Electric Vehicles Wireless Charging Market would Register a Healthy Growth of USD 3422.45 million by 2032 :Qualcomm Halo, Delphi Automotive, Mercedes-Benz, BMW, Chevrolet, Plugless, Bosch, Tesla, Nissan, WiTricity

The Global Wireless EV Charging Market is projected to grow from USD 45.22 million in 2022 to USD 3422.45 million by 2032, at a CAGR of 89.4%. Factors such as rising sales of electric vehicles around the world, along with the increasing inclination towards autonomous driving technology by automotive OEMs will boost the demand for the Wireless EV Charging market. Increasing investments for smart roads in several countries such as the US, Germany, and Italy, among others, in conjunction with increasing governmental support for wireless charging will create new opportunities for this market. For instance, in February 2022, the government of the US state of Michigan announced its plan to build an electrified road to charge moving electric vehicles. ElectReon, an Israel-based company, will develop an electric road system pilot project across a one-mile stretch of Detroit's roadway to charge electric vehicles.

Some of the Major Key players profiled in the study are Qualcomm Halo, Delphi Automotive, Mercedes-Benz, BMW, Chevrolet, Plugless, Bosch, Tesla, Nissan, WiTricity

List of Key Market Players:

WiTricity Corporation (U.S.)
HELLA GmbH & Co. KGaA (Germany)
ZTE Corporation (China)
Continental AG (Germany)
Robert Bosch GmbH (Germany)
Tesla (U.S.)
Momentum Dynamics Corporation (U.S.)
Toyota Motor Corporation (Japan)
Toshiba Corporation (Japan)
TGOOD Global Ltd. (Hong Kong)

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Challenge: Minimizing loss of efficiency
Wireless charging technology has witnessed high growth in the electric vehicle industry. In this technology, the electric vehicle can be charged by simply parking it above the base panel without any manual connection. However, wireless charging technology has some limitations. Power loss is about 7-12% higher in wireless charging technology compared to wired power transmission. In addition, the transmission range of a wireless charger through electromagnetic induction and/or magnetic resonance is limited to a certain distance. This limitation of range poses a serious challenge for manufacturers, especially in the case of LCVs and SUVs with high ground clearance. The efficiency of power is inversely proportional to the distance between the transmitter and the receiver. As strong electromagnetic fields can harm the biological environment, the issue of safety during vehicle charging is another concern in the wireless EV Charging market. Safety and efficiency issues have thus become a hurdle for manufacturers in this market.

New Jersey, United States,- Mr Accuracy Reports published new research on Global Electric Vehicles Wireless Charging covering micro level of analysis by competitors and key business segments (2022-2029). The Global Electric Vehicles Wireless Charging explores comprehensive study on various segments like opportunities, size, development, innovation, sales and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists both qualitative and quantitative detailing.

Some of the Major Key players profiled in the study are Qualcomm Halo, Delphi Automotive, Mercedes-Benz, BMW, Chevrolet, Plugless, Bosch, Tesla, Nissan, WiTricity

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Drivers & Restraints-

Rising Adoption of Wireless Electric Vehicle Charging Solutions to Boost Market Growth

More public charging stations are needed as electric vehicle owners grow. Demand for public fast charging is predicted to rise in the future as the electric car base grows and it becomes more likely to electrify more use cases. Electric vehicles may be charged whenever and wherever they are parked, and owners should not be concerned about the grid connection as EV batteries can charge themselves. Wireless electric vehicle charging options are being more widely adopted worldwide, which helps to minimize pollution. The elements above have a significant impact on the global market.

However, attributed to the high voltage and high power required for EV charging, concerns about the safety and cost of wireless charging devices are expected to hinder the market expansion

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Regional Insights-

Europe Dominated the Global Market Owing to Availability of Sound Infrastructure

In 2020, Europe dominated the global Electric Vehicle Wireless Charging market share, accounting for more than 41% of total sales. Due to the availability of sound infrastructure, wireless charging equipment may be integrated throughout the region. Furthermore, the European government's attempts to test the feasibility of wireless charging technologies for electric vehicles and increase in EV sales are likely to propel market expansion in Europe. Furthermore, significant firms, such as Continental AG, HELLA KGaA Hueck & Co., and Robert Bosch GmbH, are expected to boost market expansion in the region.

From 2021 to 2028, Asia Pacific is expected to become one of the most profitable regions in terms of revenue. The adoption of high-end technology goods by electric vehicle manufacturers and government actions to boost charging infrastructures is credited for the increase. Furthermore, demand in North America is likely to be driven by advancements in driving technologies, adoption of electric vehicles, and expanding automobile manufacturing.

