Enabling Smart Mobility: Wireless Electric Vehicle Charging Market...

Enabling Smart Mobility: Wireless Electric Vehicle Charging Market is driven by Convenience

Posted 2024-02-27 08:39:06

The wireless electric vehicle charging market offers wireless charging solutions that allow electric vehicles to charge without being physically connected to a power source through charging cables. Wireless charging systems consist of a charging station equipped with a transmitter pad that transfers electricity through electromagnetic waves to a receiver pad located on the vehicle. This permits the vehicle to charge conveniently by parking it over the charging pad. Various EV manufacturers are integrating wireless charging technology directly into newer vehicle models to provide buyers with a seamless charging experience.

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 2024 to 2030.

Key Takeaways

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. The growing consumer demand for electric vehicles coupled with the convenience of wireless charging infrastructure is expected to drive market growth. Several countries are also investing heavily in developing public wireless fast-charging stations to accelerate EV adoption. Automakers are focusing on building strategic partnerships with wireless charging solution providers to equip future EVs with built-in wireless charging technology.

Market Drivers

The main driver boosting the Global Wireless Electric Vehicle Charging Market Size is convenience. Charging wirelessly eliminates the need to physically connect charging cables which makes the process more convenient. This is appealing to EV owners looking for hassle-free and quick charging options on the go. Wireless charging also prevents charging port damage due to frequent cable connecting/disconnecting. The technology allows charging automatically when vehicles are parked over transmitter pads without any active involvement of users. This makes wireless EV charging a very user-friendly option compared to wired alternatives. Continuous innovations to enhance wireless charging ranges and speeds will further improve convenience.

Impact of geopolitical situation on the growth of Wireless Electric Vehicle Charging Market
The current geopolitical landscape is posing several challenges for the growth of the wireless electric vehicle charging market. The ongoing Russia-Ukraine conflict and sanctions on Russia have exacerbated the supply chain issues and raw material price volatility. This is negatively impacting the production and distribution of wireless EV charging systems across several European and Asian countries. Furthermore, rising geopolitical tensions between major economies like US, China and allies are resulting in technology transfer issues and investment barriers. To sustain growth in such uncertain times, companies must diversify their supplier networks, locally manufacture key components and scale up R&D centers across different regions. Governments need incentives and supportive regulations to boost domestic manufacturing and cross-border partnership models to enhance energy security through wireless charging infrastructure development.

Fast-changing energy policies and investments patterns across regions due to environmental and energy independence goals are also impacting market opportunities. Rising fuel costs are accelerating the adoption of electric vehicles globally. However, inadequate charging infrastructure is a major concern. Wireless charging eliminates the need for cables and works best for dynamic and opportunity charging scenarios. Europe and Asia Pacific currently account for over 70% of the total wireless EV charging market value due to strong policy push for decarbonization of transport sector. North America is witnessing increasing focus on transportation electrification with major investments happening in EV charging infrastructure including wireless solutions from automakers and energy companies. The wireless EV charging market is expected to grow faster in emerging regions like Latin America and Middle East & Africa as well in the coming years due to rising spending capabilities, rapid urbanization and eco-friendly emission regulations.

Geographical concentration of Wireless Electric Vehicle Charging Market

Currently, Europe accounts for the largest share of over 40% of the total wireless EV charging market value globally. Countries like Germany, UK, France and Netherlands have very high electric car adoption rates and related charging infrastructure development. Various commercial entities are working on installing wireless charging roads and highways across major cities. However, rising energy security concerns amid ongoing conflicts are prompting nations to also focus on indigenous technology development and local manufacturing to reduce dependencies. Asia Pacific follows Europe with a share of over 30% led by major contributors like China and South Korea. The presence of leading automakers and component suppliers is driving large-scale investments and pilots projects for dynamic and stationary wireless charging systems across public places, taxi stands, bus depots etc.

Fastest growing region for Wireless Electric Vehicle Charging Market

The North American wireless EV charging market is expected to grow at the fastest rate of around 30% during the forecast period. Major automakers are ramping up electric vehicle production with charging infrastructure forming a key part of overall strategies. The US government's spending on transportation electrification through Bipartisan Infrastructure Law and incentives for setting up publicly accessible chargers will accelerate deployments. Canada is also focusing on developing charging corridors along major traffic routes. Increased collaboration between governments, utilities and businesses is helping address range anxiety through innovative solutions. Advances in technology are further driving down costs to support mass adoption. Rising environmental awareness and stringent emission norms will continue to boost demand for electric vehicles and related wireless charging solutions across all vehicle segments in the coming years.