The Wireless Electric Vehicle Charging market involves the transfer of electric power from a charging station to an electric vehicle without the need for physical electrical connections. Wireless charging systems for EVs use inductive power transfer technology based on coils to transfer electricity between the charging infrastructure and the receiving unit installed in the vehicle. This allows for more convenient charging compared to conventional plug-in systems.
The global Wireless Electric Vehicle Charging market is estimated to be valued at US$ 92.16 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
Market Dynamics:
One of the primary drivers fueling the growth of the Wireless Electric Vehicle Charging market is the rising demand for convenience among EV owners. Wireless charging eliminates the need to deal with charging cables and plugs, simplifying the process. This improves the overall EV user experience significantly. Additionally, wireless charging capabilities make it more convenient to charge EVs wherever charging pads or spots are installed, such as at homes, workplaces, and commercial spaces like malls and parking lots. The improved convenience of wireless technology is expected to boost the adoption of EVs over the forecast period, thereby propelling the market growth. However, high costs associated with the installation and maintenance of wireless charging infrastructure compared to conventional plug-in systems remains a major challenge to widespread adoption.
SWOT Analysis
Strength: Wireless charging allows for contactless charging which eliminates cable wear and tear, reduces issues with corrosion of charging ports, and improves convenience as vehicles do not need to be physically plugged in. Wireless charging pads can be placed underground or built into parking spaces which could allow for automated opportunity charging. Wireless transfer of electricity also has improved efficiency compared to wired charging.
Weakness: Wireless charging systems currently have significantly lower power transfer rates compared to physical wired connections, which results in slower charging times. The construction and installation of wireless charging systems is also more complex and expensive than traditional wired fast chargers. Standards for wireless charging technologies have also not been universally adopted which limits interoperability.
Opportunity: As wireless power transfer technologies continue to improve, standards are adopted, and costs reduce, wireless EV charging has potential to become the predominant model for public charging infrastructure and for fleet vehicle charging applications. Wireless charging could help address issues with limited battery ranges by allowing automated charging during parking or idle times. It may also appeal to consumer preferences for contactless, automated technologies.
Threats: Continued advances in wired fast charging could reduce the relative benefits of wireless systems by further narrowing charging time differences. High upfront investment costs may slow widespread installations of wireless charging infrastructure. Issues with power transfer efficiency and foreign object detection could undermine consumer acceptance compared to simple physical connections. Open standards and global adoption will be important for wireless charging to achieve economies of scale.
Key Takeaways
Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth over the forecast period driven by advancements in wireless power transfer technologies and growing preferences for contactless, automated charging solutions. Increased standardization and falling costs will support wider adoption.
Regional analysis - North America currently dominates the wireless EV charging market supported by rising EV sales and government investments in charging infrastructure. China and Europe are also major regional markets due to strong policy pushes for electrification of transport. Automakers in Germany and startups in Israel are leading technology developments.
Key players operating in the Wireless Electric Vehicle Charging market are Naïo Technologies, Dahlia Robotics GmbH, Ecorobotix, Carbon Robotics, Vision Robotics Corporation, Harvest Automation, Soft Robotics Inc, Abundant Robotics, Bosch Deepfield Robotics, Energreen, Saga Robotics, Blue River Technology, VitiBot. Key players are focused on innovations to improve power transfer efficiencies, detection capabilities, interoperability and reducing production costs of wireless charging systems. Partnerships with automakers and infrastructure providers will be important for commercialization.
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The move to transition from fossil fuels amid rapid urbanization in cities can drive the need for charging infrastructure.
The global wireless electric vehicle charging market report by Market Research Future (MRFR) takes a deep look at the changes in economic policies, rise in production of electric vehicles, and advances in battery development and its impact during the period of 2019 to 2025 (forecast period) are explained in detail.
The COVID-19 pandemic and its impact have also been taken into account in the report.Market ScopeThe global wireless electric vehicle charging market is set to expand at a stellar growth rate over the forecast period.
Major drivers include the massive demand for environment friendly vehicles, concerns over carbon emissions, rise in the capacity of EV batteries, and increasing interest in dynamic electric vehicle charging (DEVC) technology.
Huge demand for autonomous and semi-autonomous vehicles and robust urbanization rate in cities can influence the global wireless EV charging market.But energy loss during transmission and huge costs of EVs can hamper market growth.Competitive Outlook BMW, Nission, ELIX Wireless , Continental AG, Qualcomm, Inc., HEVO power, Toshiba Corporation, ZTE Corporation, Plugless Power, and WiTricity are key players of the global wireless electric vehicle charging market.Get Free Sample Report@ https://www.marketresearchfuture.com/sample_request/7214 Segmentation The global wireless EV charging market is segmented on the basis of charging type, power supply range, charging pad, charging station, propulsion, vehicle type, and application.
The dynamic electric charging segment is anticipated to gain the lead in the global market owing to the huge need for charging vehicles during transportation.On the basis of power supply range, the market has been segmented into 3 to <7.7 KW, 7.7 to < 11KW), 11to < 20KW, 20 to < 50 KW, 50 KW and above.
The Global Wireless Electric Vehicle Charging Market size is estimated to be USD 30.9 million in 2019 and is predicted to reach USD 213.7 million by 2030 with a CAGR of 19.2% from 2020-2030.Wireless Electric Vehicle Charging is a technology which transfers the energy from the source to the consuming device without cables.
It is one of the recent developed technologies which is gaining popularity and offer various benefits as compared to the traditional method over the period of time.
There has been increased inclination towards the use of electric vehicles and this technology creates safe, reliable and efficient way to charge the vehicle on a daily basis.Access Full Description of this report at:- https://www.nextmsc.com/report/wireless-electric-vehicle-charging-market Top Companies: Continental AG, Qualcomm Inc., Robert Bosch Gmbh, Texas Instruments Inc., Toyota Motor Corporation, Witricity Corporation, Powermat Technologies Ltd, Elix Wireless, Evatran Group Inc, and Toshiba Corporation and others.The global wireless electric vehicle charging market share is analysed on the basis of power source, installation, distribution channel, vehicle type, and geography.
Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.Request sample copy of this report at:- https://www.nextmsc.com/wireless-electric-vehicle-charging-market/request-sample North America denotes a higher adoption of the wireless electric vehicle charging and is anticipated hold the highest market share during the forecast period.
This is attributable to the factors including presence of well-established infrastructure, increased inclination towards hybrid vehicles, and technological advancements.
Asia Pacific is also expected to contribute the overall market growth with rapid growth rate and considerable growth in market share owing to the high fuel prices and maturation of oil wells.
