The global market for wireless charging for electric vehicles is expected to expand significantly, with projected growth from USD 100 million in 2023 to USD 1707.14 million by 2032, representing a compound annual growth rate (CAGR) of 37.06%.
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This growth trajectory is attributed to several key factors, including a rising emphasis on vehicle-to-grid (V2G) power transfer, the growing adoption of electric vehicles, and substantial government backing for wireless EV charging technologies worldwide. These trends are anticipated to drive increased demand for wireless charging solutions for electric vehicles on a global scale.
Vehicle-to-Grid (V2G) technology facilitates communication between electric vehicles and the power grid to regulate charging rates or return electricity to the grid. V2G communication is gaining traction in the EV ecosystem, especially with the increasing adoption of electric vehicles worldwide, particularly in the Asia Pacific region. For instance, China's push for electric vehicles to address emissions concerns contributes significantly. V2G offers economic, environmental, and operational benefits, driving demand.
As countries transition to renewable energy sources like wind and solar, electric vehicles and their batteries can help balance supply and demand by feeding energy back into the grid. For example, WiTricity Corporation noted that wireless charging can enhance the V2G experience, supporting sustainability and grid stability. These factors are expected to bolster revenue growth in the wireless charging market for electric vehicles.
Wireless EV charging systems typically have lower charging efficiency compared to wired chargers, leading to power wastage and increased charging costs. Wired charging offers higher efficiency (around 90%-95%) compared to wireless charging (less than 80%), especially in motion. Wired charging is also faster and more cost-effective for daily use. Additionally, precise alignment between charging pad and receiver coil is crucial for wireless charging, impacting transfer efficiency. These factors, along with deployment challenges, may restrain growth in the wireless charging market for electric vehicles.
Growing demand for semi-autonomous vehicles presents an opportunity for the wireless charging market. These vehicles, equipped with advanced features like park assist and collision avoidance, can benefit from integrated wireless EV charging, enhancing convenience for drivers. Integrating wireless charging into self-parking systems enables hands-free charging, aligning with consumer preferences for seamless experiences. The rise in semi-autonomous and autonomous vehicles is expected to drive demand for wireless EV charging systems.
Dynamic charging, allowing vehicles to charge while in motion, presents a challenge due to infrastructure investment requirements. Dynamic charging systems, more complex and costly than stationary solutions, necessitate building roads with embedded charging panels. Qualcomm Technologies Inc. demonstrated dynamic charging technology in France, showing promising results but at a significant cost. High investment in dynamic charging infrastructure may limit accessibility and affordability of wireless EV charging solutions, posing a challenge to market growth.
The passenger car segment is poised for substantial growth in the global wireless charging market for electric vehicles. Automotive OEMs, including Hyundai Motor Company and Volvo Car Corporation, are increasingly offering wireless charging options in their vehicle models. This trend is supported by rising customer awareness, technological advancements, and government incentives, such as tax breaks and grants in regions like the EU. As governments set ambitious targets for electric vehicle adoption, automotive OEMs like Testa Inc. and Volkswagen are investing heavily in electrification. This surge in demand for electric passenger cars, coupled with investments in autonomous driving technology, is expected to drive revenue growth in the passenger car segment.
The BEV segment is projected to dominate the wireless charging market for electric vehicles, particularly in Asia Pacific. Automotive OEMs like FAW and Hyundai Motor Company are making wireless EV charging a standard feature in select vehicle models, capitalizing on the growing popularity of electric vehicles and stringent emission standards. Europe is also expected to witness significant market growth, driven by leading automotive companies' adoption of wireless charging technology. Increasing BEV sales, as reported by the International Energy Agency, are prompting investments in the EV charging ecosystem. Collaborations between wireless charging providers and automotive OEMs, such as the partnership between HEVO Inc. and Stellantis N.V., are further driving demand in this segment.
Magnetic resonance charging is expected to command the largest share of the wireless charging market for electric vehicles, driven by its adoption by automotive OEMs like Hyundai Motor Company and FAW. However, inductive charging technology also presents significant opportunities, with leading providers like InductEV Inc., HEVO Inc., and WAVE Charging utilizing it for wireless EV charging. The Asia Pacific region, led by countries like China, Japan, and South Korea, is projected to dominate the wireless charging market by 2030. Partnerships between leading automobile manufacturers and wireless charging providers, coupled with a sizable customer base, are expected to fuel revenue growth in the region.
In summary, the wireless charging market for electric vehicles is set for significant growth, driven by increasing adoption of electric passenger cars, growth in the BEV segment, and advancements in charging technology, particularly magnetic resonance and inductive charging. The Asia Pacific region, with its leading market players and government support, is poised to emerge as a key driver of market growth in the coming years.
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