According to Marketsandmarkets report, ‘Wireless EV Charging Market’, the wireless Electric Vehicle (EV) charging market is projected to grow at a CAGR of 117.56 per cent to reach USD 407 million by 2025 from an estimated USD 8 million in 2020.
The demand for luxury EVs, increased EV sales, government regulations to curb emissions, and fast developing EV infrastructure are driving the overall demand of the wireless EV charging market. OEMs in collaboration with wireless charging technology manufacturers have also begun developing their own charging infrastructure for the convenience of EV owners, which is expected to drive the growth of the wireless EV charging market.
Government initiatives to promote zero or low emission vehicles are contributing to the high growth of Battery Electric Vehicles (BEVs). The governments of some countries have begun providing subsidies for environment-friendly cars, thereby, encouraging the use of BEVs. For instance, the Chinese Government provides subsidies of RMB 55,000 on the purchase of passenger BEV and RMB 30,000 for Plug-In Hybrid Electric Vehicles (PHEVs).
The Dynamic Charging segment is estimated to be the fastest growing wireless EV charging market. The dynamic wireless charging technology for EVs is the most preferred and attractive future technology in the EV industry. Wireless charging system manufacturers such as Qualcomm Technologies, Inc. (US) have demonstrated the dynamic wireless charging technology by constructing 100 meters of test roads embedded with the wireless charging system. Dynamic charging technology has a great future once EVs are launched in the mass market. The future roads or highways are expected to be equipped with this technology, and the drivers would have to pay a tax for entering the lane to charge their EVs while on the move.
Asia Pacific is expected to be the largest market for wireless EV charging system in 2025.
Asia Pacific is projected to be the largest market for wireless EV charging system from 2020 to 2025. A rise in the penetration of EVs in the developed markets may boost the demand for wireless charging systems. Increasing R&D investments, coupled with the growing number of partnerships and joint ventures between major OEMs and domestic players, have created growth opportunities for wireless charging system manufacturers in Asia Pacific. Moreover, the region comprises the emerging economies, such as China and India, along with the developed nations, such as Japan, and is the largest market for automobiles. Thus, technological advancements have led major OEMs to incorporate advanced and convenience features such as wireless charging system in their EVs. The wireless EV charging market is dominated by globally established players such as WiTricity Corporation, Evatran Group, Mojo Mobility, ChargePoint, Bosch, Momentum Dynamics Corporation, Qualcomm Technologies, and Bombardier.
