Pune, India, March 22, 2022 (GLOBE NEWSWIRE) -- The global Electric Vehicle Wireless Charging market size is predicted to reach USD 221.0 million by 2028 and exhibit a CAGR of 42.4% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Electric Vehicle Wireless Charging Market, 2021-2028”. Furthermore, the advantages of wireless charging options for electric vehicles include the convenience of use, time savings, and aesthetics. Wireless charging for electric vehicles is still in its early stages of development. Rapid technical advancements and rising emphasis on R&D are projected to drive the market. The market size stood at USD 16.5 million in 2020 and USD 18.6 million in 2021.
Industry Developments-
September 2021: Michigan’s state government launched a pilot project to build a wireless charging road for EVs in Metro Detroit.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 42.4% |
| 2028 Value Projection | USD 221.0 Million |
| Base Year | 2020 |
| Market Size in 2021 | USD 16.6 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Commercial Charging Station, Home Charging Unit |
| Growth Drivers | Demand for public fast charging is predicted to rise in the future as the electric car base grows and it becomes more likely to electrify more use cases. |
| Electric vehicles may be charged whenever and wherever they are parked, and owners should not be concerned about the grid connection as EV batteries can charge themselves. | |
| Wireless electric vehicle charging options are being more widely adopted worldwide, which helps to minimize pollution. |
Segments-
Power Supply, Application, Vehicle Type, and Region are Studied
On the basis of power supply, the market is divided into 11-50KW, >50KW, and 3 - <11KW. On the basis of application, the market is bifurcated into home charging unit and commercial charging station. On the basis of vehicle type, the market is segmented into commercial vehicles and passenger cars. Geographically, the market is classified into Europe, Asia-Pacific, North America, and the rest of the world.
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Report Coverage-
The research study focuses on major elements such as leading players, applications, and vehicle types and provides a complete market forecast analysis. The market statistics are covered in the research from 2017 to 2028. Aside from that, the market report provides information on market trends and important industry advancements. Furthermore, the study covers several others contributing to the market's recent expansion.
Drivers & Restraints-
Rising Adoption of Wireless Electric Vehicle Charging Solutions to Boost Market Growth
More public charging stations are needed as electric vehicle owners grow. Demand for public fast charging is predicted to rise in the future as the electric car base grows and it becomes more likely to electrify more use cases. Electric vehicles may be charged whenever and wherever they are parked, and owners should not be concerned about the grid connection as EV batteries can charge themselves. Wireless electric vehicle charging options are being more widely adopted worldwide, which helps to minimize pollution. The elements above have a significant impact on the global market.
However, attributed to the high voltage and high power required for EV charging, concerns about the safety and cost of wireless charging devices are expected to hinder the market expansion.
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Regional Insights-
Europe Dominated the Global Market Owing to Availability of Sound Infrastructure
In 2020, Europe dominated the global Electric Vehicle Wireless Charging market share, accounting for more than 41% of total sales. Due to the availability of sound infrastructure, wireless charging equipment may be integrated throughout the region. Furthermore, the European government's attempts to test the feasibility of wireless charging technologies for electric vehicles and increase in EV sales are likely to propel market expansion in Europe. Furthermore, significant firms, such as Continental AG, HELLA KGaA Hueck & Co., and Robert Bosch GmbH, are expected to boost market expansion in the region.
From 2021 to 2028, Asia Pacific is expected to become one of the most profitable regions in terms of revenue. The adoption of high-end technology goods by electric vehicle manufacturers and government actions to boost charging infrastructures is credited for the increase. Furthermore, demand in North America is likely to be driven by advancements in driving technologies, adoption of electric vehicles, and expanding automobile manufacturing.
Competitive Landscape-
Key Players to Focus on Building Strategic Partnerships and Acquisitions
ZTE Corporation, WiTricity Corporation, Continental AG, HELLA GmbH & Co. KGaA, and Robert Bosch GmbH are the leading participants in the wireless charging for electric vehicles market. These companies are focusing on new product development and launches, partnerships, acquisitions, and expansion initiatives to increase their market position. Furthermore, Tesla is a major player in this industry. It offers pure electric vehicles with innovative technologies such as internet and cloud connectivity, ADAS, telematics, and more. Tesla's supremacy is expected to remain over the projection period, due to its growing presence in emerging regions, increased popularity, and technological improvement.
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List of Key Market Players:
- WiTricity Corporation (U.S.)
- HELLA GmbH & Co. KGaA (Germany)
- ZTE Corporation (China)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Tesla (U.S.)
- Momentum Dynamics Corporation (U.S.)
- Toyota Motor Corporation (Japan)
- Toshiba Corporation (Japan)
- TGOOD Global Ltd. (Hong Kong)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Impact of COVID-19
- Global Electric Vehicle Wireless Charging Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Supply
- –<11 KW
- 11–50 kKWW
- >50 KW
- Market Analysis, Insights and Forecast – By Application
- Commercial Charging Station
- Home Charging Unit
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Electric Vehicle Wireless Charging Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Supply
- 3–<11 kW
- 11–50 kW
- >50 kW
- Market Analysis, Insights and Forecast – By Application
- Commercial Charging Station
- Home Charging Unit
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Country
- S.
- Canada
- Mexico
- Europe Electric Vehicle Wireless Charging Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Supply
- 3–<11 kW
- 11–50 kW
- >50 kW
- Market Analysis, Insights and Forecast – By Application
- Commercial Charging Station
- Home Charging Unit
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis – By Country
- K.
- Germany
- France
- Rest of Europe
TOC Continued…!
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