The global wireless charging market for electric vehicles size is projected to grow from USD 80 million in 2023 to USD 1279 million by 2030, at a CAGR of 48.4%. The need for wireless EV charging solutions is anticipated to rise in tandem with the growing emphasis on e-mobility and the expansion of EV charging infrastructure. Additionally, the government’s strong support for emission-free electric vehicles and improvements in electric vehicle charging are expected to boost the increase of revenue from wireless charging for EVs.
The global market for electric vehicle wireless charging is anticipated to be dominated by the BEV sector.
Over the course of the forecast period, the BEVs sector is anticipated to hold a higher share of the electric vehicle wireless charging market. Prominent automakers including Hyundai (South Korea) and FAW (China) incorporate wireless EV charging systems into their cars. For example, the GV60 battery-electric car model from Hyundai Motor Company’s premium brand Genesis comes with an OE-fitted inductive charging system. It is anticipated that each of these factors will support the BEV segment’s revenue growth in the market for electric car wireless charging. Wireless charging is an option available in the Tesla Model S, BMW i3, and Nissan Leaf Gen 1 vehicles, respectively, from well-known automakers including Tesla, Inc. (US), BMW Group (Germany), and Nissan Motor Co., Ltd. (Japan).
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=170963517
The global market for electric vehicle wireless charging is anticipated to see substantial development prospects in the passenger car category.
Throughout the projected period, there should be substantial development prospects for the passenger car sector in the electric vehicle wireless charging market. This is because automakers are working harder to include wireless charging technologies in their cars. The GV60 and FAW’s HongQi electric vehicles from Hyundai Motor Company (South Korea) and the Volvo XC40 Recharge electric SUV from Volvo Car Corporation (Sweden) both have wireless charging available as an option. government incentives, growing consumer awareness, and technology developments—the EU established a goal in 2019 to have 30 million electric vehicles on the road by 2030. To reach this goal, the EU provides a number of incentives, including grants and tax cuts. During the projected period, all of the above mentioned reasons are expected to support the passenger car segment’s revenue growth.
“The UK will lead Europe’s wireless charging market for electric vehicles.”
Over the course of the projection period, the UK is anticipated to have the greatest growth in the European market for wireless charging for electric vehicles. This is because EVs with wireless charging systems are becoming more and more popular. The growth of the wireless charging market for electric vehicles in countries like Spain, Norway, Sweden, Austria, and the UK would be fueled by a rise in sales of electric vehicles and a significant number of charging stations. WiTricity Corporation and ABT e-Line revealed plans to introduce wireless EV charging on European streets in April 2023. By early 2024, ABT e-Line (Germany), which has proven experience dealing with the Volkswagen Group (VW), will first update the VW ID.4 model to accommodate WiTricity Corporation’s wireless charging technology.
Key Market Players
The wireless charging market for electric vehicles is dominated by global players such as WiTricity Corporation (US), Electreon (Israel), InductEV Inc. (US), Plugless Power Inc. (US), Wave Charging (US), and ENRX (Norway), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=170963517
