HOME Research Insight New Product launch and Collaboration to Increase its Presence in the Wireless EV Charging Market

New Product launch and Collaboration to Increase its Presence in the Wireless EV Charging Market

The wireless EV charging market is projected to grow at a CAGR of 49.38% during the forecast period, to reach USD 7,094.8 Million by 2025. The market growth is driven by factors such as an increase in demand for electric vehicles due to government policies and subsidies favoring electric vehicle charging stations (EVCS), technological advancements, and increasing demand for convenient and safe charging of electric vehicles.

New product launch is the key strategy adopted by major players to gain traction in the market. Qualcomm Halo introduced a new dynamic electric vehicle charging system, which enables power exchange between the vehicle and the grid while the vehicle is moving. Likewise, Bombardier offers PRIMOVE, a wireless charging technology that charges electric buses via inductive power transfer.

The market players also adopted inorganic growth strategies. In 2013, Toyota invested in the start-up, WiTricity for the development of wireless charging system. WiTricity has raised USD 15.5 Million since its inception for the development of this technology. In 2013, Bosch entered into a partnership with Evatran Group to introduce the wireless charging system for electric vehicles in the U.S. The wireless charging system was also installed in Nissan Leaf and Chevrolet Volt.

The wireless EV charging market is dominated by a few global players. The key market players are Evatran (Plugless) and Momentum Dynamics Corporation. The Evatran Group launched a sub-brand called ‘Plugless, a line of wireless charging products in 2012. In 2011, Evatran initiated field trials for Plugless across the U.S. with installations at Google, SAP, and Hertz. Its partnership clients include the Department of Energy, through its contract with Oak Ridge National Lab, and the Swedish Energy Agency. VIE, a leading Chinese tier-1 automotive parts manufacturer, has invested USD 5 million in the company. The key strategy followed by the company is new product launch. In August 2016, the company developed a charging pad for Tesla Model S. In December 2016, Evatran Group along with its joint venture partner Zhejiang VIE Science & Technology Co Ltd, showcased a Plugless-enabled wireless charging solution for an electric vehicle model JAC iEV6s in Shanghai Automechanika automotive trade show.

Momentum Dynamics Corporation is a leading supplier of the wireless charging system. The company has developed high power inductive charging solutions for the automotive industry. Momentum’s wireless charger helps to charge a wide range of vehicles with ease and under all-weather conditions. The company has adopted the strategies of new product launch and collaboration to increase its presence in the wireless EV charging market. Momentum’s charger provides more than 20,000 kW of power from the electric grid to the vehicle, which is far more than what is provided by the conventional plug-in chargers. Momentum Dynamics has developed a 200-kilowatt (kW) wireless charging system for the municipal transit market. In 2017, the company provided Howard County Maryland with wireless charging for electric bus project.

Related Reports:

Wireless EV Charging Market by Application, Component, Market (Aftermarket/Retrofit and OE Market), Power Supply Range (3-<11 kW, 11-50 kW, and > 50 kW), Charging Type (Stationary and Dynamic), Vehicle Type, and Region - Global Forecast to 2025

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