Global Wireless Electric Vehicle Charging Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2033
Global Wireless electric vehicle charging Market was valued at USD6957 Million in 2023 and is reach to USD 249415 Million by 2033 at a CAGR of 43.03%
“Global Wireless Electric Vehicle Charging Market” was recently tracked by the MarketResearch.biz research team and studied, analyzed, and findings presented in a clear, accurate, and precise manner. Further segmentation country-wise is also provided, with each major country presented along under its respective region. The analysis included both, top-down and bottom-up approaches. Drivers, restraints, opportunities, and challenges in the market are ascertained and presented in the respective section. The global wireless electric vehicle charging market report has been segmented on the basis of technology, component, power supply range, charging type, and region.
Electric vehicles (EVs) has been gaining popularity in recent years, and charging stations are becoming more commonplace. The beginning of wireless charging is adding convenience and east operating these vehicles, and the emerging technologies are proving to be game changers for the growth of the global electric car industry. According to the Automobile Association of America, reducing fuel prices inhibited enthusiasm for electric vehicles in 2016. The trend was majorly influenced by compliance and awareness regarding damage to the environment, growing concerns regarding rising emissions and the need for carbon footprint reduction. According to the International Energy Agency’s Global EV Outlook, demand for electric vehicles is increasing continuously, and around 777,500 vehicles were sold worldwide the same year.
Wireless charging is also known as conductive charging or cordless charging. Wireless charging is done by using an electromagnetic field to transfer energy between two points through electromagnetic induction. Wireless charging allows a consumer hands-free and automatic charging. Moreover, growing infrastructure of fast chargers for electric vehicles is another key driver for growth of the wireless EV charging market.
Recent trend shows that major automakers are laying the foundation for improved charging infrastructure to enable the mass adoption of electric vehicles around the globe. Moreover, growing investment on smart city technologies and financial incentives provided by governments are among some of the major growth drivers of the wireless electric vehicle charging market.
The partnership between German automotive giant Qualcomm and Daimler AG to test wireless charging technologies for vehicle charging applications and for wireless charging of electric vehicles is a major development in the automotive wireless charging market. This partnership being formed between automotive and technology-based companies is projected to create more high-potential opportunities in the market. In May 2018, American corporation – Qualcomm – developed a new wireless electric vehicle charging technology (WEVC) called ‘Halo’, which is expected to revolutionize the automotive industry and aid is encouraging the adoption of electric vehicles in other countries around the world.
Europe and North America continue to be high-potential markets, but the market in Asia Pacific is expected to dominate the global wireless electric vehicle charger market with the largest revenue and volume share. Increasing investments in infrastructure development for wireless charging and government initiatives toward reducing dependency on fuel-related products in countries in the region are primary factors for this projected growth. Additionally, increasing R&D activities and investment in wireless technology is expected to further drive market growth. The need for the reduction of carbon emissions and footprint by electrifying transportation, and adopting electric vehicles have been gaining popularity in countries such as China and India. In addition, the price of EVs has been reducing and this is another key factor expected to drive market growth.
Global Wireless Electric Vehicle Charging Market Segmentation:
- Magnetic resonance
- Inductive charging
- Base Charging Pad
- Power Control Unit
- Vehicle Charging Pad
By Power Supply Range
- 3 kW – 11 kW
- 11 kW– 50 kW
- Above 50 kW
By Charging Type
- Dynamic wireless charging system
- Stationary wireless charging system
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size USD6957 Million Growth Rate 43.03% Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Continental AG
- Robert Bosch GmbH
- Qualcomm Technologies Inc.
- Toyota Motor Corporation
- Bombardier Inc.
- WiTricity Corporation
- HELLA GmbH & Co. KGaA
- EVATRAN GROUP
- TOSHIBA CORPORATION
- ZTE Corporation
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