Press release
Wireless Electric Vehicle Charging Market Soars - From $466 Million (2023) to $12.4 Billion (2033) at a 38.6% CAGR
Wireless power transmission enables the transfer of electrical energy from a transmitter to a receiver without the need for wired connections. The introduction of advanced smart charging mats and newly developed ground pads tailored for electric vehicles boosts demand for wireless charging systems. Factors such as rise in sales of electric vehicles (EVs), continuous advancements in portable electronics & wearables, and surge in need to harvest ambient RF energy drive the growth of the market. However, the high cost of integrating this technology and its slower charging speed compared to alternative methods pose challenges to market expansion.
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The major factors driving the wireless electric vehicle charging market growth are increase in adoption of electric vehicles in developed regions such as North America and Europe, driven by government incentives and environmental policies. In addition, there is surge in demand for advanced charging infrastructure to support the transition to sustainable transportation. However, the high cost of wireless charging systems and slower charging speeds compared to conventional methods restrict market growth. Emerging economies in the Asia-Pacific region are expected to witness increased adoption of wireless EV charging as infrastructure development accelerates.
Industries such as automotive, logistics, and public transportation are increasingly exploring wireless EV charging industry for its convenience and efficiency. Furthermore, the integration of wireless charging systems with smart grid and Internet of Things (IoT) technologies is creating new opportunities for real-time monitoring, energy management, and automation in charging processes. These advancements are expected to further boost the adoption of wireless EV charging solutions across various sectors. Furthermore, the integration of wireless charging systems with smart grid and Internet of Things (IoT) technologies is creating new opportunities for real-time monitoring, energy management, and automation in charging processes. IoT-enabled wireless charging systems allow fleet operators to monitor charging patterns, optimize energy consumption, and predict maintenance needs. For instance, in the logistics industry, these systems help reduce downtime by enabling automated and efficient charging of electric delivery vehicles at strategic locations.
Furthermore, wireless EV charging industry has become a key component of urban mobility solutions. Innovative developments, such as dynamic wireless charging that powers EVs while they are in motion, are under research and could transform long-distance travel. In addition, wireless charging infrastructure reduces clutter by eliminating the need for cables, contributing to safer and more aesthetically pleasing urban environments.
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These advancements are expected to drive widespread adoption of wireless EV charging solutions. The need for convenient and efficient charging solutions, advancements in wireless charging technologies, the development of smart infrastructure, and a rising emphasis on reducing carbon emissions through sustainable mobility solutions, offering increased convenience and efficiency for users.The increasing demand for efficient, hassle-free charging solutions, technological advancements, and the shift towards sustainable transportation options.
The wireless electric vehicle charging market is segmented into installation, vehicle type, power source, distribution channel, and region. By installation, the wireless electric vehicle charging market is divided into home and commercial. On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. On the basis of power source, the market is divided into below 11 KW, 11-50 KW and above 50 KW. On the basis of distribution channel, the market is bifurcated into aftermarket and OEMs. Region-wise, the wireless EV charging market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Findings Of The Study :
The home segment was the highest revenue contributor to the wireless EV charging market size, with $258.65 million in 2023, and is estimated to reach $7,227.15 million by 2033, with a CAGR of 39.21%.
The passenger cars segment was the highest revenue contributor during the wireless EV charging market forecast period of 2023-2033.
The 11-50 KW power source segment was the highest revenue contributor during the forecast period of 2023-2033.
The aftermarket segment accounted for the largest share in 2023 in wireless EV charging market analysis.
Asia-Pacific was the highest revenue contributor, accounting for $219.49 million in 2023, and is estimated to reach $5,809.18 million by 2033, with a CAGR of 38.46%.
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The key wireless EV charging market leaders profiled in the report include Wipowerone, Witricity, Evatran, Dashdynamic, HEVO, Induct EV Inc., Continental AG, Toyota Motor Corporation, Robert Bosch GmbH, and Electreon. These key players have adopted several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the wireless EV charging market share during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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