Electric Vehicle Wireless Charging Market Forecasts to 2028 – Global Analysis By Component (Power Control Unit, Base Charging Pad), Vehicle Type (Commercial Vehicle, Passenger Car), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $18.61 MN |
|
Projected Year Value (2028) |
US $200.16 MN |
|
CAGR (2021 - 2028) |
40.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Europe |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Electric Vehicle Wireless Charging Market is accounted for $18.61 million in 2021 and is expected to reach $200.16 million by 2028 growing at a CAGR of 40.4% during the forecast period. Wireless electric vehicle charging is the method of charging vehicles without the use of any wires while they are in motion or are fixed at the charging stations. It is a reliable, convenient, and safe technology to power and charges electric vehicles.
Market Dynamics:
Driver:
Advantages of wireless charging
Electric vehicles are zero-emission, sustainable, and efficient vehicles, which are also the future of the automotive industry. In the wireless charging method, the battery of an electric vehicle is charged through wireless power transfer. The wireless charging system has many advantages over wired charging. The main advantage of the wireless charging process is the elimination of carrying and storing cables. This typically avoids the risk associated with wires pertaining to wear and tear over time. The wireless charging system could potentially decrease the size of the battery that is normally built-in in the electric vehicle. By deploying wireless technology in electric vehicles, batteries of respective vehicles are likely to be smaller as well as lighter. These two conditions will, in turn, lower the overall costs of electric vehicles. All these abovementioned parameters are likely to drive the growth of the EV wireless charging market.
Restraint:
High cost
The wireless charging technology for electric vehicles needs transmitter and receiver coils for power transfer with a power control unit. The complete aftermarket wireless charging system for home installation costs more. The implementation of wireless charging technology in an electric vehicle adds to the cost of the vehicle. Therefore, this makes wireless electric vehicle charging more expensive. Wireless charging technology is new to the electric vehicle market and is still in the beginning phase. By considering the economic environment and induced economies of scale, it can be inferred that the high cost of upgrading to wireless charging technology is a restraint.
Opportunity:
Government support for wireless charging
Support and incentives from the government for electric vehicles in many countries extend to the improvement of wireless charging. The main advantages of wireless charging are full autonomy, no need for a charging station, reduced chance of the driver getting an electric shock during wired charging, and smaller battery units. Full autonomy of electric vehicles helps in increasing the productive hours of the general public as they need not wait till the vehicle is charged. The other main aspect that favors the installation of wireless charging in urban areas, where space is a premium, is the reduced or no need for a charging station for dynamic charging.
Threat:
Minimizing loss of efficiency
In wireless charging technology, the electric vehicle can be charged by just parking it above the base panel without any manual connection. But, power loss is about 7–12% higher in wireless charging technology compared to wired power transmission. Moreover, the transmission range of a wireless charger through electromagnetic induction and/or magnetic resonance is limited to a certain distance. This limitation of range poses a serious challenge for manufacturers. The efficiency of power is inversely proportional to the distance between the transmitter and the receiver. Safety and efficiency issues have thus become a hurdle for manufacturers in this market.
The stationary wireless charging system segment is expected to be the largest during the forecast period
The stationary wireless charging system segment is estimated to have a lucrative growth as the stationary wireless charging system is convenient, safe and reliable. This technology is interoperable as drivers can charge any wireless charging system on their vehicles. Many companies have introduced stationary wireless charging systems because of the expansion of charging networks for electric vehicles.
The battery electric vehicles (BEV) segment is expected to have the highest CAGR during the forecast period
The battery electric vehicles (BEV) segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the adoption of wireless charging systems being higher in BEVs. Increasing investments by various countries to incorporate wireless charging technology for battery electric vehicles are likely to create favorable opportunities for the BEV segment in the electric vehicle wireless charging market.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period due to the presence of leading automotive companies that use wireless charging technology, increasing sales of BEVs in Europe, coupled with legislation targets. The use of wireless charging by leading players would encourage other key players in the automotive industry to adopt the wireless charging technology for BEVs.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the increased purchasing power of the population, growing concerns about the environment, governments focusing on providing extensive charging infrastructure to promote the use of electric vehicles and rapid technological advancements in Japan and South Korea. The presence of some of the leading players in the electric vehicle wireless charging market is also expected to support the growth of the Asia Pacific market.
Key players in the market
Some of the key players profiled in the Electric Vehicle Wireless Charging Market include Witricity Corporation, Toyota Motor Corporation, Evatran Group Inc., Plugless Power Inc., Robert Bosch GmbH, Qualcomm, Powermat Technologies Ltd., Nidec Mobility Corporation, Momentum Dynamic Corporation, IPT group, Integrated Device Technology, HEVO Inc., Texas Instruments, Efacec, Continental AG and Toshiba Corporation.
