Wireless Electric Vehicle Charging Market To Advance At CAGR Of 90.00% From 2024 To 2033
According to Custom Market Insights (CMI), The Global Wireless Electric Vehicle Charging System Market size was worth around USD 14 million in 2021 and is predicted to grow to around USD 450 million by 2030 with a compound annual growth rate (CAGR) of roughly 90% between 2022 and 2030.
The report analyses the Wireless Electric Vehicle Charging System market’s drivers and restraints and the impact they have on demand throughout the projection period. In addition, the report examines global opportunities in the global Wireless Electric Vehicle Charging market.
Wireless Electric Vehicle Charging System Market: Overview
The key factors propelling the growth of the wireless electric vehicle (EV) charging System market are the rising demand for fast-charging infrastructure for EVs, the expansion of wireless charging infrastructure in European nations, the prevalence of range anxiety, and the standardization of wireless EV charging systems. Major retail MNCs and shared mobility operators worldwide are projected to deploy autonomous vehicles more frequently in public transportation and logistics in the upcoming years, creating considerable growth potential for market participants.
Browse the total “Wireless Electric Vehicle Charging Market Size, Trends and Insights By Power Supply (Less than 11 kW, More than 50 kW, 11 kW to 50 kW), By Type (Dynamic, Static), By Component (Base Pads, Vehicle Pads, Power Control Units, Battery Management Systems), By Technology (Capacitive Wireless EV Charging Systems, Permanent Magnet Gear Wireless EV Charging Systems, Inductive Wireless EV Charging Systems, Resonant Inductive Wireless EV Charging Systems), By Propulsion (BEV, PHEV), By Application (Commercial, Residential), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/wireless-electric-vehicle-charging-systems-market/
Growth Factors
The market has increased significantly due to a growing population, rising market demands, and better-developed technologies. The rapid adoption of newly developed innovative technologies with additional benefits from wireless electric vehicle charging, including simplicity of use, absence of carbon dioxide emissions and improvement of the global environment, higher efficiency, low maintenance costs, and reduced shock effects. The vehicle’s battery gets charged through the transfer of electricity from one magnetic coil to another. Electric car wireless charging uses batteries the same size and weight as those used in practical vehicles. These two factors together account for a significant drop in the price of electric automobiles.
Growing demand and more consumer knowledge have allowed the market to expand significantly. Market participants play a significant role in new inventions across regions, and ongoing research and development have helped to improve wireless electric vehicle charging with high market demand.
Segmental Overview
The Wireless Electric Vehicle Charging System market is segmented into type, component, technology, power supply, propulsion, and application. Furthermore, the need for wireless electric vehicle charging systems is categorized into commercial and residential wireless EV charging schemes based on the application. The market segment expected to see the most significant CAGR throughout the projection period is commercial wireless EV charging systems. Because middle-class and lower-middle-class people in Europe are increasingly purchasing electric vehicles without having the option to set them at home, there is a high demand for commercial wireless EV charging systems in China due to the availability of sizeable commercial garage parking spaces. These factors, as well as the increased proliferation of commercial wireless EV charging systems, all contribute to this segment’s high growth.
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Regional Overview
The global market for wireless EV charging has expanded due to rising electric car sales in European nations and rising demand for wireless EV charging solutions. However, the high upfront cost of wireless EV charging and the high price of integration limit market expansion. On the other hand, the market participants would have new chances due to the increased demand for high-power contactless inductive charging.
Key Players Insights
Due to rapidly shifting consumer preferences and ongoing technological advancement, the global market for Wireless Electric Vehicle Charging System is highly competitive. As a result, almost every market participant primarily focuses on installing fast and ultra-fast charging stations.
Prominent Players
- Toyota Motor Corporation
- TGOOD Global Ltd
- Toshiba Corporation
- Momentum Dynamics Corporation
- Robert Bosch GmbH
- Tesla
- Continental AG
- HELLA GmbH & Co. KGaA
- ZTE Corporation
- WiTricity Corporation
- Qualcomm Technologies
- Renesas electronics
- Powermat Technologies
- Nidec mobility corporation
- Evatran group
Table of Contents: https://www.custommarketinsights.com/report/wireless-electric-vehicle-charging-market/#table-of-contents
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