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| Global Wireless Electric Vehicle Charging Market Size |
The wireless electric vehicle charging market revolves around enabling electric
vehicles to charge wirelessly through induction technology without plugging in
charging cables. Wireless charging provides convenience to EV users by
eliminating the need to connect charging cables. The growing concerns regarding
greenhouse gas emissions and reduction in oil reserves have accelerated the
adoption of electric vehicles. This has significantly boosted the demand for
associated wireless charging infrastructure development.
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 key players are investing heavily in R&D to develop
advanced wireless charging solutions. Strategic partnerships and collaborations
among automakers, infrastructure developers and charging point operators are
also on the rise to build the required wireless charging network.
The growth in EV sales coupled with range anxiety has opened up opportunities
for development of public wireless fast charging infrastructure across
highways, bus stations, airports etc. The emergence of self-driving electric
vehicles will further propel the need for ubiquitous wireless charging
solutions.
Major automakers are actively working on the integration of wireless charging
technology in upcoming electric vehicle models over the next 5 years.
Furthermore, automakers are also focusing their efforts on the global markets
of Asia Pacific, Europe and North America for next generation electric vehicles
with built-in wireless charging as these regions are actively investing in EV
infrastructure development.
Market drivers and restrain
The major Global
Wireless Electric Vehicle Charging Market Size driver for wireless
electric vehicle charging market is the growing electric vehicles sales
globally. As more automakers commit to electrification of their model lineups
and government policies promote electric vehicle adoption through incentives
and regulations, the demand for associated charging infrastructure is rising
exponentially. This provides impetus for wireless charging development.
Additionally, the ease of use and eliminate of plugging-in cables makes
wireless charging more convenient compared to conventional wired charging.
However, high costs of development and deployment of wireless charging systems
act as a major market restraint. Wireless charging technology is currently
expensive compared to conventional wired charging systems. Additional R&D
efforts are required to reduce costs and promote widespread adoption of the
technology. Limited range of current generation wireless charging pads is
another challenge that needs to be addressed through technological
advancements. Standardization of wireless charging technology and protocols is
another hurdle that requires collaboration between OEMs and infrastructure
providers.
Segment Analysis
The wireless electric vehicle charging segment is dominating the market
currently owing to the convenience it provides to users. Wireless charging
allows users to charge their electric vehicles without having to physically
connect the charging cable to the vehicle's charging port. This eliminates the
hassle of manual plug-in associated with wired charging. Furthermore, wireless
EV charging equipment is seeing higher demand for commercial applications like
fleet operated vehicles where it assists in streamlining the charging process.
Fast charging is also emerging as a lucrative segment due to the growing need
for quicker charging times among customers.
Global Analysis
The Asia Pacific region is currently the fastest growing as well as dominating
regional market for wireless electric vehicle charging. Countries like China
and Japan have exhibited strong momentum in EV adoption and charging
infrastructure build-out. Government incentives and subsidies for EV
procurement along with investments in wireless charging technology development have
boosted the regional market. Europe remains another major regional market,
supported by stringent emissions regulations as well as pollution control
efforts of countries pushing electric mobility. Meanwhile, North America is
anticipated to witness healthy growth through the forecast period with rising
EV sales and infrastructure spending by both public and private entities across
the United States and Canada.
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