Wireless EV Charging Market Size, Latest Innovations, Analysis, Top Leaders and Forecast 2023
The wireless EV charging market is evolving rapidly with the growing sales of Electric Vehicles (EVs). The market is witnessing significant growth in recent years. Increasing demand for dynamic electric vehicle charging (DEVC) technology, surging number of long-distance driven by electric vehicles, and growing concern over safety in electric vehicles are some the key driving factors for the growth of this market.
According to Market Research Future (MRFR), the size of global wireless electric vehicle charging would increase exponentially by the end of 2023. MRFR also confirms that during the forecast period (2017-2023), the market would register a substantial CAGR. Rising prices and scarcity of fossil fuel are presaging that electric vehicles would be best suitable alternative for fossil fuels for the future.
Growing environmental concerns and the impact of rising usages of fuels such as petrol, and diesel are prompting the governments to take initiatives that can encourage people to uptake EVs. Conversely, the high cost of these chargers and energy loss during transmission are some of the factors impeding the growth of this market.
Wireless Electric Vehicle Charging Market - Regional Analysis:
The Asia Pacific region dominates the global wireless electric vehicle charging market with the largest share. Owing to the growing production of electric automobiles from China and Japan, the region is estimated to continue its dominance throughout the review period. Boosting production and sales of EVs in this region is expected to foster the market demand.
Due to the improving economy and growing sales of EVs, mainly in India, China, and Japan, the growth of the market would rise extensively. Moreover, rising focus to reduce vehicle emissions and growing investments in the development of efficient wireless EV charging systems are driving the regional market growth. Also, the presence of several key market players in the region is supporting is augmenting the demand in the market.
The wireless electric vehicle charging market in North America takes the second lead globally. Increasing sales of EVs fuelled by government support and increasing fuel prices are a key factor boosting the size of the regional market. In the US, sales of electric vehicles have been doubling each year, clearly indicating the demand for wireless electric vehicle charging that is on the constant rise.
The US is estimated to create a larger revenue pocket in the regional market in the next six years. Huge investments transpired in the development of these chargers led by government initiatives, and high disposable income in the region is driving the market in the North American region.
The Europe wireless electric vehicle charging market, on the other hand, is growing rapidly. Rising sales and government support for electric vehicles, restrictions of vehicle emissions, and the implementation of regulations against ICE vehicles in the UK and Germany are expected to contribute to the growth of this market.
Factors, such as the rising sales of EVs due to the resurging economy and government initiatives and the vast contributions from the UK, Germany, France, and Norway commutatively presage the ample scope of market growth opportunities in the region.
Wireless Electric Vehicle Charging Market Competitive Analysis
Highly competitive, the wireless electric vehicle charging market appears fragmented led by several fervent large and small players. Product or technology launch, agreement & partnership, acquisition & mergers, and expansion are some of the key strategies of these players traced from the analysis of recent developments of the market. Given the growth and immense revenue generation potential, the market is expected to attract many new entrants to join the market. However, these new players would find it challenging to survive in the market with the introduction of new technologies.
Major Players
Players leading the wireless electric vehicle charging market include WiTricity (USA), Plugless Power (USA), Nission (Japan), ZTE Corporation (China), Qualcomm, Inc. (USA), ELIX Wireless (Canada), Continental AG (Germany), HEVO power (USA), BMW (Germany), and Toshiba Corporation (Japan), among others.