Key Developments:
In Oct 2021, Witricity Corporation announced that its patented technology is seeing its first availability as factory-installed equipment in a fully electric vehicle (BEV). Hyundai unveiled the Genesis GV60 in a series of videos and announcements featuring wireless charging.
In May 2020, HEVO Inc designed a ground-mounted pad that beams electricity up to a car-mounted receiver to wirelessly charge it. The product is about to enter low-volume production at the Flex contract manufacturing facility in Austin, Texas.
Components Covered:
• Vehicle Charging Pad
• Power Control Unit
• Base Charging Pad
Charging Types Covered:
• Stationary Wireless Charging System
• Dynamic Wireless Charging System
Propulsion Types Covered:
• Battery Electric Vehicles (BEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
• City Electric Vehicle (CEV)
Vehicle Types Covered:
• Commercial Vehicle
• Passenger Car
Power Supply Ranges Covered:
• Level 1 (3.3 kW to <7.7KW)
• Level 2 (7.7 KW to < 11KW)
• Level 3 (11KW to < 20KW)
• Level 4 (20KW to < 50 KW)
• Level 5 (50 KW and above)
Distribution Channels Covered:
• Original Equipment Market
• Aftermarket
Charging Methods Covered:
• Resonant Inductive Power Transfer (RIPT)
• Magnetic Gear Wireless Power Transfer (MGWPT)
• Inductive Power Transfer (IPT)
• Capacitive Wireless Power Transfer (CWPT)
Applications Covered:
• Commercial Charging Station
• Home Charging Unit
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Vehicle Wireless Charging Market, By Component
