Wireless Charging Market for Electric Vehicles worth $1279 million by 2030 – Exclusive Report by MarketsandMarkets™
Chicago, Oct. 31, 2023 (GLOBE NEWSWIRE) — Wireless Charging Market for Electric Vehicles size is projected to grow from USD 80 million in 2023 to USD 1279 million by 2030, at a CAGR of 48.4% during the forecast period, according to a new report by MarketsandMarkets™.
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|Market size value in 2023:||USD 80 million|
|Projected to reach 2030:||USD 1279 million|
|Largest Market:||Asia Pacific|
|Region Covered:||Asia Pacific, North America, Europe, and Rest of the World|
|Segments Covered:||Power Supply Range, Application, Component, Charging System, Charging Type, Propulsion, Vehicle Type, and Region|
|Companies Covered:||WiTricity Corporation (US), InductEV Inc. (US), Plugless Power Inc. (US), Electreon (Israel), and HEVO Inc. (US)|
The rise in focus towards e-mobility paired with increased infrastructure development for EVs charging are expected to increase the demand for wireless EV charging solutions. Also, the strong government support for emission free electric vehicle and advancements in electric vehicle charging is anticipated to promote the revenue growth of wireless charging for electric vehicles.
BEV segment is expected to have largest share in the global wireless charging market for electric vehicles
The BEVs segment is expected to hold a larger share of the wireless charging industry for electric vehicles during the forecast period. Leading automotive companies such as FAW (China) and Hyundai (South Korea) use wireless EV charging systems in their models. For instance, the Hyundai Motor Company premium brand Genesis also offers an OE-fitted inductive charging system for its battery-electric vehicle model GV60. All these parameters are expected to bolster the revenue growth of the BEV segment in the wireless charging market for electric vehicles. Leading automotive companies such as Tesla, Inc. (US), BMW Group (Germany), and Nissan Motor Co., Ltd. (Japan) use wireless charging technology as an option in the Tesla Model S, BMW i3, and Nissan Leaf Gen 1 models, respectively.
Passenger car segment is expected to have significant growth opportunities in global wireless charging market for electric vehicles
The passenger car segment is expected to have significant growth opportunities in the wireless charging market for electric vehicles during the forecast period. This is owing to the increasing efforts by automotive OEMs to incorporate wireless charging systems in their vehicles. Hyundai Motor Company (South Korea) offers wireless charging as an option on the GV60 and FAW’s HongQi electric vehicles, and Volvo Car Corporation (Sweden) offers wireless charging as an option on the Volvo XC40 Recharge electric SUV. Increasing customer awareness, technological advancements, and government incentives, as in 2019, the EU set a target of having 30 million electric vehicles on the road by 2030. The EU offers several incentives to achieve this target, such as tax breaks and grants. All these aforementioned factors are anticipated to bolster the revenue growth of the passenger car segment during the forecast period.
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UK to lead the wireless charging market for electric vehicles market in Europe
UK is expected to register the highest growth in the wireless charging market for electric vehicles in Europe during the forecast period. This is owing to the increasing sales of EVs equipped with wireless charging systems. An increase in electric vehicle sales and a large number of charging stations would drive the growth of the wireless charging market for electric vehicles in Spain, Norway, Sweden, Austria, and UK, among others. In April 2023, WiTricity Corporation and ABT e-Line announced to bring wireless EV charging to the streets of Europe. With demonstrated experience working with the Volkswagen Group (VW), ABT e-Line (Germany) will initially upgrade the VW ID.4 model by early 2024 to support wireless charging technology offered by WiTricity Corporation. In January 2021, Electreon completed the deployment of 1.65 km of a dynamic wireless charging system on a public road in Gotland, Sweden.
Key Market Players
The wireless charging companies for electric vehicles are WiTricity Corporation (US), Electreon (Israel), InductEV Inc. (US), Plugless Power Inc. (US), Wave Charging (US), and ENRX (Norway), among others.
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