Wireless Charging for Electric Vehicle Market

ZTE Corporation (China) and WiTricity Corporation (US) are the Key Players in the Wireless Charging for Electric Vehicle Market

The wireless charging for electric vehicle market is projected to grow from USD 16 million in 2020 to USD 234 million by 2027, at a CAGR of 46.8% during the forecast period. The adoption of wireless charging for electric vehicles has gained momentum due to the rising demand for efficient and user-friendly charging system for electric vehicles. Increased power transfer capability, better battery size ratio, and reduced charging time are also expected to fuel the demand for wireless charging system. Improvements in battery technology, charging technology, and increased vehicle range have fueled the demand for electric vehicles, which in turn has driven the growth of wireless charging systems. A significant increase in financial support from governments in the form of tax rebates and subsidies and favorable regulations to promote the use of eco-friendly vehicles have also increased the adoption rate of wireless charging systems for electric vehicles.

The key players in the wireless charging for electric vehicle market are Robert Bosch GmbH (Germany), Continental AG (Germany), WiTricity Corporation (US), ZTE Corporation (China), and HELLA KGaA Hueck & Co. (Germany). New product launch is the key strategy adopted by the major players in the wireless charging for electric vehicle market. For instance, Continental AG, at CES 2018, presented two new battery charging systems, which are built to maximize the inherent benefits of electric vehicles.

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The key players have also adopted the strategy of partnership and collaboration to increase their presence in the wireless charging for electric vehicle market. For instance, in February 2019, WiTricity entered into a technology licensing agreement with Yura Corporation, a leading South Korea-based automotive Tier 1 supplier. The agreement will allow Yura to access WiTricity’s wireless charging technology, support, and intellectual property (IP) rights to develop and commercialize wireless charging systems for electric vehicles.

ZTE Corporation (China) is a major player in the wireless charging for electric vehicle market. The company offers a wide range of products such as wireless chargers, access & bearers, value-added services, terminals, and managed services to telecommunications carriers. In September 2015, ZTE Corporation joined hands with Dongfeng Automobile for a joint R&D project in China. In this project, the first pre-commercial bus route in China, which deployed new-energy vehicles, was equipped with high-power wireless charging system from ZTE Corporation.   

WiTricity Corporation is a US-based provider of wireless charging solutions for electric vehicles. The company provides wireless power transfer technology using magnetic resonance. The company has adopted the acquisition strategy to boost its presence in the wireless charging for electric vehicle market. In February 2019, WiTricity Corporation announced the acquisition of certain technology platform and IP assets from Qualcomm Incorporated and Qualcomm Technologies, Inc. This acquisition is expected to bring over 1,500 patents and patent applications related to wireless charging that WiTricity will own or control. Through the transaction, Qualcomm Incorporated will become a minority WiTricity shareholder.

Related Reports:

Wireless Charging for Electric Vehicle Market by Power Supply (3–<11, 11–50, & >50 KW), Application (Home & Commercial), Distribution channel (Aftermarket & OE), Component, Charging system, Propulsion, Vehicle type, & Region - Global Forecast to 2027

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Report Code
AT 5554
RI Published ON
1/6/2020
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