Wireless Charging Market for Electric Vehicles worth USD 377 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 28, 2022 /PRNewswire/ -- According to the new market research report "Wireless Charging Market for Electric Vehicles by Power Supply Range (3-<11, 11-50 & >50 KW), Application (Home & Commercial), Distribution Channel (Aftermarket & OE), Component, Charging System, Propulsion, Vehicle Type & Region", published by MarketsandMarkets™, the global Wireless Charging Market for Electric Vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%.
Factors such as rising sales of electric vehicles around the world, along with the increasing inclination towards autonomous driving technology by automotive OEMs will boost the demand for the Wireless Charging Market for Electric Vehicles. Increasing investments for smart roads in several countries such as the US, Germany, and Italy, among others, in conjunction with increasing governmental support for wireless charging will create new opportunities for this market.
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BEV segment is estimated to hold the largest market share during the forecast period
BEV is expected to be the fastest-growing segment by propulsion during the forecast period. The adoption of wireless charging systems is higher in BEVs than in PHEVs. The only source of power in BEVs is the battery, which needs to be charged regularly. The wireless charging system can be installed in home garages, public places, malls, and offices. Increasing investments by various countries, such as Germany, Gotland, the US, and Italy, among others, to incorporate wireless charging technology for battery electric vehicles are expected to create favorable opportunities for the BEV segment in the Wireless Charging Market for Electric Vehicles in the coming years. Popular BEVs such as Nissan Leaf, Tesla Model S, and Jaguar I-Pace support wireless charging. Thus, the BEV segment is expected to be larger than the PHEV segment over the forecast period.
Inductive Power Transfer segment is expected to hold the largest share in the Wireless Charging Market for Electric Vehicles during the forecast period
Inductive Power Transfer is expected to be the fastest-growing segment by charging system during the forecast period. This is owing to the key advantages of inductive power transfer such as minimal maintenance cost, energy conservation, and the absence of magnetic field radiation. In addition, this technology offers high efficiency, reliability, and robustness and provides a clean, safe, and robust way to transfer power. Companies such as Continental AG, IPT Technology GmbH, Hella KGaA Hueck & Co., ZTE Corporation, and Plugless Power Inc. use inductive coupling technology for the wireless charging of electric vehicles. Additionally, leading automotive companies such as Tesla, Nissan, Chevrolet, and BMW use inductive power transfer methodology for electric vehicle charging.
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Europe is expected to dominate the wireless charging for electric vehicle market in 2027.
Europe is estimated to account for 66% of the global Wireless Charging Market for Electric Vehicles in 2022 by volume. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of economical batteries and increasing range. The charging infrastructure in Europe is expected to become more widespread due to favorable policies and government support. The sales of electric vehicles in the European region increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.
Europe has set an ambitious goal of reducing CO2 emissions by 80% by 2030-2050 and has created a roadmap for the same. Governments of various countries in Europe are subsidizing electric infrastructure, and the focus is expected to be on electric vehicles in the long run. This has resulted in the growth of the Wireless Charging Market for Electric Vehicles in the region. The presence of significant market players, such as IPT Technology GmbH, Hella KGaA Hueck & Co., and Robert Bosch GmbH, is expected to accelerate the growth of the Wireless Charging Market for Electric Vehicles in Europe during the forecast period. Ongoing projects related to dynamic wireless charging systems in Germany, Italy, and Sweden, among others, are expected to support the market growth in this region.
The Wireless Charging Market for Electric Vehicles is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc. (US), Efacec (Portugal), and HEVO Inc. (US). They develop products/systems for the electric vehicle ecosystem. They have initiated partnerships to develop their wireless EV charging technology and provide finished products to their respective customers.
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