5.1 Introduction
5.2 Vehicle Charging Pad
5.3 Power Control Unit
5.4 Base Charging Pad
6 Global Electric Vehicle Wireless Charging Market, By Charging Type
6.1 Introduction
6.2 Stationary Wireless Charging System
6.3 Dynamic Wireless Charging System
7 Global Electric Vehicle Wireless Charging Market, By Propulsion Type
7.1 Introduction
7.2 Battery Electric Vehicles (BEV)
7.3 Plug-in Hybrid Electric Vehicles (PHEV)
7.4 City Electric Vehicle (CEV)
8 Global Electric Vehicle Wireless Charging Market, By Vehicle Type
8.1 Introduction
8.2 Commercial Vehicle
8.2.1 Electric Vans
8.2.2 Electric Two-Wheeler
8.2.3 Electric Trucks
8.2.4 Electric Pick-Up Trucks
8.2.5 Electric Buses
8.3 Passenger Car
9 Global Electric Vehicle Wireless Charging Market, By Power Supply Range
9.1 Introduction
9.2 Level 1 (3.3 kW to <7.7KW)
9.3 Level 2 (7.7 KW to < 11KW)
9.4 Level 3 (11KW to < 20KW)
9.5 Level 4 (20KW to < 50 KW)
9.6 Level 5 (50 KW and above)
10 Global Electric Vehicle Wireless Charging Market, By Distribution Channel
10.1 Introduction
10.2 Original Equipment Market
10.3 Aftermarket
11 Global Electric Vehicle Wireless Charging Market, By Charging Method
11.1 Introduction
11.2 Resonant Inductive Power Transfer (RIPT)
11.3 Magnetic Gear Wireless Power Transfer (MGWPT)
11.4 Inductive Power Transfer (IPT)
11.5 Capacitive Wireless Power Transfer (CWPT)
12 Global Electric Vehicle Wireless Charging Market, By Application
12.1 Introduction
12.2 Commercial Charging Station
12.3 Home Charging Unit
13 Global Electric Vehicle Wireless Charging Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 Witricity Corporation
15.2 Toyota Motor Corporation
15.3 Evatran Group Inc.
15.4 Plugless Power Inc.
15.5 Robert Bosch GmbH
15.6 Qualcomm
15.7 Powermat Technologies Ltd.
15.8 Nidec Mobility Corporation
15.9 Momentum Dynamic Corporation
15.10 IPT group
15.11 Integrated Device Technology
15.12 HEVO Inc.
15.13 Texas Instruments
15.14 Efacec
15.15 Continental AG
15.16 Toshiba Corporation
List of Tables
1 Global Electric Vehicle Wireless Charging Market Outlook, By Region (2020-2028) ($MN)
2 Global Electric Vehicle Wireless Charging Market Outlook, By Component (2020-2028) ($MN)
3 Global Electric Vehicle Wireless Charging Market Outlook, By Vehicle Charging Pad (2020-2028) ($MN)
4 Global Electric Vehicle Wireless Charging Market Outlook, By Power Control Unit (2020-2028) ($MN)
5 Global Electric Vehicle Wireless Charging Market Outlook, By Base Charging Pad (2020-2028) ($MN)
6 Global Electric Vehicle Wireless Charging Market Outlook, By Charging Type (2020-2028) ($MN)
7 Global Electric Vehicle Wireless Charging Market Outlook, By Stationary Wireless Charging System (2020-2028) ($MN)
8 Global Electric Vehicle Wireless Charging Market Outlook, By Dynamic Wireless Charging System (2020-2028) ($MN)
9 Global Electric Vehicle Wireless Charging Market Outlook, By Propulsion Type (2020-2028) ($MN)
10 Global Electric Vehicle Wireless Charging Market Outlook, By Battery Electric Vehicles (BEV) (2020-2028) ($MN)
11 Global Electric Vehicle Wireless Charging Market Outlook, By Plug-in Hybrid Electric Vehicles (PHEV) (2020-2028) ($MN)
12 Global Electric Vehicle Wireless Charging Market Outlook, By City Electric Vehicle (CEV) (2020-2028) ($MN)
13 Global Electric Vehicle Wireless Charging Market Outlook, By Vehicle Type (2020-2028) ($MN)
14 Global Electric Vehicle Wireless Charging Market Outlook, By Commercial Vehicle (2020-2028) ($MN)
15 Global Electric Vehicle Wireless Charging Market Outlook, By Electric Vans (2020-2028) ($MN)
16 Global Electric Vehicle Wireless Charging Market Outlook, By Electric Two-Wheeler (2020-2028) ($MN)
17 Global Electric Vehicle Wireless Charging Market Outlook, By Electric Trucks (2020-2028) ($MN)
18 Global Electric Vehicle Wireless Charging Market Outlook, By Electric Pick-Up Trucks (2020-2028) ($MN)
19 Global Electric Vehicle Wireless Charging Market Outlook, By Electric Buses (2020-2028) ($MN)
20 Global Electric Vehicle Wireless Charging Market Outlook, By Passenger Car (2020-2028) ($MN)
21 Global Electric Vehicle Wireless Charging Market Outlook, By Power Supply Range (2020-2028) ($MN)
22 Global Electric Vehicle Wireless Charging Market Outlook, By Level 1 (3.3 kW to <7.7KW) (2020-2028) ($MN)
23 Global Electric Vehicle Wireless Charging Market Outlook, By Level 2 (7.7 KW to < 11KW) (2020-2028) ($MN)
24 Global Electric Vehicle Wireless Charging Market Outlook, By Level 3 (11KW to < 20KW) (2020-2028) ($MN)
25 Global Electric Vehicle Wireless Charging Market Outlook, By Level 4 (20KW to < 50 KW) (2020-2028) ($MN)
26 Global Electric Vehicle Wireless Charging Market Outlook, By Level 5 (50 KW and above) (2020-2028) ($MN)
27 Global Electric Vehicle Wireless Charging Market Outlook, By Distribution Channel (2020-2028) ($MN)
28 Global Electric Vehicle Wireless Charging Market Outlook, By Original Equipment Market (2020-2028) ($MN)
29 Global Electric Vehicle Wireless Charging Market Outlook, By Aftermarket (2020-2028) ($MN)
30 Global Electric Vehicle Wireless Charging Market Outlook, By Charging Method (2020-2028) ($MN)
31 Global Electric Vehicle Wireless Charging Market Outlook, By Resonant Inductive Power Transfer (RIPT) (2020-2028) ($MN)
32 Global Electric Vehicle Wireless Charging Market Outlook, By Magnetic Gear Wireless Power Transfer (MGWPT) (2020-2028) ($MN)
33 Global Electric Vehicle Wireless Charging Market Outlook, By Inductive Power Transfer (IPT) (2020-2028) ($MN)
34 Global Electric Vehicle Wireless Charging Market Outlook, By Capacitive Wireless Power Transfer (CWPT) (2020-2028) ($MN)
35 Global Electric Vehicle Wireless Charging Market Outlook, By Application (2020-2028) ($MN)
36 Global Electric Vehicle Wireless Charging Market Outlook, By Commercial Charging Station (2020-2028) ($MN)
37 Global Electric Vehicle Wireless Charging Market Outlook, By Home Charging Unit (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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