 36.1% value share in 2017 while Americas – with a moderate growth rate – is expected to take the third place at 18.1% market share in 2017. In the Asia Pacific regional market, Japan is expected to be the dominant market in 2017 in terms of revenue sales for wireless car charging systems. EMEA is expected to remain as a key regional market in the global wireless car charging market due to the substantial government support in the form of tax redemptions and the presence of large number of automotive manufacturers in countries such as Germany, U.K., France, etc. In the coming years, Germany is expected to be a key market for sustainable revenue generation from wireless car charging systems.
The APAC wireless car charging market to register a CAGR of 44.6% from 2017 to 2025
The Asia Pacific region is anticipated to remain dominant in the global wireless car charging market throughout the forecast period. APAC is estimated to hold 54% market share by the end of 2025. This represents an increase of a whopping 820 basis points in 2025 over 2017. The APAC wireless car charging market is estimated to be valued at US$ 88.7 Mn in 2017 and this is expected to increase to US$ 1700.5 Mn by 2025 end, representing a CAGR of 44.6% from 2017 to 2025. An increase in the demand for electric and hybrid cars in Asia Pacific due to environmental concerns is likely to boost the Asia Pacific wireless car charging market. Also, the adoption of wireless car charging is increasing in APAC because of the reduction in the price of charging electric vehicles. Switching to an electric car helps save hundreds of dollars per year in fuel costs, even when compared to the most fuel-efficient cars; and people in the APAC region are fast shifting preferences towards electric cars. This is positively impacting revenue growth of the wireless car charging market in the region.
In terms of value, APAC is expected to create an incremental opportunity of US$ 1611.8 Mn between 2017 and 2025, owing to an increasing use of electric cars in the region. The wireless car charging market in APAC is also expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, EMEA is expected to create an incremental opportunity of US$ 89.3 Mn between 2017 and 2025 while Americas is expected to create an incremental opportunity of US$ 552.6 Mn between 2017 and 2025.
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Global Wireless Car Charging Market: Dynamics
Market revenue drivers
- Increasing investment in R&D initiatives for wireless car charging
- Growing use of electric vehicles to eliminate harmful emissions and reduce the carbon footprint
Market growth restraints
- Consumer anxiety regarding infrastructure support
- Lack of products standardization
- Wireless car charging on public roads
- Wireless charging stations in commercial buildings and shopping centers
- Increasing government subsidies to boost the global market in the coming years
- A growing interest in the market by leading companies providing wireless car charging products
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Key player strategies
Companies operating in the global wireless car charging market are looking at new product launches and product innovation as critical strategies to increase their sales growth. Continuous product upgradation and new innovation strategy is key to increase business revenue and reach potential new customers in emerging markets.
- Qualcomm Technologies, Inc.
- Evatran, LLC (Plugless Power)
- WiTricity Corporation
- Momentum Dynamics Corp.
- Toshiba Corporation
- Mojo Mobility, Inc.
- HEVO, Inc.
- Bombardier Inc
- TDK Corporation
- Denso Corporation
- ZTE Corporation
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