Wireless Charging Market worth $1.12 billion by 2032
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The battery electric vehicle (BEV) segment is expected to show significant growth during the forecast period."
By propulsion, the BEV segment is expected to hold a larger share of the wireless charging market for electric vehicles than the PHEV segment during the forecast period. Leading automotive companies such as Genesis, Hyundai, and BMW use wireless charging technology in the Genesis GV60, Hyundai Ioniq (Optional), and BMW 530e (Limited time, discontinued in 2020), respectively. Additionally, the Hyundai premium brand Genesis offers an optional inductive charging system for its BEV model eG80. All these parameters are expected to bolster the growth of the BEV segment of the wireless charging market for electric vehicles. BEVs are powered by an electric motor and have rechargeable batteries. These vehicles do not have a gasoline engine and are solely powered by electricity. According to primary inputs, the penetration of wireless chargeable luxury BEVs with increased driving range, availability of best-in-class software-defined features such as automatic parking, is expected to increase in the coming years due to strict emission norms introduced by governments of various countries and increased driving range of electric vehicles. In addition, the governments of some countries now provide subsidies for environment-friendly cars to encourage the use of BEVs.
"Home charging units are expected to hold a substantial market share during the forecast period."
The demand for BEVs and PHEVs has increased over the past few years. Growing environmental concerns, rising fossil fuel prices, long-term supply concerns, and improved technology have accelerated the growth of electric vehicle technology. Many OEMs now offer EVs equipped with wireless power transfer technology. Companies like BMW,Volkswagen, Audi, and Volvo offer electric vehicles equipped with wireless power transfer technology. A steady increase in the sales of EVs is expected to drive the home charging unit segment of the wireless charging market for electric vehicles. Commercial wireless charging solutions, on the other hand, experience low utilization due to low availability in the mass market.
"China and South Korea are expected to hold significant market shares in Asia Pacific during the forecast period."
China and South Korea are expected to record significant market shares in the Asia Pacific wireless charging market for electric vehicles during the forecast period. The easy availability of electronic equipment or raw materials required to manufacture power control units is expected to reduce the cost of wireless charging systems in China and South Korea, which will, in turn, drive the market in these countries.
China is focusing on increasing the number of electric vehicles to combat rising emissions across the country. The Chinese government is offering significant subsidies for EV adoption, which in turn is boosting demand for wireless charging solutions. National policies include sales tax exemptions, preferential financing, and strong backing for public transport operators and mobility service providers to adopt electric fleets.
To become a carbon-neutral country by 2050, South Korea aims to spend USD 10.3 billion in the e-mobility segment. The South Korean government has been implementing schemes for the growth of EVs in the country for the last few years. The government plans to continue to support the growth of EVs by extending its EV subsidies under its new Green Deal. This, in turn, is likely to augment the growth of the wireless charging market for electric vehicles in the country.
Key Market Wireless Charging Industry:
Prominent players in the Wireless Charging Companies include as WiTricity Corporation (US), InductEV Inc. (US), ENRX (Norway), Plugless Power Inc. (US), and HEVO Inc. (US).
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This report provides insights on:
Analysis of key drivers (integration with automated smart parking systems in vehicles, strong governmental support toward emission-free and safe electric vehicles), restraints (increased complexity and cost for in-vehicle charger system with addition of wireless charging feature, lower energy transfer efficiency compared to conventional wired systems), opportunities (integration of wireless charging in smart city infrastructure, increasing investments in dynamic wireless charging technology, increasing testing of wireless charging in government roadway projects), and challenges (lack of standardized vehicle integration, high setup and installation costs of public AC wireless charging compared to L2 wired charging) influencing the growth of wireless charging market for electric vehicles
Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities, and product launches in the wireless charging market for electric vehicles
Market Development: Comprehensive information about lucrative markets (the report analyzes the wireless charging market for electric vehicles across varied regions)
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the wireless charging market for electric vehicles.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like WiTricity Corporation (US), InductEV Inc. (US), ENRX (Norway), Plugless Power Inc. (US), and HEVO Inc. (US) in the wireless charging market for electric vehicles.
Related Reports:
Electric Powertrain Market
EV Charging Station Market
Electric Vehicle Market
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