Technavio has published a new report on the global automotive inductive wireless charging systems market from 2017-2021. (Graphic: Business Wire)
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Technavio has published a new report on the global automotive inductive wireless charging systems market from 2017-2021. (Graphic: Business Wire)
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LONDON—Technavio analysts forecast the global automotive inductive wireless charging systems market to grow at a CAGR of close to 53% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive inductive wireless charging systems (WCS) market for 2017-2021. To determine the market size, the study considers revenue generated from the total global shipments of wireless charging systems by considering 2016 as the base year.
APAC is the global leader in the global automotive inductive wireless charging systems market. Almost 50% of the incremental growth is expected to originate from here through the forecast period. China and Japan are expected to generate maximum revenue from the region.
The presence of several domestic automakers and aggressive green-car policies by governments in the region is the main factor behind its dominance in the automotive WCS market. The combined efforts of government agencies, original equipment manufacturers, and charging station installers to promote this technology will ensure this region’s continued dominance.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive inductive wireless charging systems market:
- Increased sales of plug-in electric vehicles (PEVs) in major regions globally
- Increased investments in infrastructure development and in-house charger development
- Demand for rapid charging to alleviate range concerns
Increased sales of plug-in electric vehicles (PEVs) in major regions globally
“Many countries are introducing strict norms to curb greenhouse gas emissions by vehicles, which is pushing for increased adoption of green vehicles. Tax incentives and subsidies provided by the government for acquiring plug-in electric vehicles are sturdily pushing for the increased adoption of these vehicles,” says Neelam Barua, one of the lead analysts at Technavio for automotive electronics research.
China, Japan, the US, and many European countries have some of the best policies that promotes the sales of green vehicles like PEVs. For instance, the US allows a federal tax discount of up to USD 7,500 on the purchase of a PEV. Subsidies and tax incentives like these will fuel the production of EVs locally, which, in turn, creates a demand for automotive WCS.
Increased investments in infrastructure development and in-house charger development
Governments worldwide have realized the importance of saving energy and reducing GHG emissions to ensure a sustainable future. For instance, the US and Canadian governments are investing towards the indigenous development of charging infrastructure across North America to promote adoption of electric vehicles (EVs). Additionally, to increase the adoption of WCS in residential buildings, vendors are coming up with financing for EV end users to cover initial installation costs and later repairs.
Demand for rapid charging to alleviate range concerns
“PEVs must be regularly recharged within a certain timeframe to obtain optimal performance from them. Inductive wireless charging systems are extremely suitable for PEVs as they offer quick charging times and hassle-free operation,” says Neelam.
WCS systems are extremely easy to be installed and can be powered through a number of renewable energy sources such as solar panels or windmills, which have resulted in reduced dependency on the national power grids. Also, the dynamic charging capability of WCS allows for the users to charge vehicles even while moving, thereby eliminating any range concerns. The possibility of endless range will greatly increase adoption among consumers.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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