Wireless Electric Vehicle Charging Market Size Growing at 90.1% CAGR Set to Reach USD 500 Million By 2030, According to Facts & Factors

NEW YORK, May 29, 2023 /PRNewswire/ -- As per Facts and Factors study, the global wireless electric vehicle charging market size was worth around USD 15 million in 2021 and is predicted to grow to around USD 500 million by 2030 with a compound annual growth rate (CAGR) of roughly 90.1% between 2022 and 2030.

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Wireless Electric Vehicle Charging Market: Overview

As the world is moving toward more sustainable ways of development, the market for electric vehicles (EVs) is gaining high momentum and so are the various technologies associated with it. One of the major aspects of the EV market is the construction of charging stations. The most conventional forms of charging stations include the use of wired technology, however, several key players are investing resources to innovate breakthrough technologies in the EV vehicle charging segment and one such technology is the development of wireless charging systems. It involves powering electric cars or other automobiles without utilizing any kind of cables and the units that provide such facilities are called wireless electric vehicle charging stations (WEVCs) which are different from the traditional electric vehicle charging stations (EVCs). The basic fundamental applied to such stations is the same principle used to develop transformers where the primary and secondary side or winding in transformers is replaced by the transmitted and received side respectively.

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Key Insights:

·  As per the analysis shared by our research analyst, the global wireless electric vehicle charging market is estimated to grow annually at a CAGR of around 90.1% over the forecast period (2022-2030)

·  In terms of revenue, the global wireless electric vehicle charging market size was valued at around USD 15 million in 2021 and is projected to reach USD 500 million, by 2030.

·  The wireless electric vehicle charging industry is projected to grow at a significant rate due to the growing demand for electric vehicle

·  Based on application segmentation, commercial charging station was predicted to show maximum market share in the year 2021

·  Based on power supply segmentation, 11 to 50 KW was the leading segment in 2021

·  On the basis of region, Europe was the leading revenue generator in 2021

Facts and Factors published the latest report titled "Wireless Electric Vehicle Charging Market Size, Share, Growth Analysis Report By Application (Home Charging Unit and Commercial Charging Station), By Charging Method (Resonant Inductive Power Transfer (RIPT), Capacitive Wireless Power Transfer (CWPT), Inductive Power Transfer (IPT), and Magnetic Gear Wireless Power Transfer (MGWPT)), By Power Supply (More than 50 KW, 11 to 50 KW, and 3 to less than 11 KW), By Propulsion (Battery Electric Vehicle (BEV), Commercial Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Crew Exploration Vehicle), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.

Industry Dynamics:

Global Wireless Electric Vehicle Charging Market: Growth Drivers

·  Growing demand for electric vehicles to propel market growth.

The global wireless electric vehicle charging market is projected to be encouraged by the rising sales and demand for electric vehicles due to the several benefits provided by them. Traditional automobiles run on fuel which is not only a non-renewable source of energy but also leads to serious and irreparable damage to the environment. The growing awareness amongst the population, increasing fuel prices, growing number of players providing ground-breaking technology-equipped passenger vehicles, rising investments in more affordable EV units, and some additional factors are leading the demand for electric vehicles for personal and commercial uses.

Furthermore, the market players providing hybrid vehicles is a smart way of tapping a higher consumer database which is further strengthened by the rising number of strategic collaborations to maintain a constant supply of raw materials and also ensure that the end-product demand values are being met. Since product innovation is key to future growth, EV markers are directing the monetary and non-monetary resources towards improving the overall consumer experience by investing in wireless charging technology resulting in zero requirements for additional accessories for re-powering a vehicle.

Global Wireless Electric Vehicle Charging Market: Restraints

·  Slow charging to restrict market expansion.

Businesses working with technology have always struggled with improving the charging rate difference between wired and non-wired technology. The global market growth restrictions are no different as wireless EV charging is slower than wired charging. The time required to completely charge an EV depends on the battery strength. Wireless charging may not be helpful for long distances since there are several range-related restrictions.

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Wireless Electric Vehicle Charging Market: Opportunities

·  Growing research to provide growth opportunities.

The global wireless electric vehicle charging market can expect higher growth opportunities owing to ongoing extensive research for further enhancements in wireless technology. These activities are directed toward solving the existing drawbacks of the wireless system including finding ways to improve charging strength and enhance range limits. Additionally growing investments in far-field wireless technology is a potential segment many market players are showing keen interest in.

Wireless Electric Vehicle Charging Market: Challenges

·  Lack of supportive infrastructure to challenge the market expansion.

The EV market is significantly new and currently, most of the electric vehicles that are commercially available are high in price. The product is yet to create a significant consumer database in underdeveloped or developing nations that are going through several financial, political, or economic crises. These regions lack the necessary infrastructure required to support the expansion of wireless technology which is a major challenge for the global market players to overcome.

Global Wireless Electric Vehicle Charging Market: Segmentation

·  The global wireless electric vehicle charging market is segmented based on application, vehicle, power supply, propulsion, and region.

