Electric Vehicle Wireless Charging Market

Electric Vehicle Wireless Charging Market

New York, January 2024: According to a new research study by Global Insight Services (GIS), the Electric Vehicle Wireless Charging Market is expected to grow rapidly over the next 10 years to reach at a CAGR of 37.0% from 2023-2033.

Electric Vehicle Wireless Charging (EVWC) is a system that allows electric vehicles to be charged without the need for a physical connection between the vehicle and the charging station. The EVWC system uses inductive charging, which uses an electromagnetic field to transfer energy between two coils. One coil is located on the ground, and the other is located on the underside of the vehicle.

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Global Electric Vehicle Wireless Charging Market: Market Drivers and Trends

The increasing popularity of wireless electric vehicle charging solutions is expected to drive market growth. As the number of electric vehicle owners continues to rise, there is a growing need for more public charging stations. Anticipated future growth in the electric car market suggests an increased demand for fast charging options to accommodate various use cases. The convenience of charging electric vehicles anytime and anywhere they are parked, without the need for a grid connection, further contributes to the expanding adoption of wireless charging. This global trend is not only beneficial for reducing pollution but also has a substantial impact on the overall market.

Global Electric Vehicle Wireless Charging Market: Market Restraints and Challenges

The Electric Vehicle Wireless Charging Market faces several market restraints that impact its widespread adoption. One significant challenge is the high initial cost associated with deploying wireless charging infrastructure, including the installation of charging pads and communication systems. Additionally, the limited charging efficiency compared to traditional wired methods and concerns about the potential electromagnetic interference pose technical hurdles. Range anxiety among consumers, driven by the current limitations in wireless charging infrastructure, also hampers market growth. Moreover, standardization issues and the need for a cohesive regulatory framework further impede the seamless integration of wireless charging technology into the electric vehicle ecosystem. Addressing these restraints will be crucial for the broader acceptance and success of wireless charging solutions in the electric vehicle market.

Global Electric Vehicle Wireless Charging Market Report Findings

https://www.globalinsightservices.com/reports/electric-vehicle-wireless-charging-market/

The BEV segment is likely to hold the major share of the market in 2023

Based on vehicle type, market is sub-categorised into BEV, PHEV, and CEV. In 2023, the BEV segment accounted for the significaant share of the overall revenue. The Battery Electric Vehicle (BEV) segment is experiencing robust growth in 2022 as the automotive industry continues to pivot towards sustainable solutions. BEVs, powered solely by electric batteries, are gaining popularity due to their zero-emission nature and advancements in battery technology, enhancing their range and performance. The demand for wireless charging solutions in the BEV segment is witnessing a notable upswing, driven by the convenience and efficiency they offer. This growth is further fueled by increasing consumer awareness, government incentives, and a growing commitment from automakers to expand their electric vehicle portfolios. As infrastructure for wireless charging continues to develop, the BEV segment is poised to play a pivotal role in shaping the future of electric mobility.

The CWPT segment is likely to hold the major share of the market in 2023

Based on charging method, market is sub-categorised into CWPT, MGWPT, RIPT, and IPT. In 2022, the CWPT segment accounted for the significaant share of the overall revenue. The Continuous Wireless Power Transfer (CWPT) emerging as a pivotal charging method. CWPT stands out due to its ability to provide uninterrupted and seamless charging experiences for electric vehicles. This technology allows vehicles to charge dynamically while in motion or at stationary charging points, enhancing the convenience and efficiency of electric vehicle charging infrastructure. As the EVWC market evolves, the segment growth of CWPT is anticipated to play a crucial role in shaping the future landscape of electric vehicle charging, fostering increased adoption and addressing the growing demand for sustainable and accessible charging solutions.

The Above 11 kW segment is likely to hold the major share of the market in 2023

Based on Power Supply, market is sub-segmented into Up to 3.7 kW, Above 3.7–7.7 kW, Above 7.7–11 kW, Above 11 kW, and Others. Among these, in 2023, above 11 kW segment dominated the global market. notable surge in growth within the Above 11 kW segment, primarily driven by the increasing demand for high-powered charging solutions. As electric vehicles become more prevalent, the need for faster and more efficient charging methods has intensified, especially in commercial and public charging infrastructure. The Above 11 kW segment, catering to larger EVs and fleet applications, is witnessing heightened adoption due to its ability to deliver rapid charging, reducing downtime for electric vehicles and enhancing overall operational efficiency. This trend  highlights a crucial shift towards advanced charging technologies, propelling the EV industry further into a sustainable and convenient future.

