April 22, 2024
Wireless Electric Vehicle Charging Market

Wireless Electric Vehicle Charging Market to Witness Rapid Growth due to Increasing Demand for Electric Vehicles

The wireless electric vehicle charging market has been gaining popularity over the recent years. Wireless charging is a charging technology which powers electronic devices without requiring any physical connections or cables. In the automotive industry, wireless charging technology for electric vehicles is being adopted at a rapid pace. Wireless electric vehicle charging allows electric vehicles to charge simply by parking the vehicle over a charging pad. This eliminates the hassle of finding a charger and plugging in cables. The convenience of wireless charging is considered a major advantage over traditional wired charging systems, thus attracting more motorists to opt for electric vehicles.

The Global Wireless Electric Vehicle Charging Market is estimated to be valued at US$ 92.16 Bn  in 2024 and is expected to exhibit a CAGR of 24% over the forecast period from 2024 to 2030.

Wireless charging for electric vehicles is increasing the driving range of EVs and reducing range anxiety for consumers. Government incentives and initiatives to promote adoption of electric vehicles across major economies will further propel the demand.

Key Takeaways

Key players operating in the Wireless Electric Vehicle Charging market are Naïo Technologies, Dahlia Robotics GmbH, Ecorobotix, Carbon Robotics, Vision Robotics Corporation.
The increasing demand from consumers for easier and faster charging solutions is a major opportunity for wireless charging systems in the electric vehicle industry. Government support through subsidies and investments will encourage automakers to install wireless chargers in new electric vehicle models.
Many developed regions have already started focusing on developing wireless EV charging infrastructure at public places to ease the transition to electric vehicles. The US, China, Europe and Japan are anticipated to be the key focus areas for wireless electric vehicle charger manufacturers globally in the near future.

Market Drivers
The major driver boosting the growth of Global Wireless Electric Vehicle Charging Market Size is the increasing demand for electric vehicles across the globe. Growing environmental concern regarding pollution from internal combustion engine vehicles and stringent emission regulations are compelling automakers to invest more in electric vehicles. Wireless charging removes the hassle of finding a compatible charger and plugging in cables, improves charging convenience. This increases the driving range of electric vehicles and reduces range anxiety which is a key factor influencing EV adoption. Governments across countries are also offering significant incentives and subsidies for purchasing electric vehicles as well as setting up public wireless chargers to encourage emission free mobility.

PEST Analysis
Political: The regulations supporting adoption of electric vehicles and investments in charging infrastructure by governments across the world are positively impacting the market. However, inconsistency of standards is a challenge.
Economic: Rising fuel costs and growing environmental concerns are major economic drivers for adoption of electric vehicles which is boosting demand for wireless charging solutions.
Social: Increased awareness about green transportation and sustainability is contributing to social acceptance of electric vehicles and wireless charging. However, high costs remain a barrier.
Technological: Advancements in areas such as contactless power transfer efficiency, miniaturization of components, and 5G networks are enhancing technological capabilities. Developments of automated guided vehicles and IoT integration offer new growth avenues.

The geographical regions concentrating maximum value for the wireless electric vehicle charging market in terms of revenue share include Asia Pacific, North America, and Western Europe. These developed markets have witnessed significant investments and policy push for electric mobility. Within Asia Pacific, China contributes majorly due to the size of its automotive market and government promotion of green vehicles.

The fastest growing regional market for wireless electric vehicle charging is expected to be Central and Eastern Europe over the forecast period. Countries like Poland and Czech Republic are witnessing increased focus on development of EV charging infrastructure. Rising incomes and changing consumer preferences also make these countries lucrative for market expansions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it