Wireless EV Charging Market– Global Industry Analysis and Forecast (2023-2029)

Wireless EV Charging Market was valued at US$ 34.48 Mn. in 2022 and is expected to reach US$ 506.58 Mn. by 2029, at a CAGR of 46.8% during a forecast period.
Wireless EV Charging Market Overview:
Wireless Electric Vehicle Charging (WEVC) is a sort of wireless charging technology for charging Electric Vehicles that is extremely efficient, convenient, and simple to use (EV). Near-field charging is used for EV wireless charging (NFC). It comprises of a transmission coil that generates a magnetic field that transfers energy to a nearby receiving coil via induction. The percentage of magnetic flux generated by the transmitter coil that penetrates the reception coil and contributes to power transfer is known to be a function of the distance between the two coils. Qualcomm is one of the leading firms in the development of viable wireless charging solutions.To know about the Research Methodology :- Request Free Sample Report
COVID 19 impact on Wireless EV Charging Market:
In 2019, the number of on-road electric vehicles (OTR) worldwide has exceeded 2 million. However, the COVID-19 crisis has caused supply chain disruptions, operational and labor constraints, and global factory closures. The economic slowdown has led to a serious decline in car sales, especially in the field of electric vehicles. Infrastructure is severely affected. Due to government restrictions and nationwide blockades, most EVSE (Electric Vehicle Supply Equipment) manufacturers around the world have been affected, so major investments in the deployment of EV charging infrastructure have ceased. In addition, wireless EV charging systems may be an economically feasible solution to meet fleet charging requirements, and since electric buses have no exhaust emissions, electric bus fleets are expected to increase during the forecast period, and governments around the world are expected to give priority to adoption after COVID-19 Electric bus.
Wireless EV Charging Market Dynamics:
Electric vehicles have several advantages, such as reduced fuel consumption (gasoline, diesel and natural gas) and reduced exhaust emissions, which significantly increase their global demand. It is expected that during the forecast period, electric or plug-in hybrid vehicles will accelerate the demand for wireless charging. The wireless electric vehicle charging market is taking various strategic initiatives, such as product development and collaboration, to further increases its product portfolio and global footprint. Nichicon and Qualcomm, for example, struck a strategic partnership deal. According to the terms of the agreement, Nichicon will incorporate Qualcomm Halo wireless electric vehicle charging (WEVC) technology into its product line and will focus on marketing Qualcomm Halo WEVC wireless electric vehicle charging technology for hybrid and electric vehicles. In addition, some electric vehicle manufacturers are deploying wireless charging systems in their products.

Compared with traditional cable chargers, slower charging speeds and more expensive technology adoption are the main limiting factors for the wireless electric vehicle charging market. Therefore, the connection range of the wireless charging system is limited. If energy is to be transmitted over long distances, RF energy technology will fail. Furthermore, this method is more expensive because inductive charging necessitates the inclusion of drive electronics and coils in both the device and the charger, increasing the complexity and expense of production. Wireless participants in the electric car charging industry use a variety of strategies, including product launches, acquisitions, and R&D efforts. The market for wireless electric vehicle charging drives is expected to be comprised of Continental, Robert Bosch, Qualcomm, Toyota Motor Corporation.
Wireless EV Charging Market Segment Analysis:
Based on Propulsion, BEV segment held largest market share in 2022. Wireless charging is now available in BEV cars from Tesla, BMW, and Nissan, including the Tesla Model S, BMW i3, and Nissan Leaf. Due to rigorous government rules aimed at reducing growing emissions, OEMs are focused on BEVs. The overall market is likely to be driven by rising BEV sales and government support.



