The Government of Indonesia aims to increase the electric vehicle (EV) (passenger vehicles) stock of the country to 2 million units by 2030. Likewise, the French government has a target to expand its plug-in hybrid electric vehicle (PHEV) (passenger vehicles) stock and battery electric vehicle (BEV) (passenger vehicles) stock to 1.8 million and 3 million, respectively, by 2028.
The expanding EV stock requires a developed and efficient charging infrastructure for the convenience of EV owners. To improve EV charging, several international organizations, such as the Institute of Electrical and Electronics Engineers (IEEE), the International Electro-Technical Commission (IEC), the Underwriters Laboratories (UL), and the Society of Automotive Engineers (SAE), have focused on improving the safety and efficiency of wireless EV charging systems.
Thus, the flourishing EV sector and increasing innovations being made in the charging systems will drive the wireless charging market growth during the forecast period (2021–2030). As per P&S Intelligence, the market generated around $4 billion revenue in 2020. Geographically, the North American region will emerge as the largest user of wireless charging technology in the upcoming years due to the presence of a large number of companies providing this technology, such as Plugless Power LLC, Energizer Holdings Inc., WiTricity Corporation, and Qualcomm Technologies Inc., in the region.
Moreover, the increasing innovations being made by EV and medical device manufacturers in wireless charging systems and booming demand for consumer electronics are promoting the adoption of this technology in the region. Whereas, the Asia-Pacific (APAC) wireless charging market is expected to witness the fastest growth throughout the forecast period. This will be primarily on account of the escalating demand for EVs and consumer electronics, such as personal digital assistants (PDAs), ear pods, smartphones, gaming consoles, smartwatches, and laptops in the region.
For example, the Society of Manufacturers of Electric Vehicles (SMEV) states that EV sales in India surged from 129,600 in the financial year (FY) 2018–2019 to 155,400 in the FY 2019–2020. Therefore, the rising EV sales and improving charging infrastructure will lead to the large-scale deployment of wireless charging technology in the forthcoming years.
The expanding EV stock requires a developed and efficient charging infrastructure for the convenience of EV owners. To improve EV charging, several international organizations, such as the Institute of Electrical and Electronics Engineers (IEEE), the International Electro-Technical Commission (IEC), the Underwriters Laboratories (UL), and the Society of Automotive Engineers (SAE), have focused on improving the safety and efficiency of wireless EV charging systems.
Thus, the flourishing EV sector and increasing innovations being made in the charging systems will drive the wireless charging market growth during the forecast period (2021–2030). As per P&S Intelligence, the market generated around $4 billion revenue in 2020. Geographically, the North American region will emerge as the largest user of wireless charging technology in the upcoming years due to the presence of a large number of companies providing this technology, such as Plugless Power LLC, Energizer Holdings Inc., WiTricity Corporation, and Qualcomm Technologies Inc., in the region.
Moreover, the increasing innovations being made by EV and medical device manufacturers in wireless charging systems and booming demand for consumer electronics are promoting the adoption of this technology in the region. Whereas, the Asia-Pacific (APAC) wireless charging market is expected to witness the fastest growth throughout the forecast period. This will be primarily on account of the escalating demand for EVs and consumer electronics, such as personal digital assistants (PDAs), ear pods, smartphones, gaming consoles, smartwatches, and laptops in the region.
For example, the Society of Manufacturers of Electric Vehicles (SMEV) states that EV sales in India surged from 129,600 in the financial year (FY) 2018–2019 to 155,400 in the FY 2019–2020. Therefore, the rising EV sales and improving charging infrastructure will lead to the large-scale deployment of wireless charging technology in the forthcoming years.
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