The wireless electric vehicle charging market is rapidly growing as it offers a convenient and efficient method of charging electric vehicles (EVs). Wireless charging eliminates the need for physical connections and manual handling, making it user-friendly and appealing to EV owners. This market encompasses different types of charging systems such as inductive and resonant charging, and it caters to a variety of vehicles including cars, buses, and two-wheelers.
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Growth Factors
Several factors are driving the growth of the wireless electric vehicle charging market. These include the rising adoption of electric vehicles worldwide due to environmental concerns and government policies promoting sustainable transportation. Additionally, advancements in wireless charging technology have made it more efficient and cost-effective, encouraging wider adoption. The convenience of wireless charging, along with the expansion of EV charging infrastructure, is also contributing to market growth.
Region Insights
The wireless electric vehicle charging market is experiencing significant growth in regions such as North America, Europe, and Asia-Pacific. North America is a leading region due to the presence of major EV manufacturers and supportive government policies. Europe follows closely with its emphasis on reducing carbon emissions and promoting electric mobility. Asia-Pacific, particularly China and Japan, is also emerging as a key market due to rapid urbanization, increased disposable income, and a strong focus on adopting sustainable transportation solutions.
Wireless Electric Vehicle Charging Market Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 30.02 million
|
| Market Size by 2032 | USD 9,370.25 million |
| Growth Rate from 2023 to 2032 | CAGR of 89.3% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Power Supply, Vehicle, Application, Components, Charging Type, Distribution Channel, Propulsion Type, Charging System and Geography |
Drivers
The market is driven by several factors including:
- Government initiatives: Policies and incentives supporting the adoption of EVs and related infrastructure.
- Consumer demand: Increasing awareness and demand for eco-friendly transportation solutions.
- Technological advancements: Continuous improvements in wireless charging technology, leading to faster and more efficient charging.
Opportunities
The wireless electric vehicle charging market offers numerous opportunities:
- Infrastructure development: Expansion of wireless charging infrastructure in public and private spaces.
- Collaboration and partnerships: Opportunities for partnerships between automakers, technology providers, and governments to accelerate market growth.
- Innovation in charging technology: Potential for developing new and advanced charging solutions that offer faster charging speeds and better efficiency.
Challenges
The market faces several challenges such as:
- High initial costs: Wireless charging systems can be more expensive than traditional charging options, which may limit adoption.
- Compatibility issues: Standardization and compatibility with different vehicle models and manufacturers can be a barrier.
- Safety and regulatory concerns: Ensuring the safety of wireless charging systems and meeting regulatory standards is essential for market growth.
Read Also: Electric Vehicle (EV) Test Equipment Market Size, Growth, Report By 2032
Recent Developments
- In the year 2021 May, HEVO developed ground-based pad and started manufacturing and production in Flex contract manufacturing facility in Austin, Texas. Which is estimated to give 200 units order received in the first quarter of 2021.
- In the year 2021 December, Toyota Motor Corporation working on developing the new technology such as wireless electric power transfer system that charge the vehicle even while driving the vehicle. In this system it involves systems integrated in roads on highways to charge, or city intersections.
- In the year 2021 October, WiTricity introduced new patented technology wireless charging for BEVs in South Korea. Hyundai Genesis will use wireless charging technology which is the first electric battery vehicle launched in the year 2018. By the year 2022, the genesis GV60 will be available in South Korea.
Wireless Electric Vehicle Charging Market Companies
- Toyota Motor Corporation
- Toshiba Corporation
- TGOOD Global Ltd
- Momentum Dynamis Corporation
- Tesla
- Robert Bosch GmbH
- Coninental AG
- ZTE Corporation
- HELLA GmbH & Co. KGaA
- WiTricity Corporation
- Qualcomm Technologies
- Powermat Technologies
- Renesas electronics
- Nidec mobility corporation
- Evatran group
Segments covered in the report
By Power Supply
- 3 – < 11 KW
- 11 – 50 KW
- >50 KW
By Vehicle
- Commercial Vehicles
- Passenger Cars
By Application
- Commercial Charging Station
- Home Charging Unit
By Components
- Base charging pad
- Power control unit
- Vehicle charging pad
By Charging Type
- Dynamic wireless charging system
- Stationary wireless charging system
By Distribution Channel
By Propulsion Type
By Charging System
- Inductive Power Transfer
- Capacitive Power Transfer
- Magnetic Power Transfer
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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