Wireless EV Charging Market to Grow at 19.7% CAGR by 2030
Rising inclination towards electric vehicle and growing demand for energy-efficient sources are among the key factors driving the growth of wireless electric vehicle charging market.
The Wireless Electric Vehicle Charging Market is expected to grow at a CAGR of 19.7% from 2022-2030, according to a new research report by Next Move Strategy Consulting.
Wireless electric vehicle charging enables faster and convenient charging of the vehicle without the use of charging codes. It provides high degree of convenience and helps to charge the vehicle faster as compared to traditional methods. Growing research in the field of wireless charging technologies, increasing investment for developing fast charging technologies and high cost of fossil fuels are some of the major factors driving the wireless electric vehicle market growth. However, high cost of the wireless charging devices, and lack of requisite infrastructure are the factors expected to restrain the market growth.
Based on of power source, charging method, installation, distribution channel, vehicle type and geography. On the basis of power source, the market is segmented into 3–<11 kW, 11–50 kW, and >50 kW. On the basis of charging method, the market is divided into capacitive wireless power transfer (CWPT), magnetic gear wireless power transfer (MGWPT), resonant inductive power transfer (RIPT), and inductive power transfer (IPT). On the basis of installation, the market is classified into home and commercial. On the basis of distribution channel, the market is categorized into OEMs and aftermarket. On the basis of vehicle type, the market is bifurcated into BEV, PHEV, and Commercial EV. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographically, North America holds the lion share of the wireless electric vehicle charging market. This is attributed to factors such as increasing adoption of electric vehicle, and growing advancement in automotive sector in this region.
However, Europe is expected to grow rapidly in terms of market share in the global wireless electric vehicle charging market during the forecast period. This is due to factors such as increasing sale of electric vehicle and presence of leading market players such as Continental AG and Robert Bosch GmbH.
Browse key industry insight from the report, “Wireless Electric Vehicle Charging Market by Power Source (3–<11 kW, 11–50 kW, and >50 kW), by Installation (Home and Commercial), by Distribution Channel (OEMs and Aftermarket), by Vehicle Type (BEV, HEV, and EV Commercial) - Global Opportunity Analysis and Industry Forecast, 2022 – 2030”
According to the report, the major players of the wireless charging market include 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, and Witricity Corporation.
Key Insights from the Wireless Electric Vehicle Charging Market Report:
- Current emerging trends and opportunities are extensively analyzed in wireless electric vehicle charging market report
- The forecast of the wireless electric vehicle charging market comes along with additional information associated with opportunities, restrains and key drivers in the market
The report wireless electric vehicle charging- segmented by power source, charging method, installation, distribution channel, vehicle type and geography.
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