The automotive inductive wireless charging systems market is expected to grow by 6.88 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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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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Growing environmental concerns and the push toward the adoption of green cars has increased the sales of EVs and HEVs across the world. Also, many governments are introducing fiscal incentives and subsidies to encourage automobile manufacturers to locally produce hybrid and electric vehicles. The growing adoption of electric vehicles is resulting in technological advancements such as wireless inductive charging in the automobile industry. For instance, EVs from major automobile manufacturers such as BMW, Chevrolet, and others have already been equipped with wireless charging equipment. By 2024, the adoption of HEVs is expected to reach 100%. These factors are expected to drive the growth of the global automotive inductive wireless charging systems market during the forecast period.
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As per Technavio, the backward integration by OEMs to develop inductive charging systems will have a positive impact on the market and contribute to its growth significantly 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
Nearly 80% of the EVs are charged in residential parking areas and only 20% in public charging stations. Hence, EV manufacturers are introducing inductive wireless charging solutions that are compatible with charging stations installed in a garage or parking port at home. For instance, Audi’s e-Tron model automatically detects the charging plate using a multi-media interface (MMI). 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, thus improving charging efficiency. Similarly, other prominent EV manufacturers such as BMW and Daimler are also developing in-house wireless charging solutions for their vehicles. Such developments in the automotive industry 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 2019, 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 expansion of EV manufacturing plants in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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