by Wireless electric vehicle charging eliminates the need for physical plug-in connections and enables electric vehicles to charge simply by parking over charging pads, providing increased convenience to drivers. Wireless electric vehicle charging uses inductive charging technology to transmit energy through electromagnetic fields between charging pads installed on the ground and receiver pads mounted on the vehicle. This allows electric vehicles to charge without making physical contact with charging ports.
The global Wireless Electric Vehicle Charging Market is estimated to be valued at US$ 80 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased convenience of wireless charging is expected to drive its adoption as it eliminates the need for drivers to connect physical charging cables or locate charging ports. With wireless charging pads installed in residential and commercial parking spaces, electric vehicles will be able to charge opportunistically whenever parked over a charging location. This provides around-the-clock charging access and reduces range anxiety issues for electric vehicle drivers. As wireless charging technology steadily improves capabilities for faster charging and greater efficiencies, its deployment is anticipated to become more widespread across key regions in the coming years.
SWOT Analysis
Strength: Wireless charging offers convenience and eliminates the need for plug-in cables. It also prevents electric vehicle users from running out of charge mid-journey.
Weakness: Wireless charging is still in its nascent stages of development and commercialization. High costs involved in setting up wireless charging infrastructure and buying compatible vehicles.
Opportunity: Growing concerns over environmental pollution are accelerating the adoption of electric vehicles. Favorable government policies and subsidies boosting investments in wireless charging infrastructure across regions.
Threats: Slow progress in standardizing wireless charging technology formats posing interoperability challenges. Security issues involving data transmission during wireless charging. Stiff competition from fast charging wired systems restricts wider acceptance of wireless EV charging.
Key Takeaways
Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth during the forecast period of 2023 to 2030. North America dominates the market currently due to wide availability of compatible vehicles and supportive charging infrastructure in the US and Canada. Asia Pacific is expected to be the fastest growing regional market with government initiatives to promote electric vehicles and investments in wireless chargers by automotive giants in China and Japan.
Key players operating in the wireless electric vehicle charging market include Naïo Technologies, Dahlia Robotics GmbH, Ecorobotix, Carbon Robotics, Vision Robotics Corporation, Harvest Automation, Soft Robotics Inc, Abundant Robotics, Bosch Deepfield Robotics, Energreen, Saga Robotics, Blue River Technology, VitiBot, and Aigen. These players are focused on developing advanced wireless charging systems compatible with diverse vehicle models and formats. They are also investing in collaborations to build interconnected public wireless charging networks.
The market size for wireless electric vehicle charging is expected to reach US$ 80 Mn by 2023. Ongoing miniaturization of power transfer components and rise of self-driving electric vehicles will further fuel the future prospects of this market estimated to showcase a strong CAGR of 24% during the forecast period. Widespread investments by automakers and charging operators to create user-friendly wireless EV charging solutions will boost large-scale adoption.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
