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The automotive inductive wireless charging systems market share is expected to increase by 7039.25 thousand units from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 97.44%.
This automotive inductive wireless charging systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive inductive wireless charging systems market segmentations by application (residential charging systems and public charging systems) and geography (North America, Europe, APAC, South America, and MEA). The automotive inductive wireless charging systems market report also offers information on several market vendors, including Continental AG, ConvenientPower HK Limited, Energizer Holdings Inc., Evatran Group Inc., Leggett & Platt Inc., MediaTek Inc., Momentum Dynamics, Qualcomm Inc., Renesas Electronics Corp., and WiTricity Corporation among others.
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The increasing demand for HEVs and EVs is notably driving the automotive inductive wireless charging systems market growth, although factors such as high installation cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive inductive wireless charging systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Inductive Wireless Charging Systems Market Driver
The increasing demand for HEVs and EVs is a major factor driving the global automotive inductive wireless charging systems market share growth. HEVs and EVs are mainly powered by batteries. The battery pack in hybrid vehicles needs to tolerate heavy charge (due to sudden braking) and heavy discharge (for sudden speed boost). In addition, the state of charge (SoC) must be kept up to 80%, which will keep space for regenerative charging and, at the same time, discharge sufficient energy for a power boost. The EVs and HEVs markets will register huge growth during the forecast period, mainly because of the push toward green cars, which run on electricity, and other power sources such as solar, wind, and biofuels, is a major solution to reducing greenhouse gas (GHG) levels in the atmosphere to an acceptable level. The adoption rate of HEVs is expected to reach 100% by 2024, owing to the high market growth of hybrid and electric vehicles during the forecast period. This increasing demand for electric vehicles would increase the need for technological advancements like inductive wireless charging in the global EVs market.
Key Automotive Inductive Wireless Charging Systems Market Trend
The on-road dynamic wireless charging systems is another factor supporting the global automotive inductive wireless charging systems market share growth. The currently available automotive inductive wireless charging systems are stationary as the charging pads are installed in parking spots. We anticipate that semi-dynamic and dynamic wireless charging systems will be made available during the forecast period. With these systems, PEVs can be charged while moving on the road or on the roadside as charging primary coils are embedded in the roads. The need for constant innovation in the electric vehicle market amid increasing competition among manufacturers has led to the development of technologically advanced charging systems. The concept of embedding charging pads under roads and powering PEVs while in motion was first developed by researchers at Stanford University. One of the major wireless charging systems vendors, Qualcomm Technologies, has also started developing prototypes for wireless charging systems embedded in roadways of the future. This will help to achieve a limitless range as the vehicle gets charged while moving, and there is no need for separate times to stop and charge. This will essentially aid the adoption of EVs globally.
Key Automotive Inductive Wireless Charging Systems Market Challenge
The high installation cost will be a major challenge for the global automotive inductive wireless charging systems market share growth during the forecast period. With the introduction of new technologies, manufacturers or their supply chains often face certain hindrances that can challenge the mass-scale adoption of those technologies. Wireless inductive charging is a new concept, which is at the nascent stage. The cost associated with the implementation of the technology on a commercial scale is relatively higher than conventional technology. This is attributable to the high cost of components used in the manufacturing and installation of the system. The cost of purchasing and installing inductive charging systems is 30% higher when compared with conductive charging systems. Countries that use electric buses and taxis for commercial transportation need to adopt wireless charging systems technology on a large scale. However, the high cost associated with these systems acts as a deterrent. The huge price difference between wireless and wired charging systems compels end-users to adopt wired systems, thereby posing a challenge to market growth.
This automotive inductive wireless charging systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive inductive wireless charging systems market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive inductive wireless charging systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive inductive wireless charging systems market encompasses successful business strategies deployed by the key vendors. The automotive inductive wireless charging systems market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive inductive wireless charging systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive inductive wireless charging systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global automotive components and accessories market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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