Competitive Landscape-

Key Players to Focus on Building Strategic Partnerships and Acquisitions

ZTE Corporation, WiTricity Corporation, Continental AG, HELLA GmbH & Co. KGaA, and Robert Bosch GmbH are the leading participants in the wireless charging for electric vehicles market. These companies are focusing on new product development and launches, partnerships, acquisitions, and expansion initiatives to increase their market position. Furthermore, Tesla is a major player in this industry. It offers pure electric vehicles with innovative technologies such as internet and cloud connectivity, ADAS, telematics, and more. Tesla's supremacy is expected to remain over the projection period, due to its growing presence in emerging regions, increased popularity, and technological improvement.

Chief Variables existing in the market

Key market drivers
The chief market drivers that could contribute to the future growth of the market are the high sales of electric vehicles, strict environmental regulations, and awareness of sustainable mobility solutions.

Market challenges
Some of the major challenges in the market of wireless electric vehicle charging include changing the regulatory landscape and high competition. The evolving technological landscape has made it difficult for businesses to frequently upgrade their wireless electric vehicle charging solutions.

Opportunities in the global market
There is an opportunity for major market players to strengthen their research and development function to introduce more efficient and sustainable wireless electric vehicle charging technologies. The increase in demand for electric and autonomous vehicles could also create business opportunities in emerging economies.

Restraints
The key restrains in the market include high costs relating to research and development activities and energy loss during transmission. Companies need to tackle these restraints to operate in the market effectively.

Cumulative Evaluation of the Market

The detailed market analysis has shed light on several market trends of wireless electric vehicle charging that exist in the market. Key trends include high demand for electric vehicles, integrating technology in charging solutions, and better awareness of electric vehicles. These elements have the potential to influence the market growth during the forecasted period.

Overview of the main market segments

By Charging Type
Based on the charging type, the global market can be segmented into dynamic wireless electric charging and stationary wireless electric charging. The dynamic wireless electric charging segment is likely to dominate the market due to increasing demand in the future.

By Power Supply Range
The market can be fragmented into3 to 7.7. KW,7.7. to 11 KW,11 to 20 KW, 20 to 50 KW, and 50 KW and above segments. The performance of each of these segments is expected to influence the market size during the forecasted period.

By Charging station
The global market can be divided into a commercial charging station and a home charging station based on the charging station. The demand would influence the future performance of the market in both of these segments.

By Charging Pads
The global market can be divided into base charging pad, power control unit, and vehicle charging pad. The performance of the market at these segment levels is likely to influence its growth and profitability in the future.

By Propulsion
The global wireless electric vehicle charging industry can be segmented into battery and plug-in electric vehicles based on propulsion. The rising demand for lithium-ion batteries is expected to increase the demand for battery electric vehicles.

By Vehicle Type
The global market can be divided into electric passenger and commercial vehicles based on vehicle type. The demand in the passenger EV segment had been sluggish in the previous year due to the pandemic. However, the segment performance is expected due to major market trends such as ceased mobility restrictions and the high sales of electric passenger vehicles.

By Application
Based on application, the market can be further segmented into OEM and aftermarket. The market segments are expected to play an influential role in shaping its growth potential during the forecasted period.

Regional Analysis

The global wireless electric vehicle charging industry can be divided into numerous geographical segments such as North America, Europe, the Asia Pacific, and the rest of the world. During the forecasted period, the Asia Pacific segment is expected to register the highest growth due to the high production of electric vehicles. Nations like China and Japan are expected to play a key role in expanding the region's market share. Factors like rising pollution, urbanization and high focus to curtain carbon emissions could also act as catalysts and accelerate the growth of the market in other regions.

Report Overview

In the detailed global market of wireless electric vehicle charging report, a thorough analysis of the market environment has been carried out. The diverse range of variables that exist in the market and influence the performance of the key market players have been captured and examined. Some of the important strategic tools that have been used to conduct the in-depth market analysis are SWOT analysis and Porter's Five Force analysis. These tools have increased the richness of the study and helped determine the growth potential of the global market during the forecasted period. The vital market trends of wireless electric vehicle charging that have been captured in the report could influence the market's future performance and profitability.

Key Industrial Segments

By Charging Type

Dynamic Wireless Electric Charging
Stationary Wireless Electric Charging
By Power Supply Range

3 to 7.7. KW
7.7. to 11 KW
11 to 20 KW
20 to 50 KW
50 KW and above
By charging station

Commercial charging station
Home charging station
By Charging Pads

Base Charging Pad
Power Control Unit
Vehicle Charging Pad
By Propulsion

Battery electric vehicle
Plug-in electric vehicle
By Vehicle Type

Passenger electric vehicle
Commercial electric vehicle
By Application

OEM
Aftermarket

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