New York, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The Wireless Car Charging market has witnessed significant growth in recent years, driven by the increasing adoption of electric vehicles (EVs) and the growing emphasis on sustainable and convenient charging solutions. As the automotive industry undergoes a transformative shift towards electrification, wireless car charging technology emerges as a key enabler to address the evolving needs of consumers and businesses alike.
In 2022, the wireless car charging market reached approximately US$ 17.2 million. By 2023, it is expected to grow to about US$ 30.2 million, with a projected valuation of US$ 11,527.4 million by the end of 2033. Over the forecast period from 2023 to 2033, the wireless car charging market is anticipated to exhibit a robust compound annual growth rate (CAGR) of 81.2%.
The urban landscape, characterized by a surge in electronic vehicle usage, is anticipated to drive the demand for wireless chargers. In densely populated areas, such as malls, offices, and hotels, a notable increase in electronic vehicles could lead to a rising demand for EV chargers in public spaces.
North America secured a dominant market share of 31.3% in the global wireless charging landscape in 2022, maintaining its leading position throughout the forecast period. The wireless car charging market in the South Asia and Pacific region is poised to experience substantial growth, with an estimated CAGR of 84.5% over the forecast period.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 17.2 Mn | |
| Estimated Revenue 2033 | US$ 11,527.4 Mn | |
| Growth Rate - CAGR | 81.2% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 250 Pages | |
| Market Segmentation |
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| Regions Covered |
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| Key Companies Profiled |
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Market Dynamics:
Advancing Electric Mobility: Wireless Charging Market Explores Vehicle-to-Grid (V2G) Energy Transfer
The Wireless Charging Market for Electric Vehicles is experiencing a transformative phase, with a pronounced focus on Wireless Vehicle-to-Grid (V2G) energy transfer. V2G technology involves electric vehicles interacting with the power grid to regulate charging rates or feed electricity back into the grid. Foreseeably, V2G communication is poised to witness significant traction in the global electric vehicle ecosystem, particularly in the Asia Pacific region where electric vehicle adoption is on the rise. Notably, China's strategic emphasis on increasing electric vehicle deployment aligns with its commitment to combat escalating emissions.
The V2G approach offers a host of economic, environmental, and operational advantages, becoming a pivotal driver for its increased demand. As nations progressively transition to renewable energy sources like wind and solar, electric vehicles and their batteries emerge as valuable assets for balancing energy supply and demand on the power grid. WiTricity Corporation, for instance, highlights the role of wireless charging in enhancing the Vehicle-to-Grid (V2G) experience, contributing to a more sustainable and stable energy grid.
The confluence of increasing global electric vehicle penetration, environmental considerations, and the multifaceted benefits of V2G positions wireless charging as a key player in fostering a sustainable and stable energy future. This, in turn, is expected to propel the revenue growth of the Wireless Charging Market for Electric Vehicles.
Restraint: Reduced Charging Efficiency Compared to Wired Alternatives
The drawback of lower charging efficiency poses a challenge for wireless EV charging systems when compared to their wired counterparts. This inefficiency results in power wastage and increased charging costs, making wired charging a more economical choice for everyday use. Wired EV charging typically exhibits an efficiency range of 90% to 95%, while wireless EV charging, particularly in motion, often falls below 80%. Moreover, wired charging processes are notably faster than their wireless counterparts, contributing to their cost-effective performance.
The economic advantage of wired EV charging becomes more apparent due to the challenges associated with deploying wireless systems in diverse conditions. Wireless charging necessitates precise alignment between the charging pad and the EV's receiver coil. Any misalignment or suboptimal distance between the coils can significantly reduce power transfer efficiency. Unlike wired chargers, which offer a more reliable and consistent connection, wireless systems are susceptible to these alignment-related constraints. These factors collectively contribute to limiting the growth of the wireless charging market for electric vehicles to a certain extent.
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Opportunity: Surging Demand for Semi-Autonomous Vehicles Drives Wireless EV Charging Market Growth
The robust increase in demand for semi-autonomous vehicles in recent years serves as a significant opportunity for the wireless charging market in the electric vehicle segment. The accelerated development of semi-autonomous cars, which possess the capability to sense their surroundings and navigate with partial human input while also responding to voice commands, is a key driver propelling the growth of the wireless charging market throughout the forecast period.
These semi-autonomous vehicles come equipped with advanced features like park assist, forward collision avoidance, and advanced cruise control, contributing to their popularity. The integration of wireless EV charging into these vehicles offers an added layer of convenience, allowing drivers to effortlessly charge their vehicles without the need for physical plugs.
The rising trend towards semi-autonomous and autonomous vehicles is anticipated to foster an increased demand for wireless EV charging systems. Notably, many semi-autonomous vehicles boast features like self-parking, providing an opportunity to seamlessly integrate wireless EV charging technology. This integration enables vehicles to autonomously position themselves over wireless charging pads, facilitating efficient and hands-free charging. The convergence of these factors is expected to bolster the market growth for wireless EV charging systems.
Key Trends in the Wireless Electric Vehicle Charging Market:
The wireless electric vehicle charging market is witnessing several key trends shaping its trajectory. A notable trend is the increasing focus on higher charging capacities, with a growing shift towards chargers exceeding 50 kW. This aligns with the industry's pursuit of faster charging times, catering to the evolving needs of electric vehicle users.
