Wireless electric vehicle (EV) charging Market to Soar in the Near Future Owing to Growing Consumer Adoption

Wireless electric vehicle (EV) charging makes use of near field charging technology, which charges electric vehicles using resonant magnetic inductive power transfer. This technique employs components such as charging pads and a power control unit to transmit energy between base charging pads and vehicle charging pads using electromagnetic induction, assisting in the charging of electric vehicle batteries. Furthermore, because it does not require a wire or connection to power the vehicle, wireless charging is also known as inductive charging or cordless charging.

The demand for electric vehicles is increasing in the countries such as India and China, owing to growing EV buying trend, favorable government regulation to reduce vehicle emission, and fast developing EV infrastructure, which is expected to increase demand for wireless electric vehicle charging market over the forecast period. For instance, according to the Global EV Outlook, in 2018, China was the largest electric car market with 1.1 million units electric cars sold, which contributed around half of the global electric car fleet in 2018 with total number of 2.3 million electric cars.

Furthermore, government initiatives are projected to influence the growth of the electric vehicle market in India. For example, the Government of India approved the second phase of the "Faster Adoption and Manufacturing of Electric Vehicles in India" (FAME India) scheme in March 2019, under which the government expects to reduce the purchase price of hybrid and electric vehicles in India and is focusing on the implementation of electric vehicles for public or shared transportation in the near future. During the forecast period, these factors are projected to drive growth in the wireless electric car charging market

Moreover, high initial cost to setup wireless charging infrastructure for charging electric vehicles is the major restraining factor for global wireless EV charging market. For charging an electric vehicle wirelessly the vehicle and charging stations requires installation of vehicle charging pads and base charging pads, which are available at high price. These factors are expected to hamper market growth over the forecast period.