Wireless EV Charging Market Size to Reach USD 210.01 Million by 2030 at CAGR 36.4% - Valuates Reports
BANGALORE, India, March 16, 2021 /PRNewswire/ -- The Wireless EV Charging Market is Segmented by Power Source (3–<11 kW, 11–50 kW, and >50 kW), Charging Method (CWPT, MGWPT, RIPT, and IPT), Installation (Home, and Commercial), Distribution Channel (OEMs, and Aftermarket), and Vehicle Type (BEV, PHEV, and Commercial EV). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Hybrid & Alternative Vehicles Category.
The global wireless EV charging market size was valued at USD 7.6 Million in 2019 and projected to reach USD 210.1 Million by 2030, registering a CAGR of 36.4% from 2020 to 2030.
Major factors driving the growth of wireless EV charging market size are, implementation of stringent emission norms, increasing focus on R&D activities, rapid technological advancements and smart marketing strategies.
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TRENDS INFLUENCING THE WIRELESS EV CHARGING MARKET SIZE
An increase in electric vehicles (EVs) sales is expected to drive the growth of the wireless EV charging market size. EVs deliver many benefits, such as reduced consumption of fuel (petrol, diesel, and gas) and reduced tailpipe emissions, which are dramatically increasing demand worldwide. This, in turn, is expected to increase the need for wireless charging for electric vehicles during the forecast period.
Furthermore, the wireless EV charger market size is expected to witness significant growth due to the rising technology adoption in the developed countries. The current plug-in charging stations take longer charging hours. Thus the wireless electric vehicle chargers on-the-go will appeal to the need. In European countries, home installation is the most lucrative segment. Wireless charging has broad implications for both automobiles and commercial fleets, thus fostering the growth of wireless electric vehicle charging market size.
Compared to conventional plug-in chargers, slower charging rates and costlier technology integration serve as the wireless electric vehicle charging market's primary constraints. The technology is more costly, as drive electronics and coils are required for inductive charging in both devices and chargers, thereby raising the complexity and cost of production. However, developments in technology are expected to minimize transfer losses and increase charging speed.
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WIRELESS ELECTRIC VEHICLE CHARGING MARKET SHARE ANALYSIS
The BEV segment is expected to hold the largest wireless electric vehicle charging market share during the forecast period.
Wireless charging is now available in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf. OEMs are concentrating on BEVs due to strict government regulations to curb increasing pollution. It is expected that rising BEV revenues and government funding would drive the overall demand.
Based on installation type the home segment is expected to be the most lucrative segment.
As the adoption of EV increase in the country, the installation of wireless EV charging stations is also expected to increase in each household.
Based on the distribution channel the OEM segment is projected as the most lucrative segment.
OEMs are concentrating on BEVs to curb increasing pollution due to strict government regulations. It is expected that rising BEV revenues and government funding would drive the overall demand.
Europe is expected to account for the largest wireless electric vehicle charging market share based on region during the forecast period.
The availability of well-developed infrastructure allows for the introduction of wireless charging in this region. Increased electric vehicles' sales and the developed EV infrastructure will drive the European region's wireless electric vehicle charging market size.
On the other hand, Asia-Pacific region is expected to be the most lucrative region.
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KEY MARKET SEGMENTS
By Power Source
- 3–<11 kW
- 11–50 kW
- >50 kW
By Charging Method
- CWPT
- MGWPT
- RIPT
- IPT
By Installation
- Home
- Commercial
By Distribution Channel
- OEMs
- Aftermarket
By Vehicle Type
- BEV
- PHEV
- Commercial EV
Key Market Players
- Bombardier
- Continental AG
- Evatran Group Inc. (plug less power)
- Fulton Innovation
- Integrated Device Technology, Inc.
- Powermat Technologies Ltd
- Qualcomm Inc.
- Robert Bosch GmbH
- Texas Instruments Inc.
- Toyota Motor Corporation
- Witricity Corporation.
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