Rising Popularity of Electric Vehicles Bodes Well for Automotive Inductive Wireless Charging Systems Market


Published Date : Jul 23, 2018

ALBANY, New York, July 23, 2018 - A new market study, titled “Global Automotive Inductive Wireless Charging Systems Market by Manufacturers, Regions, Type and Application, Forecast to 2023,” has been featured on MarketResearchReport.biz. The report examines key aspects of the market such as demand drivers and growth trends that are crucial to estimate market size and revenue projections of the global automotive inductive wireless charging systems market. Using standard analytical tools and insightful inputs received from industry experts, the report provides a satisfactory reports of the automotive inductive wireless charging systems market. Included in the report is current competitive structure and how it is expected to change over the course o the forecast period.

The report examines the automotive inductive wireless charging systems market in North America, Asia Pacific, Europe, South America, and the Middle East and Africa to ascertain the growth of the global market through 2023.

According to the report, the global automotive inductive wireless charging systems market is predicted to rise at a CAGR of close to 49.3% between 2017 and 2023, for the market to be valued at US$310 mn by 2023. The market stood at a valuation of US$28 mn in 2017.

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The report studies the automotive inductive wireless charging systems market in terms of type and application. By type, electromagnetic induction and magnetic resonance are the segments of this market. Application-wise, the automotive inductive wireless charging systems market has been divided into passenger vehicles and commercial vehicles.

In modern times, electric vehicles are gaining traction due to rising fuel prices globally and alarming rise in air pollution. Due to concerns of global warming, demand for electric vehicles is rising at a rapid pace. However, charging of electric vehicles has been a constraint that needs to be addressed. The advent of wireless inductive charging has resolved the problem of charging of electric vehicles to a considerable extent. Inductive wireless charging is considered to be a breakthrough as it does not require plugs and cords. Inductive charging occurs when an electromagnetic field relays energy between two coils.

If electric vehicles, while in motion, can be wirelessly powered by wind and solar resources in the vicinity it can make them truly autonomous. This will enable vehicles to be in service for longer hours, thereby reducing the number of vehicles to meet passenger demand. Further, electric vehicles with dynamic wireless charging capability can have much smaller batteries.

Key companies operating in the automotive inductive wireless charging market include Bosch, Texas Instruments, Fulton Innovation, Qualcomm, and WiTricity. The vendor landscape of the market is largely consolidated with Bosch identified as the clear leader. Bosch held close to 44.3% share of the overall market in 2015.

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