PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397146
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397146
Wireless Electric Vehicle Charging Market size was valued at USD 18.4 Million in 2022, expanding at a CAGR of 85.1% from 2023 to 2030.
The wireless electric vehicle charging market operates on the principle of transmitting energy from a power source to an electric vehicle without the need for wires or cables. This technology is renowned for its reliability, convenience, and safety in charging electric vehicles. Moreover, it offers efficient, cost-effective, and secure advantages compared to traditional charging systems, eliminating the requirement for physical connectors and cables. With the growing emphasis on autonomous ride-sharing and the evolving trend, the wireless electric vehicle charging market is poised for expansion and is set to become the preferred choice for OEMs and autonomous fleet operators.
There is an escalating demand among consumers for wireless-connected devices and low-maintenance vehicles, which, in turn, is increasing awareness about electric vehicles. This heightened awareness and the surge in demand for electric cars are resulting in increased electric vehicle production. For instance, according to a report by the IEA organization in 2022, global electric vehicle sales reached 6.7 million units in 2021, representing a substantial increase of 3.7 million units from 2020, accounting for 4.1% of the market share. Battery electric vehicles (BEVs) constituted the majority of new electric vehicle registrations in 2020, accounting for two-thirds of all electric vehicles. Europe claimed a significant share of these vehicles, with 2.3 million electric vehicles. China experienced the largest annual increase in 2021, reaching 3.4 million electric vehicles. Furthermore, according to the International Council on Clean Transportation (ICCT) report in 2021, the electric vehicle industry in the U.S. has witnessed remarkable growth, with sales increasing from a few thousand vehicles in 2010 to over 315,000 vehicles sold from 2018 to 2020. In 2020, electric vehicles accounted for approximately 2.4% of total vehicle sales, up from around 2% in 2019. Consequently, the upsurge in electric vehicle production is expected to further bolster the wireless electric vehicle charging market during the forecast period.
The Global Wireless Electric Vehicle Charging Market is segmented on the basis of Charging Type, Vehicle Type, Power Source, and Region.
The market is divided into four categories based on Charging Type: CWPT, MGWPT, RIPT and IPT. CWPT is a major charging technique where electric vehicles are charged without physical cords or cables. It is a prevalent technology for wireless EV charging. CWPT eliminates the need for physical cords or cables, making the charging process more convenient. Drivers simply need to park their electric vehicle over a wireless charging pad, and the charging process begins automatically. This convenience is a significant selling point for consumers.
The market is divided into three categories based on Vehicle Type: BEV, PHEV, and CEV. Battery Electric Vehicles (BEVs) are poised to dominate the wireless charging market for electric vehicles, particularly throughout the forecast period. Various automotive OEMs, including FAW in China and Hyundai Motor Company in South Korea, have integrated wireless EV charging technology as a standard feature in select vehicle models. With the surge in electric vehicle popularity and the imposition of more stringent emission standards, Battery Electric Vehicles exhibit substantial growth potential in the electric vehicle wireless charging market. Manufacturers of wireless charging systems are also concentrating on strategic growth initiatives, such as new product development and geographic expansion, with a specific focus on the Asia Pacific region. These factors collectively contribute to the robust revenue growth expectations within the BEV segment of the electric vehicle wireless charging market.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies in the Global Wireless Electric Vehicle Charging Market are deploying a range of strategic approaches to capitalize on the expanding electric vehicle and sustainable transportation trends. First, there's an emphasis on research and development, fostering innovations in wireless charging technology to enhance efficiency and convenience for consumers. Collaborations with automakers and infrastructure providers are driving the seamless integration of wireless charging solutions, promoting broader adoption. Furthermore, companies are leveraging partnerships with utilities and energy companies to enhance the scalability and grid compatibility of their systems. As demand grows, there's a concerted effort to expand the charging infrastructure, especially in urban environments. Lastly, the focus on standardization and interoperability ensures that various wireless charging systems can work harmoniously, providing a frictionless user experience and promoting market growth.
In July 2023, WiTricity Corporation unveiled the FastTrack Integration Program designed for vehicle manufacturers. This streamlined initiative empowers automotive OEMs to initiate the assessment and testing of electric vehicles equipped with wireless charging in a mere 90 days. The wireless charging capability will be fully integrated and operational on the automaker's electric vehicle platform, utilizing WiTricity's Halo receiver and Halo 11kW charger.
In June 2023, GINAF Trucks, a prominent commercial vehicle manufacturer in the Netherlands, partnered with Electreon to incorporate Electreon's wireless charging system into a GINAF 50-ton truck model. Furthermore, Electreon and GINAF are actively exploring the prospect of implementing aftermarket installations on additional GINAF trucks and Mercedes-Benz chassis.