Dublin, March 29, 2022 (GLOBE NEWSWIRE) -- The "Global Wireless Charging Market for Electric Vehicles by Power Supply Range (3-<11, 11-50 & >50 KW), Application (Home & Commercial), Distribution Channel (Aftermarket & OE), Component, Charging System, Propulsion, Vehicle Type & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global wireless charging market for electric vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%.
Factors such as the rising penetration of electric vehicles around the world, along with the increasing focus of automotive OEMs towards autonomous vehicles will boost the demand for the wireless charging market for electric vehicles.
However, the high cost of upgrading to wireless charging technology may restrain the growth of the market. Increasing investments for dynamic wireless charging technology, paired with increasing support from several governments for wireless charging is likely to create lucrative opportunities for the wireless charging market for electric vehicles.
>50 KW segment is expected to grow at a significant rate during the forecast period, by power supply range
The >50 kW segment of the wireless charging for electric vehicle market is projected to grow at a noticeable rate during the forecast period. The increasing adoption of electric buses and rising investment in the dynamic wireless charging system for electric vehicles by several countries such as the US, Italy, Germany, and Sweden, are also expected to augment revenues for the >50 kW power supply segment in the wireless charging market for electric vehicles during the forecast period.
Asia Pacific is expected to be the fastest-growing market during the forecast period
The Asia Pacific region comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. In recent years, the region has emerged as a hub for automobile production. The increased
purchasing power of the population and growing concerns about the environment have triggered the demand for electric vehicles in the Asia Pacific region.
The concept of reducing carbon emission by electrifying transportation has caught the attention of local and national governments. Hence, the use of electric vehicles has become popular in the region. Governments are focusing on providing extensive charging infrastructure to promote the use of electric vehicles.
Governments in the Asia Pacific region are also focusing on standardizing wireless charging technology and providing subsidies to promote EV sales. In 2020, China set a national standard GB/T 38775 for wireless charging of electric vehicles based on WiTricity technology.
The Standardization Administration of the People's Republic of China (SAC) ratified and published the first four national standards for wireless charging of electric vehicles. GB/T 38775.1, GB/T 38775.2, GB/T 38775.3, and GB/T 38775.4 are the national standards that provide a framework for Tier 1 suppliers, carmakers, and infrastructure suppliers to develop as well as commercialize wireless charging systems for electric vehicles that meet guidelines of performance and safety.
This effort of standardizing the wireless charging technology would augment the revenue growth of the wireless charging market in China in the coming years. In 2020, the Indian government announced National Electric Mobility Mission Plan (NEMMP) 2020 to place India's EV mission on a faster track.
Europe to estimated be the largest region in the wireless charging market for electric vehicles during the forecast period
Europe is estimated to account for 66% of the global wireless charging market for electric vehicles in 2022 by volume. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of economical batteries and increasing range.
The charging infrastructure in Europe is expected to become more widespread due to favourable policies and government support. The sales of electric vehicles in the European region increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.
The demand for electric vehicles has increased significantly due to the focus on zero or low-emission vehicles in the region. For instance, the UK announced plans to phase out petrol/diesel-based vehicles by 2030 and encourage the growth of EVs. According to a report by the European Environmental Agency in November 2021, in Europe, 11.41% of all new vehicle registrations have been EVs.
In 2020, EV registrations increased drastically in top European markets. Norway had 75%, Iceland had 46%, Sweden had 33%, and the Netherlands had 28% of new EV registrations. Ongoing projects related to dynamic wireless charging systems in Germany, Italy, and Sweden, among others, are expected to support the market growth in this region.
The wireless charging market for electric vehicles is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc. (US), Efacec (Portugal), and HEVO Inc. (US).
They develop products/systems for the electric vehicle ecosystem. They have initiated partnerships to develop their wireless EV charging technology and provide finished products to their respective customers.
Key Topics Covered:
Premium Insights
- Increasing Demand for EVs to Boost Growth of Wireless Charging Market for Electric Vehicles
- Passenger Car Segment Estimated to Lead Wireless Charging Market for Electric Vehicles During Forecast Period
- Bev Segment Estimated to Lead Wireless Charging Market for Electric Vehicles During Forecast Period
- 3-<11 Kw Segment Estimated to Lead Wireless Charging Market for Electric Vehicles During Forecast Period
- Inductive Power Transfer Segment Estimated to Lead Wireless Charging Market for Electric Vehicles from 2022 to 2027
- Power Control Unit Segment Estimated to Lead Wireless Charging Market for Electric Vehicles from 2022 to 2027
- OE Segment Estimated to Lead Wireless Charging Market for Electric Vehicles from 2022 to 2027
- Europe Estimated to be Largest Market for Wireless Charging for Electric Vehicles in 2022
Market Dynamics
Drivers
- Rising EV Sales Worldwide and Increasing Focus of Automotive OEMs Towards EVs
- Rapid Development of Fast-Charging Infrastructure for Electric Vehicles
- Advantages of Wireless Charging Over Wired Charging
- Strong Governmental Support Towards Emission-Free and Safe Electric Vehicles
Restraints
- High Cost of Upgrading to Wireless Charging Technology
- Lower Charging Efficiency Compared to Wired Charging
Opportunities
- Increasing Support from Governments for Wireless Charging
- Increasing Investments for Dynamic Wireless Charging Technology
Challenges
- Minimizing Loss of Efficiency
- High Investment in Infrastructure for Dynamic Charging
Trends and Disruptions
- Key Conferences & Events in 2022 & 2023
- Wireless Charging Market for Electric Vehicles Ecosystem
- Wireless EV Charging System Providers
OEMs
- Charging Service Providers
- End-Users
- Value Chain Analysis
Pricing Analysis
Patent Analysis
Regulatory Overview
Wireless Charging Market for Electric Vehicles Scenarios (2022-2027)
Industry Trends
Case Study
- Delta Electronics Deploying Wireless Charging Technology
- Daihen Incorporating Wireless Charging Technology
- Mass Transit Case Study: Momentum Dynamics Corporation
- Hevo Wireless Charging to the Next Level
Technological Analysis
- Wireless Charging System Technology
- Inductive Coupling
- Magnetic Wireless Charging
- Magnetic Resonance Coupling
- Magneto Dynamic Coupling (Mdc)
- Capacitive Wireless Power Transfer (Cwpt)
Company Profiles
- Alfen
- Allego
- Blink Charging
- Bmw
- Bp Chargemaster
- Chargepoint
- Clippercreek
- Continental Ag
- Ecog
- Efacec
- Electreon
- Elix Wireless Inc.
- Ev Safe Charge
- Evgo
- Fortum Corporation
- Heliox
- Hella KGaA Hueck & Co.
- Hevo Inc.
- Hyundai
- Intis
- Ionity
- Ipt Technology GmbH
- Lear Corporation
- Leviton
- Mitsubishi Electric
- Mojo Mobility
- Momentum Dynamics Corporation
- New Motion
- Opconnect
- Plugless Power Inc.
- Pod Point
- Robert Bosch GmbH
- Semaconnect
- Spark Horizon
- Tgood Global Ltd.
- Toshiba Corporation
- Toyota Motor Corporation
- Volta
- Wallbox Chargers, S.L.
- Wave
- Webasto
- Witricity Corporation
- Zte Corporation
For more information about this report visit https://www.researchandmarkets.com/r/fnxtlw
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