Based on application, the global market is divided into home charging unit and commercial charging station

·  The wireless electric vehicle charging industry witnessed the highest growth in the commercial charging station market and is projected to grow at a CAGR of more than 36% during the projection period

·  Due to the rising consumer awareness, more people willingly opt for commercial services that provide EV options, and this trend is expected to help the segment grow further since ride-sharing companies are noticing the expected future trend

·  The segmental growth can be further propelled by the rising demand for convenient, safer, and cost-efficient services which are currently acting as a major growth inhibitor for businesses providing passenger pick-up and drop services through fuel-powered vehicles

·  By charging method, the global market is segmented into resonant inductive power transfer (RIPT), capacitive wireless power transfer (CWPT), inductive power transfer (IPT), and magnetic gear wireless power transfer (MGWPT).

Based on propulsion, the global market is segmented into battery electric vehicle (BEV), commercial electric vehicle, plug-in hybrid electric vehicle, and crew exploration vehicle

 

Based on power supply, the global market segments are more than 50 KW, 11 to 50 KW, and 3 to less than 11 KW.

·  The wireless electric vehicle charging industry may register the highest growth in the 11 to 50 KW segment with a CAGR of 36.1%

·  These versions of charging points deliver better performance and the charging time is lesser than the time taken by 3 to less than 11 KW wireless charging

·  They can be used in residential and commercial settings and have higher potential than the other options available for use

Based on end-use, the global market segments are sustainable and industrial.

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List of Key Players in Wireless Electric Vehicle Charging Market:

·  Tesla

·  Toshiba Corporation

·  Toyota Motor Corporation

·  Qualcomm Technologies

·  Momentum Dynamis

·  Renesas electronics

·  WiTricity Corporation

·  Robert Bosch Gmbh

·  Evatran group

·  IPT group

·  Integrated Device Technology

·  Continental Ag

·  Texas Instruments Inc

·  Nidec Mobility Corporation

·  Elix Wireless

·  Nission

·  ZTE Corporation

·  Plugless Power

·  HEVO power

·  BMW

·  INTIS GmbH

·  T Good Global Ltd.

·  Daihen Corporation

·  WAVE Inc.

·  Groupe Delachaux

·  Electreon Inc.

·  Mojo Mobility Inc.

·  HEVO Inc.

·  Powermat Technologies.

Key questions answered in this report:

·  What are the growth rate forecast and market size for Wireless Electric Vehicle Charging Market?

·  What are the key driving factors propelling the Wireless Electric Vehicle Charging Market forward?

·  What are the most important companies in the Wireless Electric Vehicle Charging Market Industry?

·  What segments does the Wireless Electric Vehicle Charging Market cover?

·  How can I receive a free copy of the Wireless Electric Vehicle Charging Market sample report and company profiles?

Report Scope:

 

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Regional Dominance:

·  Europe to lead with the highest growth.

The global wireless electric vehicle charging market is projected to witness the highest growth in Europe with a CAGR of 36% mainly propelled by the technological growth being observed in the countries of Germany, the UK, Italy, and France in terms of the automotive industry and more specifically in the EV sector. The growing investment rate directed toward the installation of new research facilities along with units using end-products could act as regional market growth contributors. The regions are also witnessing a high demand for fuel-efficient vehicles, both for personal use as well as in the commercial sector which may work in the favor of an increase in demand for EVs resulting in more research for wireless technology. Growth in Asia-Pacific is expected to be led by the presence of dominant players working in the automotive segment with major growth opportunities emerging in Japan and China.

Global Wireless Electric Vehicle Charging Market is segmented as follows:

Wireless Electric Vehicle Charging Market: By Application Outlook (2022-2030)

·  Home Charging Unit

·  Commercial Charging Station

Wireless Electric Vehicle Charging Market: By Charging Method Outlook (2022-2030)

·  Resonant Inductive Power Transfer (RIPT)

·  Capacitive Wireless Power Transfer (CWPT)

·  Inductive Power Transfer (IPT)

·  Magnetic Gear Wireless Power Transfer (MGWPT)

Wireless Electric Vehicle Charging Market: By Power Supply Outlook (2022-2030)

·  More than 50 KW

·  11 to 50 KW

·  3 to less than 11 KW

Wireless Electric Vehicle Charging Market: By Propulsion Outlook (2022-2030)

·  Battery Electric Vehicle (BEV)

·  Commercial Electric Vehicle

·  Plug-In Hybrid Electric Vehicle

·  Crew Exploration Vehicle

Wireless Electric Vehicle Charging Market: By Region Outlook (2022-2030)

North America

·  The U.S.

·  Canada

Europe

·  France

·  The UK

·  Spain

·  Germany

·  Italy

·  Rest of Europe

Asia Pacific

·  China

·  Japan

·  India

·  South Korea

·  Southeast Asia

·  Rest of Asia Pacific

Latin America

·  Brazil

·  Mexico

·  Rest of Latin America

Middle East & Africa

·  GCC

·  South Africa

·  Rest of Middle East & Africa

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Browse through Facts and Factors's coverage of the Global Automotive Industry

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