Global Wireless Electric Vehicle Charging Market to Surpass 180.15 Billion by 2030 Driven by Increasing Support from Governments
SkyQuest projects that the global wireless electric vehicle charging market will attain a value of USD 180.15 billion by 2030, with a CAGR of 37.21% during the forecast period (2023-2030). The global wireless electric vehicle charging market is expected to witness many growth prospects in the forecast period, driven partly by the increasing support from governments worldwide for wireless charging solutions. Various governments are recognizing the environmental benefits and energy efficiency of electric vehicles and their charging infrastructure.
Westford, USA, Jan. 25, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the global demand for wireless charging systems is rising, driven by the introduction of ground pads and smart charging mats designed specifically for electric vehicles. The global wireless electric vehicle charging market is poised for significant growth in the forecast period, primarily fueled by the increasing sales of electric vehicles (EVs).
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Browse in-depth TOC on the “Wireless Electric Vehicle Charging Market”
- Pages – 157
- Tables – 59
- Figures – 77
Additionally, continuous advancements in portable gadgets and electronic wearables further contribute to this growth as consumers seek the convenience of wireless charging for their devices in the global wireless electric vehicle charging market. Moreover, the ever-present need for harnessing ambient radio frequency (RF) energy adds another dimension to the market’s expansion as innovative technologies and solutions continue to emerge to meet this demand.
Prominent Players in Global Wireless Electric Vehicle Charging Market
- Plugless Power Inc.
- Continental AG
- Robert Bosch GmbH
- Toshiba Corporation
- Evatran Group Inc.
- Hella KGaA Hueck & Co.
- Mojo Mobility Inc.
- BMW AG
- Nissan Motor Co., Ltd.
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Toyota Motor Corporation
- Mercedes-Benz
- Siemens AG
- Evgo Services LLC
- ChargePoint Inc.
- ABB Ltd.
- Delta Electronics Inc.
- Efacec
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OEMs Segment to Dominate Market due to Enhancing the Appeal of EVs
OEMs dominate the distribution of wireless charging systems, particularly within the global wireless electric vehicle charging market. These manufacturers integrate wireless charging technology into their EVs during manufacturing, ensuring that customers have seamless access to wireless charging capabilities from the moment they purchase the vehicle.
Asia-Pacific emerges as the second-largest global wireless electric vehicle charging market with a compelling trajectory that is expected to reach a substantial value of USD 55 million by 2030, boasting an impressive CAGR of 38%. This remarkable growth is attributed to the surge in the adoption of electric vehicles, particularly in countries such as China and Japan, which have witnessed a sharp increase in EV numbers.
Aftermarket Segment to Witness Significant Growth due to Surge in the Adoption of Electric Vehicles
Aftermarket segment within the wireless charging systems market for electric vehicles (EVs) pertains to the distribution of such systems after the vehicle’s initial sale. This segment is notably focused on retrofitting existing EVs with wireless charging capabilities in the global wireless electric vehicle charging market. Aftermarket companies in this space provide wireless charging conversion kits or services to upgrade EVs not originally equipped with wireless charging technology.
Europe has emerged as a dominant contributor to global revenue, and this trend is expected to persist with a remarkable CAGR of 35.9% in 2022. This analysis encompasses key European nations such as the UK, Germany, France, Italy, and the global wireless electric vehicle charging market.
A comprehensive analysis of the major players in the global wireless electric vehicle charging market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Global Wireless Electric Vehicle Charging Market
- In 2023, WiTricity made headlines by securing a substantial $100 million investment from Koch Strategic Platforms. This significant infusion of capital is earmarked to expedite the development and subsequent commercialization of WiTricity’s cutting-edge wireless charging technology. This reflects the growing interest and investment in the electric vehicle charging market.
- In 2023, Momentum Dynamics also made a significant stride in the industry by securing a USD 100 million investment from Shell Ventures. This substantial financial backing is set to propel the rapid commercialization of Momentum Dynamics’ wireless charging technology, underscoring the increasing importance of wireless charging solutions in the evolving electric mobility landscape.
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Key Questions Answered in the Global Wireless Electric Vehicle Charging Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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