Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Wireless Charging Market for Electric Vehicles by Propulsion (BEVs, PHEVs), Application (Home & Commercial), Charging Type (Stationary & Dynamic), Component, Power Supply Range, Charging System, Vehicle Type & Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In the rapidly evolving world of electric vehicles (EVs), wireless charging technology is emerging as a game-changer, propelling the global wireless charging market for electric vehicles from USD 0.080 billion in 2023 to a projected USD 1.279 billion by 2030. With the expansion of EVs worldwide and the development of wireless Vehicle-to-Grid (V2G) energy transfer, the wireless charging market is experiencing substantial growth.
Wireless charging is becoming increasingly attractive due to the rise in sales of electric vehicles and its clear advantages over wired charging. The market is witnessing particularly lucrative opportunities in the Plug-in Hybrid Electric Vehicles (PHEVs) segment, driven by prominent players such as INTIS Integrated Infrastructure Solutions GmbH in Germany and ENRX in Norway. The proliferation of smart road projects across Europe underscores the potential for Original Equipment (OE)-fitted wireless charging systems, especially for PHEVs.
Moreover, the Power Control Unit (PCU) segment in Europe is poised for significant growth. The UK and Germany, as hubs for electronic component manufacturing, are expected to be instrumental in this trend. The PCU is critical for ensuring the safety and efficiency of wireless charging for EVs, regulating power flow to prevent potential hazards and maximizing charging process efficiency, ultimately extending the life of an EV's battery.
Europe is taking the lead in the growth of the wireless charging market for electric vehicles, driven by the increasing sales of EVs equipped with wireless charging systems. Countries like Spain, Norway, Sweden, Austria, and the UK are witnessing a growing number of EV sales and charging stations. Innovations in this space are notable, with companies like WiTricity Corporation and ABT e-Line bringing wireless EV charging to the streets of Europe. These trends signify the exciting potential of the wireless charging market for electric vehicles.
Key Market Insights:
- The global wireless charging market for electric vehicles is expected to reach USD 1.279 billion by 2030, with a CAGR of 48.4%.
- The PHEVs segment is expected to have significant opportunities, particularly in Europe, as wireless charging technology for PHEVs and battery electric vehicles gains traction.
- The power control unit (PCU) segment in Europe is set to grow, driven by electronic component manufacturing hubs in the UK and Germany.
Competitive landscape
The wireless charging market for electric vehicles comprises major manufacturers such as WiTricity Corporation (US), InductEV Inc. (US), Plugless Power Inc. (US), Electreon (Israel), HEVO Inc. (US), WAVE Charging (US), Mojo Mobility Inc. (US), etc.
Premium Insights
- Increasing Demand for EVs to Drive Market
- Passenger Cars in Europe to Have Significant Growth from 2023 to 2030
- Bevs to Lead Wireless Charging Market for Electric Vehicles During Forecast Period
- Above 7.7-11 Kw to Dominate Market During Forecast Period
- Magnetic Resonance Charging Segment to Lead Market from 2023 to 2030
- Charging Type Market in Europe to Grow at Fastest Rate from 2023 to 2030
- Vehicle Charging Pads Segment to Have Highest Growth from 2023 to 2030
- Europe to Have Significant Market Growth During Forecast Period
Market Dynamics
Drivers
- Increasing Penetration of Electric Vehicles Worldwide
- Growing Focus on Wireless V2G Energy Transfer
- Rapid Development of Fast-Charging Infrastructure for Electric Vehicles
- Rising Benefits of Wireless Charging
- Strong Government Support for Emission-Free Electric Vehicles and Wireless Charging Solutions
Restraints
- High Cost of Upgrading to Wireless Charging Technology
- Lower Charging Efficiency Than Wired Charging
Opportunities
- Increasing Demand for Semi-Autonomous Vehicles
- Reduced Prices of Electric Vehicles
- Increasing Support from Governments for Wireless Charging
- Increasing Investments in Dynamic Wireless Charging Technology
Challenges
- Minimizing Loss of Efficiency
- High Investment in Developing Charging Infrastructure
Case Study Analysis
- Delta Electronics Deployed Wireless Charging Technology
- Daihen Corporation Incorporated Wireless Charging Technology
- Hevo Inc. Incorporated Wireless Charging to Meet Industry Standards
Company Profiles
Key Players:
- Witricity Corporation
- Inductev, Inc.
- Hevo Inc.
- Electreon
- Plugless Power Inc.
- Wave Charging
- Intis Integrated Infrastructure Solutions GmbH
- Enrx
- Mojo Mobility Inc.
- Shenzhen Vmax New Energy Co., Ltd.
Other Players:
- Integrated Roadways LLC
- Wiferion
- Wipowerone Inc.
- Continental Ag
- Tgood Global Ltd.
- Elix Wireless Inc.
- Fortum
- Daihen Corporation
- Zhejiang Vie Science & Technology Co., Ltd.
- Suzhou Anjie Technology Co., Ltd.
- Volkswagen Ag
- Toyota Motor Corporation
- Tesla, Inc.
- Honda Motor Co., Ltd.
- Mercedes-Benz Ag
- BMW Group
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 232 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $0.08 Billion |
| Forecasted Market Value (USD) by 2030 | $1.27 Billion |
| Compound Annual Growth Rate | 48.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/n4dz1a
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