WIRELESS ELECTRIC VEHICLE CHARGING MARKET ANALYSIS

Wireless Electric Vehicle Charging MarketSize and Trends

Increasing demand for electric vehicles in the emerging economies such as India and China is expected to increase adoption of wireless EV charging over the forecast period.

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 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 policies is expected to influence the electric vehicles market to grow in India. For instance, in March 2019, Government of India approved the second phase of “Faster Adoption and Manufacturing of Electric Vehicles in India” (FAME India) scheme, where government is expected to reduce the purchase price of hybrid and electric vehicles in India and is focusing on implementation of electric vehicles for public or shared transportation in the near future. These factors are expected to drive growth of the wireless electric vehicle charging market during the forecast period.