Wireless Electric Vehicle Charging Market Will Expand at 90.2% Growth by 2030

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The global wireless electric vehicle charging market size surpassed USD 24.37 million in 2022 and is projected to rise to USD 478.5 million by 2030, anticipated to grow at a strong CAGR of 90.2 percent during the projection period from 2022 to 2030.

The rapidly increased acceptance of the wireless electric vehicle charging market with developed technologies and increased features and manufacturing, and production of the electric vehicles wireless charging market expanded the market to grow as investigated by the forecast of wireless electric vehicle charging. The presence of advanced facilities integrated in the vehicles with improved wireless technology has enhanced the market to grow to a larger extent with multiple ease of benefits from electric vehicle wireless charging. The government also contributed to increasing developments in wireless electric vehicle charging and increased investment to increase the market. The key market players involved in introducing wireless charging electric vehicles with increased manufacturing and production with new developments have increased the market growth.

Report Highlights:

• Wireless electric vehicle charging on the basis of power supply involves 3 - <11 KW, 11 - 50 KW, >50 KW. 3 -11 KW is the fastest-growing market.
• Based propulsion involves BEV and PHEV. BEV is the highest growth in the market. Based on the vehicle type includes passenger cars and commercial vehicles.
• Based on distribution channel includes aftermarket, and OE market. On the basis of the component includes such as a control power unit, and charging pad.
• The basic of charging is divided into two segments such as dynamic wireless charging system and stationary wireless charging system.
• On the basis of charging system involves systems such a inductive power transfer, capacitive power transfer, and magnetic power transfer.
• Based on applications involves commercial charging stations and home charging unit.
• Based on geographical regions, the Asia Pacific region to the top most to hold the market with increased revenue share with increased demands. Europe also holds the highest position to increase the market of wireless charging electric vehicles. Other regions such as North America, Latin America, the Middle East, and Africa in the process to contribute increasing their market share.

Wireless Electric Vehicle Charging Market Report Scope:

Regional Snapshots:

The geographical regions contribute to increasing the market growth with increased developments. The advanced developed technologies in wireless electric vehicle charging with increased infrastructures of charging stations and rising population with increased demand from the market for new technologies developed has enhanced the market to a greater extent. Asia Pacific region to be the fastest region to increase the market with improved features and new innovative technologies with extra features have extended the market to grow during the forecast period. Europe also to be the highest region with increased revenue share in the wireless electric vehicle charging market. North America, Latin America, the Middle East, and Africa these regions also accelerate the wireless and electric vehicle market size with increased developments with enhanced innovations.

Market Dynamics:

Drivers:

Rising number of populations with increased demands for newly developed wireless charging EVs. Increased benefits of wireless electric vehicle charging such as ease of utilization of the vehicles, easy charging through the transfer of power through magnetic coils, low maintenance, zero emission of carbon dioxide from the vehicles which contributes for a green city, faster charging available depending on the power supply, increased efficiency, decreased risk of shock, no use of a cable and carrying wires and many more with an increased rate of wireless electric vehicle charging market. Governments from various regions have shown initiative to develop electric vehicle wireless charging with an increased investment with the aim of zero emission of carbon dioxide. The key market players involved in developing and producing various features in vehicles have driven the market to grow during the forecast period.

Restraints:

Lack of awareness among the people regarding the availability of the developed features in electric vehicles may hamper the growth of the market. The availability of a number of options in electric vehicles this can affect the market growth with the increased cost of the wireless charging EV with developed new technologies may hinder the market to grow during the forecast period can be a major problem for developing the market growth.

Opportunities:

The increased market of electric vehicle wireless charging with developed technologies and features with increased manufacturing due to increased demands from the market and has witnessed the market to grow. Increased government support from various regions to improve the manufacturing of the wireless charging vehicle and zero emission of carbon dioxide with increased investments have increased the market to grow to a larger extent. The key market players who play a major role in enhancing the wireless charging vehicle with improved methods and features and introducing new technologies and increasing investment by the automobile industry have played a significant role in expanding the market to grow.

Challenges:

The increased cost of the developed features in wireless electric vehicle charging may lead to a challenging task for market growth during the forecast period. and would decline the market rate. Availability of the different options to the wireless charging electric vehicle could hinder the market of wireless EV charging.  Need to develop more infrastructures of charging stations to enhance the height of the market. Update of the electric vehicle with increased updates in the electric vehicle with increased cost of the upgrade of the electric vehicle. The lower efficiency of the vehicles with increased consumption of power of more than 8 - 12% efficacy and safety issues could hamper the market growth.

Recent Developments:

• Introduction of ground-based pad and increased manufacturing a production in flex manufacturing company at Austin, Texas in the month of May 2021 was developed by HEVO. As examined, they got more than 200-unit demand in the starting months of 2021.
• In December 2021, Toyota motor corporation with increased research and development for example developed specifications in wireless electric charging vehicle during the ride of the car. Integration of charging systems on the roads, highways or developing the infrastructure, intersections of the regions, cities and many more areas.
• Launching of new patent with new developments and research in wireless electric vehicle charring BEVs in the region South Korea in the month October 2021. The newly developed first electric vehicle battery based in the year 2018 utilized by the Hyndai Genesis. Genesis GV60 soon will be launched in south korea by the year 2018.

Major Key Players:

• Toyota Motor Corporation
• Toshiba Corporation
• TGOOD Global Ltd
• Momentum Dynamis Corporation
• Tesla
• Robert Bosch GmbH
• Coninental AG
• ZTE Corporation
• HELLA GmbH & Co. KGaA
• WiTricity Corporation
• Qualcomm Technologies
• Powermat Technologies
• Renesas electronics
• Nidec mobility corporation
• Evatran group

Market Segmentation

By Power Supply

• 3 - < 11 KW
• 11 - 50 KW
• >50 KW

By Vehicle

• Commercial Vehicles
• Passenger Cars

By Application 

• Commercial Charging Station
• Home Charging Unit

By Components

• Base charging pad
• Power control unit
• Vehicle charging pad

By Charging Type

• Dynamic wireless charging system
• Stationay wireless charging system

By Distribution Channel

• Aftermarket
• OE Market

By Propulsion Type

• BEV 
• PHEV
• CEV

By Charging System

• Inductive Power Transfer
• Capacitive Power Transfer
• Magnetic Power Transfer

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