The Commercial Charging Station segment is likely to hold the major share of the market in 2023

On the basis of application, market is divided into Commercial Charging Station, and Home Charging Unit. Out of these, Commercial Charging Station,segment is expected to witness the fastest growth rate during the forecast period. It is due to the increasing adoption of electric vehicles (EVs) in commercial fleets and urban transportation systems. As businesses and municipalities embrace sustainable mobility solutions, the demand for efficient and convenient charging infrastructure for commercial EVs is on the rise. Commercial charging stations offer a practical solution for fleets of electric taxis, delivery vehicles, and public transportation, addressing the need for quick and reliable charging to minimize downtime. Moreover, the integration of wireless charging technology enhances the user experience, providing a seamless and automated charging process. Hence, it is expected to continue as the electrification of commercial transportation gains momentum, contributing significantly to the expansion of the Electric Vehicle Wireless Charging Market in the commercial segment.

The OEMS segment is likely to hold the major share of the market in 2023

Based on distribution channel, industry is segmented into OEMS, and After Market Among these, OEMS segment dominating in 2023, holding the majority share of revenue. This is attributed to the as automakers increasingly integrate wireless charging technology directly into their electric vehicle (EV) designs. OEMs play a pivotal role in shaping the future of electric mobility by offering seamless wireless charging solutions as part of their vehicle packages. This trend is driven by the growing consumer demand for convenience and innovation in the EV sector. By collaborating with wireless charging technology providers, OEMs are not only enhancing the overall user experience but also contributing to the widespread adoption of electric vehicles, ultimately propelling the OEMs segment’s expansion within the electric vehicle wireless charging market.

The North America region is accounted for the majority of market share in 2023

Based on region, market is studied across North America, Europe, Asia-Pacific, and Rest of the World. In 2023,
The North America segment in the Electric Vehicle Wireless Charging Market has witnessed robust growth, driven by increasing consumer adoption of electric vehicles (EVs) and a growing emphasis on sustainable transportation solutions. The region’s commitment to reducing carbon emissions, coupled with supportive government initiatives and incentives for EV adoption, has spurred demand for wireless charging infrastructure. Key players in the market are actively expanding their presence in North America, contributing to the proliferation of wireless charging stations. Moreover, advancements in technology, such as higher charging efficiencies and improved user experience, further fuel the market’s momentum in North America, positioning the region as a significant player in the global electric vehicle wireless charging market.

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Competitive Landscape

The key players studied in the global Electric Vehicle Wireless Charging Market are Witricity, ElectReon, InductEV Inc., Plugless Power Inc., Wave Charging, Evatran Group Inc., IPT Technology Inc., Continental AG, Shenzhen VMAX New Energy Co., Ltd, HEVO Inc., among others.

Global Electric Vehicle Wireless Charging Market: Recent Developments

  • In July 2023, indie Semiconductor, an automotive semiconductors and solutions company, introduced a system-on-chip (SoC) for wireless power charging. The iND87200 SoC sets a new standard in integration, providing a comprehensive solution for developing cost-effective in-cabin portable device charging designs that meet the WPC ‘Qi’ standard. This innovative offering from indie Semiconductor simplifies and expedites the development process, enabling automotive manufacturers to incorporate efficient and reliable wireless charging capabilities in their vehicles.
  • In November 2022, Motherson, an auto component manufacturer, partnered with Aira, a consumer electronics company, to accelerate the developments in wireless charging for car interiors. This new partnership aims to provide exceptional wireless charging modules that seamlessly integrate into the interior of new vehicles, to deliver a superior user experience.
  • In August 2022, MAHLE, a technology group, and Siemens, an automation company, entered a collaborative agreement to explore wireless charging systems for electric vehicles. Through this partnership, both companies aim to work together on developing and testing comprehensive infrastructure and automotive engineering systems for wireless charging. This cooperation enables them to leverage their expertise and resources to drive advancements in wireless charging technology and contribute to the growth of electric mobility.
  • In July 2022, Plantronics AG, a wireless charging applications provider, partnered with Luxshare-ICT, an electronic component manufacturing company, to accelerate the adoption of NFC wireless charging in consumer and computing devices. With this partnership, the company aims to offer pre-built solutions for NFC wireless charging, facilitating seamless integration of wireless charging capabilities into a wide range of consumer electronics products.

Global Electric Vehicle Wireless Charging Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Electric Vehicle Wireless Charging Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future global Electric Vehicle Wireless Charging Market potential from 2022 to 2032 in terms of revenue ($ Million).
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Electric Vehicle Wireless Charging Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Electric Vehicle Wireless Charging Market industry.

Market Segmentation

By Vehicle Type

  • BEV
  • PHEV
  • CEV

By Charging Method

  • CWPT
  • MGWPT
  • RIPT
  • IPT

By Power Supply

  • Up to 3.7 kW
  • Above 3.7–7.7 kW
  • Above 7.7–11 kW
  • Above 11 kW

By Application

  • Commercial Charging Station
  • Home Charging Unit

By Distribution Channel

  • OEMS
  • After Market

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players

  • Witricity
  • ElectReon
  • InductEV Inc.
  • Plugless Power Inc.
  • Wave Charging
  • Evatran Group Inc.
  • IPT Technology Inc.,
  • Continental AG
  • Shenzhen VMAX New Energy Co., Ltd
  • HEVO Inc.,