Based on Charging Type, Stationary Wireless Charging System held largest market share of xx% in 2022. The stationary wireless charging solution is easy to use, safe, and dependable. Drivers may charge their automobiles with any wireless charging device, making this technology compatible. Vehicles can also be wirelessly charged in parking lots and public places. The growth of stationary wireless charging solutions has facilitated the establishment of charging networks for electric vehicles. Many businesses have installed wireless charging stations that are stationary.
Wireless EV Charging Market Regional Insight:
The Asia Pacific region held largest market share of xx% in 2022. The increasing penetration of the electronic vehicle in the developed country are likely to boost the demand of wireless charging system. Increasing R&D investment, coupled with an increasing number of partnerships and joint ventures between major original equipment manufacturers and domestic companies, has created growth opportunities for wireless charging system manufacturers in the Asia-Pacific region. In addition, the region includes emerging economies such as China and India, as well as developed countries such as Japan, and is the largest auto market. Therefore, technological advancement has prompted major original equipment manufacturers to add advanced and convenient features to their electric vehicles, such as wireless charging systems.
Acquisitions and Partnerships:
• Hevo Inc., a Brooklyn-based start-up, revealed plans to introduce a wireless electric vehicle charger in May 2020. The business has created a ground-mounted pad that sends power up to a car-mounted receiver, allowing it to be charged wirelessly. The product is about to undergo low-volume production at the Flex contract manufacturing plant in Austin, Texas, to fulfil the 200 unit orders received by HEVO in the first quarter of 2020.

• WiTricity, an automobile wireless power transfer pioneer, announced its technological acquisition of Qualcomm Incorporated's Halo wireless EV charging platform and other IP assets in February 2019. Qualcomm will receive 1500 WiTricity patents as part of the technology acquisition.

The objective of the report is to present a comprehensive analysis of the Wireless EV Charging market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Wireless EV Charging market dynamics, structure by analyzing the market segments and projects the Wireless EV Charging market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Wireless EV Charging market make the report investor’s guide.
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Wireless EV Charging Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 34.48 Mn.


Forecast Period 2023 to 2029 CAGR:
46.8%
Market Size in 2029:
US $ 506.58 Mn.


 Segments Covered:
by Application
• Public/Commercial Charging Station
• Home Charging Unit


by Component
• Base Charging Pad
• Power Control Unit
• Vehicle Charging Pad


by Charging Type
• Dynamic Wireless Charging System
• Stationary Wireless Charging System


by Distribution Channel
• Aftermarket
• OE Market


by Propulsion
• BEV
• PHEV


by Vehicle Type
• Commercial Vehicle
• Passenger Car


by Power Supply Range
• 3–<11 kW
• 11–50 kW
• >50 kW


by Charging System
• Magnetic Power Transfer
• Capacitive Power Transfer
• Inductive Power Transfer



Wireless EV Charging Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Wireless EV Charging Market Key Players
• Robert Bosch GmbH
• Continental AG
• Toyota Motor Corporation
• Electroad
• Toshiba Corporation
• Lg Chem Ltd
• Witricity Corporation
• Wave
• Qualcomm, Inc.
• Bombardier Inc.
• Aerovironment Inc.
• Hella KGaA Hueck & Co.
• Evatran Group Inc.
• Mojo Mobility Inc.
• ZTE Corporation
• Elix Wireless
• Momentum Dynamics Corporation.
• HEVO Power
• Olev Technologies

Frequently Asked Questions:

1. Which region has the largest share in Global Wireless EV Charging Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Wireless EV Charging Market?
Ans: The Global Wireless EV Charging Market is growing at a CAGR of 46.8% during forecasting period 2023-2029.

3. What is scope of the Global Wireless EV Charging Market report?
Ans: Global Wireless EV Charging Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Wireless EV Charging Market?
Ans: The important key players in the Global Wireless EV Charging Market are – Robert Bosch GmbH, Continental AG, Toyota Motor Corporation, Electroad, Toshiba Corporation, Lg Chem Ltd, Witricity Corporation, Wave, Qualcomm, Inc., Bombardier Inc., Aerovironment Inc., Hella KGaA Hueck & Co., Evatran Group Inc., Mojo Mobility Inc., ZTE Corporation, Elix Wireless, Momentum Dynamics Corporation., HEVO Power, Olev Technologies,

5. What is the study period of this Market?
Ans: The Global Wireless EV Charging Market is studied from 2022 to 2029.