Additionally, there is a notable surge in research and development activities aimed at refining and expanding the application of wireless charging technologies. The integration of artificial intelligence and smart technologies is another prominent trend, enhancing the efficiency and user experience of wireless charging systems.
Moreover, a rising emphasis on interoperability and standardization is evident, addressing the need for seamless integration across different vehicle models and charging infrastructure. As sustainability gains traction, manufacturers are increasingly incorporating eco-friendly materials and energy-efficient designs in wireless charging solutions. Overall, these trends underscore the industry's commitment to advancing technology, enhancing convenience, and fostering sustainability in the electric vehicle charging landscape.
Top 6 Key Players in the Wireless Electric Vehicle Charging Market:
- WiTricity Corporation: A prominent player focusing on wireless charging solutions, WiTricity is known for its innovations and contributions to the growth of the wireless electric vehicle charging market.
- Plugless (Evatran Group): Recognized for its Plugless wireless charging technology, Evatran Group is a key player offering wireless charging solutions for electric vehicles.
- Powermat Technologies Ltd.: Powermat Technologies is a notable player in the wireless charging market, providing solutions for various applications, including electric vehicle charging.
- Qualcomm Technologies, Inc.: As a leading technology company, Qualcomm Technologies is actively involved in the development and advancement of wireless charging technologies, including those for electric vehicles.
- Momentum Dynamics Corporation: Specializing in high-power wireless charging solutions, Momentum Dynamics plays a crucial role in providing efficient charging options for electric vehicles, particularly in the commercial and public transportation sectors.
- ZTE Corporation: ZTE Corporation, a global technology leader, is actively involved in the wireless electric vehicle charging market, contributing to the development and deployment of wireless charging solutions.
These key players, through their expertise and technological advancements, significantly influence the wireless electric vehicle charging market's growth and shape the industry landscape.
Segmental Analysis:
The market segmentation for the global wireless electric vehicle charging market is categorized based on power source, charging methods, installation, distribution channel, vehicle type, and region.
By Power Source: The market is divided into 3–<11 kW, 11–50 kW, and >50 kW segments. The 11–50 kW segment, exhibiting enhanced efficiency and faster charging times, dominates the market and is projected to grow at a CAGR of 36.4%. Widely used in homes and commercial/public outlets, these chargers, though costlier than 3–<11 kW alternatives, offer a faster-charging option suitable for on-the-go charging, home solutions, and commercial applications.
Based on Charging Methods: Segments include capacitive wireless power transfer (CWPT), magnetic gear wireless power transfer (MGWPT), resonant inductive power transfer (RIPT), and inductive power transfer (IPT). The IPT segment, utilizing the coupling between two circuits, is the leading contributor and is estimated to grow at a CAGR of 37.3%. This method, employing a two-part transformer, has been tested and utilized in various applications, driving market growth.
By Installation Type: Segmentation includes home and commercial installations, with the commercial segment leading and projected to grow at a CAGR of 36.2%. The surge in demand for ride-sharing autonomous electric vehicles contributes to the need for wireless charging stations, especially in commercial outlets catering to public transit charging.
Based on the Distribution Channel: The market is categorized into OEMs and aftermarkets. The aftermarket segment dominates, growing at a CAGR of 36.0%, as the rise in electric and commercial electric vehicles increases the demand for charging stations. The on-the-go charging feature meets consumer and fleet operator requirements, filling potential gaps left by fewer OEM-centric charging stations.
By Vehicle Type: Segmentation includes battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and commercial electric vehicles. The commercial EV segment leads, growing at a CAGR of 34.7%, driven by the transformation of buses and trucks into electric vehicles. Investments in electric buses by countries like China contribute to the demand for wireless electric vehicle charging systems, propelling market growth.
Regional Analysis:
The global wireless electric vehicle charging market is regionally segmented into North America, Europe, Asia-Pacific, and LAMEA.
Europe: Emerging as the primary revenue contributor, Europe is poised for substantial growth with an estimated CAGR of 35.9%. Key countries such as the UK, Germany, France, Italy, and the rest of Europe are experiencing significant advancements in wireless charging technology. The robust development in the European electronics market, driven by the demand for efficient and durable charging systems, particularly for power tools and portable gadgets, contributes to the region's growth. Increased electric vehicle sales in Germany, the Netherlands, France, Denmark, Sweden, and other high-growth countries are expected to further augment market expansion.
Asia-Pacific: Positioned as the second-largest region, Asia-Pacific is forecasted to achieve a value of USD 55 million by 2030, registering a noteworthy CAGR of 38%. The region exhibits high growth potential, propelled by the rapid surge in electric vehicles in countries like China and Japan. Government initiatives aimed at enhancing electric vehicle charging infrastructure, such as the plan by the Automotive Research Association of India (ARAI) to deploy over 200 EV charging stations in India, are poised to catalyze market growth significantly.
North America: Ranking as the third-largest region, North America, encompassing the U.S., Canada, and Mexico, has witnessed the expansion of the wireless electric car charging market. This growth is attributed to increasing demand for portable and wireless gadgets and ongoing technical advancements across the economy. North America is expected to experience heightened demand for wireless charging systems, driven by the expansion of the electronics market and a concurrent rise in electric vehicle sales. Moreover, the growing environmental awareness in the North American automotive market further fuels the adoption of fuel-efficient and eco-friendly wireless charging devices.
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