Wireless EV Charging (WEVC) Market: Paving the Road to Sustainable Mobility, Projected to Surpass $567.7 million by 2030

According to the Next Move Strategy Consulting, the wireless EV charging (WEVC) market size is anticipated to surpass $567.7 million by 2030 reflecting a CAGR of 55.6% during the forecast period till 2030. In terms of volume, the market is anticipated to escalate to 231,693 units by 2030, registering a substantial CAGR of 63.1% during the forecast period. This spotlight now turns to the Wireless EV Charging (WEVC) Market, a key player in fostering the transition to cleaner and more sustainable transportation solutions.

Market Overview:

The Wireless EV Charging (WEVC) Market is poised to play a pivotal role in the future of e-mobility. With the electric vehicle market experiencing rapid growth, the demand for innovative charging solutions has never been more pronounced. The WEVC market addresses this need by offering a wireless charging infrastructure that enhances the convenience and accessibility of EV charging, thereby contributing to the seamless integration of electric vehicles into everyday life.

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Key Market Drivers:

1. Convenience and Accessibility: Wireless EV Charging eliminates the need for physical connections, providing a user-friendly and convenient charging experience. This technology is expected to play a crucial role in encouraging EV adoption by addressing range anxiety and enhancing the overall charging experience.

2. Government Support: Similar to the battery market, government initiatives are anticipated to shape the trajectory of the WEVC market. As governments worldwide emphasize sustainable development and commit to reducing emissions, support in the form of subsidies and incentives is likely to drive the adoption of wireless charging infrastructure.

3. Growing EV Market: The exponential growth of the electric vehicle market acts as a catalyst for the WEVC market. As automakers increasingly focus on electric vehicle production, the demand for efficient and convenient charging solutions is expected to surge, driving the expansion of the WEVC market.

4. Environmental Benefits: The environmental benefits of wireless charging, such as the reduction of cable waste and the potential for using renewable energy sources for charging, align with global sustainability goals. As consumers and businesses increasingly prioritize environmentally friendly solutions, the adoption of wireless EV charging is likely to gain momentum.

Market Segmentation:

The wireless EV charging (WEVC) market includes various segments, including:

Component: Based on component, the market is segmented into base charging pad, power control unit, and vehicle charging pad.

Charging Mechanism: Based on charging mechanism, the market is divided into Inductive Power Transfer (IPT), Magnetic Gear Wireless Power Transfer (MGWPT), and Capacitive Wireless Power Transfer (CWPT).

Charging Type: Based on charging type, the market is classified into stationary wireless charging system and dynamic wireless charging system.

Application: Based on application, the market is bifurcated into home charging unit and commercial charging station.

Power Source: Based on power source, the market is divided into 3-10 KW, 11-50 KW, and >50 KW.

Vehicle Type: Based on vehicle type, the market is categorised into passenger car and commercial vehicle.

EV Powertrain: Based on EV powertrain, the market is segmented into BEV and PHEV.

Distributed Channel: Based on distributed channel, the market is classified into OEM and aftermarket.

Geographical Regions: Based on region, the market is analysed into North America, Europe, and Asia-Pacific, and Rest of World (RoW).

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Outlook and Future Prospects:

Emerging wireless charging technology enables electric vehicles (EVs) to recharge their batteries while in motion, harnessing charging infrastructure embedded in roadways. A pioneering example is the collaboration between the Indiana Department of Transportation and Purdue University to construct the world's first wireless charging concrete pavement highway segment. This innovative approach utilizes cutting-edge magnetizable concrete, allowing EVs to seamlessly replenish their batteries while driving. This breakthrough has the potential to substantially extend EV range, alleviating range anxiety (the apprehension of depleting battery power during travel) for EV owners. Consequently, this technology is poised to revolutionize the wireless EV charging market, opening up a vast array of growth opportunities.

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Despite progress in boosting charging power levels, wireless charging remains slower than wired fast-charging methods. For widespread adoption of wireless charging, faster charging speeds and higher power levels are crucial. Additionally, the upfront establishment and deployment costs of wireless charging infrastructure exceed those of conventional charging systems. The substantial investment required to install charging pads and supporting technology may deter some businesses and governments from large-scale wireless charging adoption.

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Regional Dominance:

Asia Pacific region is a leading force in the wireless EV charging (WEVC) market and is poised to maintain its position during the projected period. Governments in these countries are actively promoting the adoption of electric vehicles (EVs) and investing in the development of robust charging infrastructure, further fueling the expansion of the wireless EV charging market in the region. Key countries in the region, including China, Japan, India, South Korea, and Australia, are making substantial investments in wireless EV charging technology and infrastructure.

Government initiatives, financial aid, and partnerships with global technology companies are driving market expansion.
The region is experiencing a rapid increase in EV sales, and major energy companies are investing in charging infrastructure to support the growing EV ecosystem. These efforts are boosting demand for wireless EV charging solutions as consumers and businesses seek convenient and efficient charging options. With the rising adoption of EVs and the continuous development of wireless charging technology, the Asia-Pacific region is emerging as a pioneer in sustainable and smart mobility solutions.

On the other hand, the widespread adoption of electric vehicles (EVs) in North America, driven by the growing recognition of the environmental and economic advantages of sustainable transportation, has spurred the demand for convenient and efficient charging solutions. Wireless charging, in particular, has emerged as an appealing option for EV owners due to its ease of use and potential to enhance the overall EV experience.

The growing emphasis on environmental protection and the pursuit of ambitious sustainability objectives in North America have fueled a surge in demand for eco-friendly charging solutions. Businesses are embracing electric vehicle fleets to minimize their environmental impact, while households are seeking greener transportation alternatives.

Competitive Landscape:

The wireless EV charging (WEVC) market comprises of various players such as WAVE Charging Llc., Plugless Power, Inc., InductEV, Inc, Integrated Roadways Llc., Qingdao TGOOD Electric Co. Ltd., WiTricity Corporation, HEVO, Inc., Electreon Wireless Ltd., ENRX, Easelink GmbH among countries. These market players are adopting strategies, such as product launches and partnerships across various regions, to maintain their dominance in the wireless EV charging market.

For instance, in July 2023, Electreon's partnership with VINCI Highways marks a pivotal moment in the evolution of sustainable transportation, as they collaborate to deploy wireless EV charging technology on a public road project in Germany. This groundbreaking initiative paves the way for a revolutionized EV charging infrastructure, propelling Germany towards a greener future of mobility.

Moreover, in June 2023, Easelink has unveiled its Matrix Charging system in the U.S., revolutionizing the EV charging experience with its hands-free and automated approach. This innovative conductive charging solution allows EVs to charge effortlessly during brief parking intervals, ushering in a new era of convenience and sustainability for e-mobility.

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This release was published on openPR.