The wireless electric vehicle charging market involves charging electric vehicles wirelessly through inductive charging pads installed on the ground. Wireless charging is a more convenient option for users as it eliminates the need to plug in chargers. Vehicles are parked on charging pads connected to underground circuits that transfer electricity through induction coils located both in the vehicle and pads. This charges the vehicles' battery packs without physically connecting a plug.

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 Dynamics:
Wireless charging offers several advantages over conventional plug-in charging such as ease of use as drivers do not have to get out of their vehicles to plug in chargers. This increases the adoption of wireless technologies among users. In addition, wireless technology integrated into roads and highways allows for continuous charging of electric vehicles while on the move, eliminating the need to stop for charge-ups. This factor is driving increased investments by governments worldwide into mass installation of inductive charging infrastructure. For example, South Korea has installed over 1,500 wireless charging stations across major cities and highways since 2017 to create a robust charging ecosystem. Such initiatives along with rising demand for electric vehicles are estimated to fuel growth of the global wireless electric vehicle charging market during the forecast period.

SWOT Analysis
Strength: The wireless electric vehicle charging market offers a convenient solution for charging electric vehicles without needing to plug in physical cables. This improves the user experience of charging EVs and makes it more seamless. It also enables charging EVs on the go while driving or parked. Wireless charging technology continues to become more efficient in transferring power over distance.

Weakness: Wireless charging is currently more expensive to implement compared to traditional wired charging systems. The charging speeds are also slower for most wireless charging systems today. There are technical challenges to transfer high amounts of power efficiently through wireless means over long ranges. Standardization across different wireless charging solutions has also been lacking.

Opportunity: As more electric vehicles get adopted globally, the need for convenient and universal charging solutions will rise. Wireless charging provides an opportunity to standardize a seamless charging experience. Many cities and commercial spaces are looking to install wireless charging infrastructure for public and fleet EVs. With advancements in transfer technologies, wireless charging speeds and ranges can vastly improve in coming years.

Threats: Slow pace of standardization may lead to fragmentation of the wireless charging market. Rising material costs for metals and electronics pose inflationary pressure. Dependence on renewable energy supply to power wireless chargers can be threatened by energy resource constraints or policy changes affecting clean energy adoption. Established wired charging solutions continue to get cheaper and faster, raising competition for wireless charging adoption.

Key Takeaways

Global Wireless Electric Vehicle Charging Market Size  is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 80 million by 2023. The CAGR for this period is estimated at 24%.

Regional analysis indicates that North America currently dominates the wireless EV charging market with over 40% share helped by supportive EV policies and fast expansion of public charging infrastructure in the US and Canada. However, Asia Pacific region is expected to take the leading position by 2027 with China, Japan and South Korea aggressively promoting EVS and investments in charging solutions.

Key players operating in the wireless electric vehicle charging market are 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, Aigen. These companies are investing in R&D to develop more efficient wireless power transfer solutions suitable for medium to heavy duty EVS. Partnerships between automakers and charging solution providers have also been increasing to roll out standardized systems. The future looks promising as wireless technology adoption grows alongside rising electric mobility around the world.

 

Explore More Related Article On This Topic: https://www.newsanalyticspro.com/wireless-electric-vehicle-charging-market-scope/