Research Methodology on Wireless Electric Vehicle Charging Market
Abstract
The Wireless Electric Vehicle Charging Market is expected to register a significant CAGR during the forecast period of 2023 to 2030. Major factors driving the market include an increase in the adoption of electric vehicles, the advent of wireless charging technology and the economic & environmental benefits of electric vehicles.
As the sale of electric vehicles (EVs) has been increasing, the demand for related facilities such as electric charging stations and wireless electric vehicle charging has consequently increased. Wireless electric vehicle charging is the process whereby power is automatically transferred to an electric vehicle without the aid of any wires or cables, through an electromagnetic induction technique.
The increasing awareness of the environmental benefits associated with the adoption of electric vehicles is among the most significant factors that drive the growth of the market globally. The issues of global warming and climate change are among the key concerns of governments, worldwide. This has triggered the governments to come up with policies and programs focused towards the promotion of electric vehicle adoption, leading to the growth of the market. The US government, for instance, has created preferential programs such as income tax credits encouraging the sale of electric vehicles across the country.
Introduction
The present study aims to analyze the Wireless Electric Vehicle Charging Market and its various drivers, trends, restraints and opportunities to gain a better understanding of the market landscape.
Research Methodology
The present research on the Wireless Electric Vehicle Charging Market is conducted through several data collection and analysis sources. Primary sources such as interviews with industry experts and secondary sources such as published industry reports, journals and white papers are used in the analysis. The data collected through primary and secondary sources have been analyzed with the help of quantitative techniques using econometric tools.
The research methodology used in this study includes both primary and secondary research. Market-related information has been sourced via both internal and external sources. The primary research was conducted using surveys, questionnaires and interviews with key stakeholders, industry experts, subject matter experts and opinion leaders. This was then validated and corroborated with secondary research sources such as industry publications, trade journals, news articles and industry databases.
The study also partnered up with market research agencies to ensure the validity of the data collected. The research methodology used in this study follows a standardized, eight-step process in order to collect and validate the data from the study’s primary and secondary research sources.
Research Objectives
The primary objective of this research is to analyze the market size and its associated drivers, trends, restraints and opportunities. It also aims to provide market-related insights from both historical and current perspectives. The research aims to study the impact of the various factors driving the growth of the Wireless Electric Vehicle Charging (WEVC) Market and their collective effect on the market.
Scope of the Study
The study of the Wireless Electric Vehicle Charging Market covers the analysis of the market on the basis of product type, technology, vehicle type, charging type, application and region.
The product type covered in this report includes:
- #Impact-on-road
- #In-ground
- #Other-products
The technology covered in this report includes:
- #Inductive charging
- #Conductive charging
- #Others
Vehicle type covered in this report includes:
- #Battery Electric Vehicle (BEV)
- #Hybrid Electric Vehicle (HEV)
- #Plug-in Hybrid Electric Vehicle (PHEV)
- #Others
The charging type covered in this report includes:
The applications covered in this report include:
The regions covered in this report include:
- #North America
- #Europe
- #Asia Pacific
- #Rest of the World
Data Collection & Analysis
The research adopted both qualitative and quantitative approaches for data collection and analysis. Qualitative data was collected through interviews with industry experts and opinion leaders, while quantitative data was gathered from secondary sources such as published industry reports, trade journals and white papers.
The industry sources such as subject matter experts were identified and interviewed. These sources provided valuable insights on the latest trends and challenges in the market, views and opinions of experts on the market, macro- and micro-economic indicators, institutional policies, and regulations in the market. Questions were broadly centred on the following topics:
- Market size
- Market trends and growth rate
- Drivers and restraints
- Industry structure and nature
- Challenges
- Government regulations
- Opportunities
Data analysis methods were used to analyze the data collected through primary and secondary sources. The data was then validated using a triangulation method which incorporated data collected from all the sources and checked for discrepancies, convergences and divergence. Descriptive analysis, ratio and percentage analysis, market attractiveness analysis, regression analysis, correlation analysis and Porter’s five forces analysis were some of the most widely used techniques for analyzing the data.
The data was then compiled, presented and visualized in a comprehensive format to make it easy to interpret and then finally conclusions were drawn. The data was then used to build a bottom-up forecast model to forecast the market size, based on the country and region, leading to the creation of a low, middle and high forecast.
Conclusion
The study helped understand the opportunities and challenges within the market while highlighting the major drivers and restraints. Data collected through primary and secondary research sources is validated using the triangulation technique, which helped in understanding the current market trends, industry structure, potential of the market and insights. The data is then analyzed using several data analysis techniques such as descriptive analysis, ratio and percentage analysis, market attractiveness analysis, etc. Finally, a comprehensive market forecast model was built to forecast the market size in the coming years.
