Range anxiety (pun unintended!) is the fear of the electric vehicle’s battery, running out of power. With electric cars zooming past in the market, it was natural to have a breakthrough idea of dynamic charging, which refers to the charging of an electric vehicle, on the move, without the necessity of charging stations. However, the idea is futuristic. What is in the loop is wireless charging. Currently, Plugless Power, which is a brand of EVATRAN, is the only company that supplies wireless charging systems, but for the aftermarket. The company plans to enter the OEM market in China and has already signed a deal with a Chinese manufacturer. Companies like Qualcomm, Witricity, Bombardier, Momentum Dynamics, etc. are still in the nascent stage with respect to the market, and claim to launch their products for OEMs in 2018.
Mordor Intelligence elaborates on the trends in the global wireless charging for the electric vehicles market. According to estimates, the market is poised to grow at a rate of 43.6% in the coming five years.
Bid adieu to the painful wired charging and welcome the new tech in town –all it needs is a strategically located station and a charging pad, to infuse life into cars, again.
In all its simplicity, the components required are a pad on the ground, and a receiver mounted on the underside of a vehicle. Inductive charging is used in the EVATRAN wireless system. A magnetic field is created by running electricity through a coil. One coil is placed on the ground and the other is attached to the vehicle's underside. The second coil that is placed on the ground, must be connected to a power source, and is weatherproofed for outdoor use.
Technology giants like Qualcomm have forayed into wireless charging for the electric vehicles market, with the Qualcomm Halo Wireless Electric Vehicle Charging (WEVC) technology.
How is the technology going to affect the market?
The electric vehicles market is expected to witness a surge in sales. Also, an increase in electric car ownership is expected, owing to the ease of charging. This, in turn, is expected to increase the demand for infrastructure manufacturers of wireless charging systems. However, the demand for conventional cars is expected to take a beating, with the advent of wireless charging for electric vehicles.
Now, here is the bright spot for investors - The market is expected observe steep growth by 2018, owing to many company-related activities or product launches due in that particular year. Also, the market is anticipated to increase rapidly, due to rise in awareness about global warming issues, depletion of fossil fuel levels, etc. This is a future market, which is poised to reach its peak by 2022-2025. Now, isn’t it a golden opportunity for investors to pitch in and do their bit for the environment as well?
Brace yourselves for the next big thing!