Energy market analyser Energias Market Research forecasts the global wireless EV charging market to grow by 51.6% between 2017 and 2023.
The market is expected to generate $6.6 million in revenue by 2023 due to an increase in the development of electric vehicles (EVs) and innovative technologies in the automotive industry.
According to the study, the future potential of EVs, government subsidies and policies supporting the use of wireless EV charging technologies will drive the market. "Inductive charging is expected to be the largest growing technology during the forecast period.”
The market researcher predicts the use of EVs will reach 34 million by 2023 and demand for public EV charging infrastructure willt impact on the growth of the market.
Battery powered EVs are projected to hold a lion’s share of the EV market due to government policies on carbon emission.
The use of cords to charge EVs is prone to corrosion and constraining the adoption of EVs hence consumers will choose wireless EV chargers during the forecasted period.
By region, North America will lead other regions due increases in EV charging infrastructure under efforts to reduce reliance on oil and gas.
The introduction of the J2954 wireless EV charging standard by the SAE International in Europe is expected to reduce the costs of developing, operating and maintaining wireless EV charging infrastructure in the region.
At the same time, the Asia-Pacific region will continue to be the fastest growing region in adopting wireless EV charging technologies.
Canada expands EV charging market
In related news, the Canadian government partnered with global energy storage firms eCamion, Leclanche and independent power producer SGEM to increase EV charging infrastructure.
Under the partnership, the Canadian government through Natural Resources Canada will provide $6.2 million in funding toward the construction of some 34 electric vehicle fast-charging stations along the Trans-Canada Highway. Read more...
Image Credit: 123rf.