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%. Increasing focus toward V2G power transfer and increasing penetration of electric vehicles, paired with strong government support towards wireless EV charging are anticipated to increase the demand for wireless charging for electric vehicles technology all over the world.
Focus on wireless V2G energy transfer
Vehicle-to-Grid (V2G) is a technology where electric vehicles communicate with the power grid to regulate the charging rate or return the electricity to the grid. Vehicle-to-Grid (V2G) communication is likely to gain significant traction in the EV ecosystem market in the foreseeable future. This is especially due to the increasing penetration of electric vehicles globally, particularly in Asia Pacific. For instance, China is focusing on increasing electric vehicles to combat the rising emissions in the country. In addition, V2G offers various economic, environmental, and operational benefits, which are the key factors expected to increase the demand for V2G.
As countries shift more power generation to renewable sources such as wind and solar, electric vehicles and their batteries can help move energy to the power grid to balance supply as well as demand. For instance, WiTricity Corporation stated that wireless charging can improve the overall V2G (Vehicle-to-Grid) experience. Its wireless EV charging is proven to support Vehicle-to-Grid (V2G). This will help contribute to a more sustainable and stable energy grid. All these parameters are expected to bolster the revenue growth of the wireless charging market for electric vehicles.
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Increasing demand for semi-autonomous vehicles
The demand for semi-autonomous vehicles has increased significantly in the last few years. The development of such cars accelerates the growth of the wireless charging market for electric vehicles during the forecast period. Semi-autonomous vehicles are self-driven vehicles which can sense their environment and navigate to the destination with partial human physical input and can be operated through voice commands. These cars are equipped with advanced functions such as park assist, forward collision avoidance and advanced cruise control. Integrating wireless EV charging into these vehicles can further enhance this convenience, allowing drivers to effortlessly charge their vehicles without needing to physically plug them in.
The increasing inclination towards semi-autonomous and autonomous vehicles is likely to increase demand for wireless EV charging systems. Several semi-autonomous vehicles are equipped with features such as self-parking. Thus, wireless EV charging technology can be integrated into these self-parking systems, enabling the vehicle to autonomously position itself over a wireless charging pad for efficient and hands-free charging. All these aforementioned factors are expected to support the market growth for wireless EV charging systems.
The Asia pacific wireless charging market for electric vehicles is projected to hold the largest share by 2030
Asia Pacific is estimated to be the largest market for EVs wireless charging by 2030. In this region, countries such as China, Japan, and South Korea are expected to take the lead in autonomous driving technology in the coming years. Leading automobile manufacturers in this region, such as Toyota Motor Corporation, Nissan Motor Co. Ltd., Mitsubishi Motors, and Honda Motor Co., Ltd., have partnered with wireless charging provider to increase the market in region. China is expected to be the most influential factor in the Asia Pacific wireless charging for EVs market in terms of value & volume. The presence of leading market players, such as Shenzhen Vmax New Energy Co., LTD. and WiTricity Corporation, and the high customer base are expected to bolster the revenue growth of the wireless charging market for electric vehicles in China during the forecast period.
Key Market Players
The global wireless charging market for EVs is dominated by major players such as WiTricity Corporation, ElectReon, InductEV Inc., Plugless Power Inc., Wave Charging, and ENRX, among others.
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