- Major factors driving the growth of wireless EV charging market size are, implementation of stringent emission norms, increasing focus on R&D activities
- Compared to conventional plug-in chargers, slower charging rates and costlier technology integration serve as the wireless electric vehicle charging market’s primary constraints
The global wireless EV charging market size was valued at $7.6 Million in 2019 and projected to reach $210.1 million by 2030, registering a CAGR of 36.4 per cent from 2020 to 2030 as per a report by Valuates Reports. Major factors driving the growth of wireless EV charging market size are, implementation of stringent emission norms, increasing focus on R&D activities, rapid technological advancements and smart marketing strategies.
An increase in electric vehicles (EVs) sales is expected to drive the growth of the wireless EV charging market size. EVs give many benefits like reduced consumption of fuel (petrol, diesel, and gas) and reduced tailpipe emissions, which are dramatically increasing demand worldwide. This is expected to increase the need for wireless charging for electric vehicles during the forecast period.
The report added, “Furthermore, the wireless EV charger market size is expected to witness significant growth due to the rising technology adoption in the developed countries. The current plug-in charging stations take longer charging hours. Thus the wireless electric vehicle chargers on-the-go will appeal to the need. In European countries, home installation is the most lucrative segment. Wireless charging has broad implications for both automobiles and commercial fleets, thus fostering the growth of wireless electric vehicle charging market size.”
BEV segment is expected to hold the largest wireless electric vehicle charging market share
Compared to conventional plug-in chargers, slower charging rates and costlier technology integration serve as the wireless electric vehicle charging market’s primary constraints. The technology is more costly, as drive electronics and coils are required for inductive charging in both devices and chargers.This increases the complexity and cost of production. However, developments in technology are expected to minimise transfer losses and increase charging speed.
The BEV segment is expected to hold the largest wireless electric vehicle charging market share during the forecast period. Based on installation type the home segment is expected to be the most lucrative segment. As the adoption of EV increase in the country, the installation of wireless EV charging stations is also expected to increase in each household.
Based on the distribution channel the OEM segment is projected as the most lucrative segment.OEMs are concentrating on BEVs to curb increasing pollution due to strict government regulations. It is expected that rising BEV revenues and government funding would drive the overall demand.
Europe is expected to account for the largest wireless electric vehicle charging market share based on region during the forecast period. This is due to the availability of well-developed infrastructure allows for the introduction of wireless charging in this region. Increased electric vehicles’ sales and the developed EV infrastructure. Asia-Pacific region is expected to be the most lucrative region.
