Wireless Electric Vehicle Charging Systems Market is Anticipated to Surpass USD 206 Million by 2028 at a CAGR of 41% from 2022-2028; Increasing Consumer Base and Government Initiatives to Propel Market Growth
The report on the wireless electric vehicle charging systems market by SkyQuest provides a comprehensive analysis of key players, their business strategies, and the impact of their collaborations, mergers, demergers, and acquisitions on the market. In addition, it offers insightful data-driven analysis and practical recommendations to help businesses gain a competitive edge in the fast-changing industry.
Westford USA, Feb. 13, 2023 (GLOBE NEWSWIRE) — Europe and North America to take a leading position in the wireless electric vehicle charging systems market, driven by the increasing demand for environmentally friendly and safe electric vehicles. In addition, the development of fast-charging infrastructure for electric vehicles is also playing a crucial role in the growth of this market. Factors such as the rising popularity of electric vehicles, the increasing cost of oil, and global concerns about climate change are driving the development of this market. Additionally, fast-charging infrastructure growth contributes to global market expansion.
According to SkyQuest’s market research, wireless vehicle charging is an emerging technology poised to impact the electric car industry significantly. By 2035, over 45% of all new car sales will be electric vehicles. This rapid growth in the electric car market is due, in part, to the development of advanced charging technologies like wireless charging.
Browse in-depth TOC on “Wireless Electric Vehicle Charging Systems Market”
- Pages – 283
- Tables – 198
- Figures – 76
Wireless electric vehicle charging eliminates the need for physical connections between vehicles and charging stations. In this system, vehicles are equipped with a power receiving coil under their surface, while the power transmitting coil is positioned on the charging station. When the vehicle is parked on or near the charging station, the transmitting coil sends power to the receiving coil, charging the battery wirelessly.
Prominent Players in Wireless Electric Vehicle Charging Systems Market
- WiTricity Corporation (U.S.)
- Momentum Wireless Power (U.S.)
- Plugless Power Inc. (U.S.)
- ELIX Wireless (North America)
- Groupe Delachaux (France)
- HEVO Inc. (U.S.)
- Mojo Mobility, Inc. (U.S.)
- Continental AG (Germany)
- TGood Global Ltd. (Hong Kong)
- ZTE Corporation (China)
- Toshiba Corporation (Japan)
- WAVE Inc. (U.S.)
- INTIS GmbH (Germany)
- Electreon Inc. (Israel)
- Daihen Corporation (Japan)
- Tesla
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Static Wireless EV Charging Systems Segment to Capture Higher Revenue Share Thanks to Supportive Government Schemes Globally
The static wireless EV charging systems segment is expected to experience significant growth from 2023 to 2028 to dominate the wireless electric vehicle charging systems market. Such rapid growth can be attributed to several factors, including the increasing number of pilot projects undertaken by leading automotive manufacturers to integrate static wireless EV chargers into their electric vehicles. In addition, governments in some countries, such as the Netherlands, are also incentivizing the adoption of these systems through tax deductions. For instance, individuals in the Netherlands can receive up to 36% off the cost of purchasing and installing charging stations. In Greece, the incentives are even greater, with a tax return of up to 75% available for these costs. These incentives are contributing to the growth of the static wireless EV charging systems segment.
The substantial growth of the wireless electric vehicle charging systems market in Europe is fueled by several factors, including the rising popularity of electric vehicles, the initiation of various pilot projects for wireless EV charging technology throughout Europe, and government support for testing the viability of wireless charging for EVs. With over 1.38 million registered plug-in vehicles, Germany is one of the leading European electric car market nations.
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Commercial Wireless EV Charging Systems Segment to Drive Higher Sales owing to Rising Emphasis on Developing Charging Infrastructure in Public Areas
The commercial wireless electric vehicle charging systems segment is predicted to exhibit the highest growth rate from 2023 to 2028. The tremendous growth of this segment is attributed to the growing need for charging infrastructure in public areas, the rising popularity of commercial wireless EV charging systems among middle-class and lower-middle-class populations in Europe, who often do not have the option to charge their EVs at home, and the high demand for commercial wireless EV charging systems in China, where there are large commercial parking garages and densely populated cities.
The Asia Pacific is anticipated to be a lucrative region for the wireless electric vehicle charging systems market, driven by the adoption of high-tech components by electric vehicle manufacturers and government support for charging infrastructure. The progress in the North American market is expected to be fueled by advancements in driving technology, rising EV adoption, and increased automotive production. These factors are poised to drive the demand for wireless electric vehicle charging systems, making the region a promising market for investors.
SkyQuest’s report delves into major market players’ financial standing and SWOT analysis, offering a clear understanding of the overall wireless electric vehicle charging systems market dynamics and the forces shaping its growth. The report provides valuable insights into the market, making it an essential tool for companies and individuals looking to invest in the wireless electric vehicle charging systems industry.
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Key Developments in Wireless Electric Vehicle Charging Systems Market
- Researchers from ITMO have collaborated with technology company Yablochkov to develop the first completely wireless vehicle charger in Russia. This cutting-edge system, which uses the SAE J2954 power transfer standard, can charge a range of vehicles, including cars, buses, autonomous taxis, and forklifts. The prototype of this innovative technology can currently charge an electric car in about six hours. Still, in just six months, it is expected to have the ability to fill a car battery to 80% capacity in just one hour. This represents a significant step forward in developing fast, efficient, and convenient charging solutions for electric vehicles.
- LG Innotek has made a significant breakthrough in battery technology with the development of its Wireless Battery Management System (Wireless BMS). This new system offers improved battery performance and is designed to monitor and control the essential parameters of a battery, such as voltage, current, and temperature. In addition, the Wireless BMS is equipped with an RF communication module, which integrates all the necessary components for wireless communication. This innovative technology allows for better battery performance and longer life, making it an important development for various industries.
- Siemens and Mahle have announced their intention to join forces in electric vehicle (EV) charging. The companies have recently signed a letter of intent to collaborate on developing inductive charging technology for EVs. Instead of working separately on technology development, they aim to coordinate their efforts to ensure full compatibility and interoperability between EVs and charging infrastructure. In addition, they plan to work together on harmonizing global wireless charging standards and technical development of wireless charging systems. This collaboration will bring both companies closer to making EVs more accessible and convenient.
Key Questions Answered in Wireless Electric Vehicle Charging Systems Market Report
- What are the driving forces behind the current market growth, and what challenges hinder progress?
- Which market segments are expected to see the most growth and present the most investment potential in the near future?
- What are the best ways to establish a strong foothold and gain a competitive edge in the market?
- How can companies create a successful market strategy to remain competitive and grow their presence?
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