Global Electric Vehicle Wireless Charging Market Size To Grow USD 219 Million By 2030 | CAGR 41%

Category: Automotive & Transportation

RELEASE DATE Feb 2023
REPORT ID SI1477

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Global Electric Vehicle Wireless Charging Market is Anticipated to Grow at a CAGR of 41% from 2021 to 2030

 

The Global Electric Vehicle Wireless Charging Market Size was valued at $18 Million in 2021 and is expected to reach $219 Million in 2030 at a CAGR of 41% from 2021 to 2030. The inductive coupling hypothesis, which states that energy is passed through an electric device and used to charge batteries, forms the basis for the concept of wireless charging for electric vehicles. This method needs a charging base station where two things can exchange energy in order to function. The rising popularity of electric vehicles has had an impact on the need for wireless electric vehicle charging systems. It is projected that future market demand will rise as a result of rising interest in electric vehicles and expanding knowledge of eco-friendly transportation solutions.

Electric Vehicle Wireless Charging Market

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Browse key industry insights spread across 200 pages with 123 market data tables and figures & charts from the report Global Electric Vehicle Wireless Charging Market Size, Share, and COVID-19 Impact Analysis, By Type (Static, Dynamic) By Technology (CWEVS, PMWEVCS, IWEVCS, RIWEVCS) By Application (Commercial, Residential) By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030 in detail along with the table of contents. https://www.sphericalinsights.com/reports/electric-vehicle-wireless-charging-market

 

Electric vehicles are gaining popularity due to their efficiency and environmental friendliness, which has boosted the demand for fast-charging infrastructure. Long-distance and city commuting with electric automobiles is anticipated. However, the majority of EVs now on the market have a range of no more than 100 miles, making the usage of quick-charging technologies necessary to provide smooth, uninterrupted driving. Wireless charging offers a workable answer for the expanding, rapidly shifting charging needs because it can deliver up to 11 kilowatts of power, which is comparable to level-2 chargers. WiTricity Corporation, Momentum Wireless Power, and Wave Inc. are just a few of the wireless technology companies making significant investments in the study and development of fast-charging wireless power transmission solutions for electric vehicles.

 

The main market restraints are high costs connected with R&D activities and energy loss during transmission. These restrictions need to be removed in order for enterprises to properly compete in the market.

 

Covid 19 Impact on Electric Vehicle Wireless Charging Market

In 2019, there were over 2 million electric vehicles (OTR) on the road in the world. However, the COVID-19 issue caused supply chain disruptions, global industrial closures, and limitations on operations and workforce. The economic downturn caused a sharp decline in car sales, notably in the market for electric vehicles. The demand for infrastructure for electric vehicle charging has undergone significant modifications. Major investments for the development of EV charging infrastructure have been postponed since the bulk of EVSE (Electric Vehicle Supply Equipment) manufacturers internationally have been hampered by government restrictions and statewide lockdowns.

 

Global Electric Wireless Charging Market, By Type

Based on type, the market for wireless EV charging systems is largely segmented into static and dynamic EV charging systems. The market for static wireless EV charging systems is predicted to expand at the highest CAGR during the forecast period. Top car OEMs are conducting several pilot projects to include these chargers into their electric vehicles, and leading shared mobility and taxi fleet operators across the globe are rapidly using static wireless EV chargers for fleet charging applications.

 

Global Electric Wireless Charging Market, By Application

Based on the application, the market for wireless electric vehicle (EV) charging systems is segregated into commercial and residential wireless EV charging systems. Commercial wireless EV charging systems are the market segment predicted to see the highest CAGR over the forecast period. There is a considerable demand for commercial wireless EV charging systems in China due to the availability of big business garage parking spaces as middle-class and lower-middle-class people in Europe are buying electric vehicles more frequently without having the opportunity to charge them at home. These elements, together with the widespread use of commercial wireless EV charging infrastructure, all contribute to this market's rapid expansion.

 

Global Electric Wireless Charging Market, By Technology

As per technology, the market for wireless EV charging systems is segmented into four groups: inductive wireless EV charging systems, capacitive wireless EV charging systems, and resonant inductive wireless EV charging systems. The inductive wireless EV charging systems market is predicted to experience the highest CAGR during the projection period. This market has grown quickly because of the inductive wireless EV charging systems' high effectiveness due to the close coupling of the primary and secondary coils, low heat buildup in the system allowing significant power transfer, and increased efforts by major automotive OEMs to incorporate wireless charging capabilities into their vehicles.

 

Electric Vehicle Wireless Charging Market

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Global Electric Wireless Charging Market, By Region

The growing popularity of electric vehicles in Europe, the implementation of numerous wireless EV charging technology pilot projects across the continent, and government initiatives to assess the viability of wireless EV charging technology are the primary causes of the widespread use of wireless EV charging systems in Europe. Electric mobility players in Europe are launching new projects to build a sustainable road transportation infrastructure that can charge electric vehicles while they are in motion in an effort to reduce range anxiety connected to electric vehicles.

 

Some Recent Developments in the Global Electric Wireless Charging Market:

  • Businesses operating in the global wireless electric car charging market have been heavily spending in research and development to boost the efficiency of the charging technology.
  • In order to create contactless wireless charging stations that can accept autonomous and efficient electric vehicles, businesses like Plugless Power have made large investments.

 

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