Chicago, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Wireless Charging Market for Electric Vehicles size is projected to grow from USD 80 million in 2023 to USD 1279 million by 2030, at a CAGR of 48.4%, as per the recent study by MarketsandMarkets™. The rise in focus towards e-mobility paired with increased infrastructure development for EVs charging are expected to increase the demand for wireless EV charging solutions. Also, the strong government support for emission free electric vehicle and advancements in electric vehicle charging is anticipated to promote the revenue growth of wireless charging for electric vehicles.
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List of Key Players in Wireless Charging Market for Electric Vehicles:
- WiTricity Corporation (US)
- Electreon (Israel)
- InductEV Inc. (US)
- Plugless Power Inc. (US)
- Wave Charging (US)
- ENRX (Norway)
Drivers, Opportunities and Challenges in Wireless Charging Market for Electric Vehicles:
- Driver: Rapid development of fast-charging infrastructure for EVs
- Restraint: High cost of upgrading to wireless charging technology
- Opportunity: Increasing support from governments in wireless charging
- Challenge: Minimizing loss of efficiency
Key Findings of the Study:
- Passenger car segment is expected to witness significant growth rate in the global wireless charging for EVs market during the forecast period
- BEV segment is expected to be the largest in wireless charging market for EVs during the forecast period.
- Magnetic resonance charging segment is expected to have significant growth opportunities in wireless charging market for EVs during the forecast period
- The Asia pacific wireless charging market for electric vehicles is projected to hold the largest share by 2030.
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The global the wireless charging market for electric vehicles size is projected to grow from USD 80 Million in 2023 to USD 1279 Million by 2030, at a CAGR of 48.4%. The development towards fast-charging infrastructure, combined with the several advantages pertaining to wireless charging over wired charging, are expected to drive the wireless charging market for electric vehicles. Additionally, growing investment in dynamic wireless charging paired with reduced EV prices will drive wireless charging revenue growth for electric vehicles during the projected period.
Based on Power Supply Range: The above 7.7–11 kW segment of the wireless charging market for electric vehicles, by power supply range, is expected to register significant growth during the forecast period. The increasing sales of passenger EVs, which have higher power requirements to charge respective batteries, are expected to fuel the growth of the above 7.7-11 kW power supply segment in the wireless charging market for electric vehicles. The increasing focus towards advanced technology by automotive OEMs in conjunction with rising investment by wireless charging providers toward new product developments, is also expected to augment revenues for the above 11 kW power supply segment in the wireless charging market for electric vehicles in the foreseeable future.
Based on Charging Type: The stationary wireless charging systems segment is expected to hold a larger market share during the forecast period. The low cost of setting up stationary wireless charging systems compared to dynamic wireless charging systems, along with the ease of use, is likely to boost the expansion of this category in the wireless charging market for electric vehicles during the forecast period. The stationary wireless charging systems are convenient, safe, and reliable. This technology is interoperable, as drivers can charge their vehicles with any wireless charging system. Also, vehicles can be charged in parking spots and public places wirelessly. Many companies have introduced stationary wireless charging systems in some vehicle models, such as INTIS Integrated Infrastructure Solutions Gmbh, which offers a stationary wireless charging system (aftermarket) for Nissan Leaf Gen. 1, Nissan Leaf Gen. 2, and BMW i3.
By Component : The vehicle charging pads segment is expected to register significant growth during the forecast period. The increasing focus of automotive OEMs towards incorporating wireless charging systems (OE-fitted) is the key factor driving the growth of this vehicle charging pad segment in the wireless charging market for electric vehicles. The government initiatives to focus on dynamic wireless charging will increase the penetration of base and vehicle charging pads in the market. For instance, the State Grid Corporation of China, the country's largest electric utility, announced in 2022 that it is developing dynamic wireless charging technology for electric vehicles. The company plans to install dynamic wireless charging systems on highways and other roads.
By Region: Europe is anticipated to be the fastest-growing market for wireless charging during the forecast period. The increasing sales of electric vehicles in this region, coupled with the development of charging infrastructure facilities, are expected to facilitate the rapid development of the wireless charging industry for electric vehicles. The European PHEV and BEV markets registered growth in car stock from 5.5 billion in 2021 to 7.8 billion in 2022. Thus, increasing penetration of electric vehicles in the European region would encourage wireless EV charging providers to develop high-power wireless EV technology for OEMs. This will also encourage wireless EV charging providers to collaborate with automotive OEMs to offer Wireless Charging technology.
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Recent Developments:
- In July 2023, WiTricity Corporation announced the FastTrack Integration Program for vehicle manufacturers. This streamlined program enables automotive OEMs to begin evaluation as well as testing of electric vehicles with wireless charging in just 90 days. The wireless charging will be fully enabled and operational on the automaker’s EV platform using the company’s Halo receiver & Halo 11kW charger.
- In June 2023, Leading manufacturer of commercial vehicles of Nederland, GINAF Trucks collaborated with Electreon to integrate Electreon’s wireless charging system on a GINAF 50-ton truck model. Further to this Electreon and GINAF are also looking at aftermarket installations on additional GINAF trucks, and Mercedes-Benz chassis.
- In April 2023, WiTricity Corporation along with ABT e-Line (Germany), announced to bring wireless EV charging to the streets of Europe. With demonstrated experience working with the Volkswagen Group (VW), ABT e- Line (Germany) will initially upgrade the VW ID.4 model to support wireless charging technology offered by WiTricity Corporation. This model (with wireless charging technology) is expected to be available in the market by early 2024.
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