New York, June 26, 2023 (GLOBE NEWSWIRE) -- According to Persistence market research, the Wireless Car Charging Market is projected to reach a value of USD 11.53 billion by 2033, growing at a CAGR of 81.2% during the forecast period. The wireless car charging market for the year 2022 was around US$ 17.2 Million.
The growth of the market is driven by the increasing demand for electric vehicles, the rising awareness about the benefits of wireless charging, and the government initiatives to promote the adoption of electric vehicles.
The global automotive industry is witnessing a significant shift towards electric vehicles (EVs) as a means to reduce greenhouse gas emissions and dependence on fossil fuels. As the adoption of EVs increases, the demand for efficient and convenient charging solutions also grows.
Wireless car charging, also known as inductive charging, has emerged as a promising technology that eliminates the need for physical cables and plugs, offering a convenient and hassle-free charging experience. This research report analyzes the global wireless car charging market, including market trends, growth drivers, challenges, and key players.
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The wireless car charging market refers to the market for wireless charging systems designed specifically for electric vehicles, enabling them to charge their batteries without the need for physical connections.
Market Dynamics
Market Drivers
- Increasing adoption of electric vehicles: The growing demand for electric vehicles due to environmental concerns and government incentives is a significant driver for the wireless car charging market.
- Convenience and user experience: Wireless car charging offers a convenient and user-friendly charging experience, eliminating the need for physical connections and reducing the charging time.
- Infrastructure development: The development of a robust charging infrastructure by governments and private organizations is expected to drive the market growth.
- Integration with smart cities: Wireless car charging systems can be integrated into smart city infrastructure, enabling automatic charging at designated parking spots, further fueling market growth.
Market Restraints
- High installation costs: The initial setup and installation costs of wireless car charging systems are relatively high compared to traditional charging solutions, acting as a barrier to widespread adoption.
- Limited charging efficiency: Wireless charging systems currently have lower efficiency compared to wired charging methods, leading to longer charging times.
- Standardization challenges: The lack of a universal standard for wireless charging systems poses challenges in interoperability and compatibility across different vehicle models and manufacturers.
Market Trends
The following trends are observed in the global wireless car charging market:
- Growing popularity of inductive wireless charging
- Development of resonant wireless charging
- Expansion of the wireless charging infrastructure
- Increasing adoption of wireless charging in commercial vehicles
- Growing demand for wireless charging in emerging markets
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Competitive Landscape
The global wireless car charging market is characterized by intense competition among key players. Major companies operating in the market include: Qualcomm Technologies Inc., Evatran LLC, WiTricity Corporation, Momentum Dynamics Corp, Toshiba Corporation, Mojo Mobility Inc., HEVO Inc., Bombardier Inc, TDK Corporation, Denso Corporation, ZTE Corporation and more
Recent Development’s
- WiTricity Corporation (US)
In October 2021, WiTricity announced that its patented wireless charging technology will be used in the Hyundai Genesis GV60, which is the first battery-electric vehicle of the Hyundai Genesis brand launched in 2018.
In December 2021, WiTricity announced a partnership with Continental AG to develop wireless charging solutions for electric vehicles.
- Momentum Dynamic Corporation (US)
In May 2022, Momentum Dynamic announced that it has received a $10 million investment from Shell Ventures to accelerate the development and commercialization of its wireless charging technology.
In June 2022, Momentum Dynamic announced that it has partnered with the City of Los Angeles to deploy a wireless charging network for electric vehicles at city parking garages.
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Market Segmentation
The market can be segmented based on the following criteria:
- Technology: Magnetic resonance, inductive power transfer, and capacitive coupling.
- Power Supply Range: Low, medium, and high power.
- Vehicle Type: Passenger vehicles, commercial vehicles, and two-wheelers.
- Charging Component: Base charging pad, power control unit, and vehicle charging pad.
The key players in the global wireless car charging market are focusing on developing innovative wireless charging technologies and expanding their product portfolio to meet the growing demand for wireless car charging. The market is expected to witness significant growth in the coming years.
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About PMR – Automotive and Transportation
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behaviour.
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