Wireless Electric Vehicle Charger Market key drivers, drivers and challenges, and competitive strategic window for opportunities till 2032
Market Overview:
According to MRFR analysis, The Wireless Electric Vehicle Charger market industry is projected to grow from USD 0.40 Billion in 2023 to USD 1.6 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 50.00% during the forecast period (2023 - 203.
The concept of wireless electric vehicle charging is based on the principle of inductive coupling, in which energy passes through an electric device and is used to charge batteries. For this method to work, there needs to be a charging base station where energy transfer can take place between two objects. The growing demand for electric vehicles has led to high demand for wireless electric vehicle charging solutions. In the future, the market demand is expected to rise due to the continued demand for electric vehicles and awareness of sustainable mobility solutions. The outbreak of Covid 19 has generated a significant decline in the demand for wireless electric vehicle charging technologies globally, thereby reducing the sales volume. The decrease in mobility has resulted in people spending less on such technologies. Nevertheless, it is projected that the global wireless electric vehicle charging market will experience a rebound during the forecast period as restrictions are lifted by different national governments.
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Regional analysis
The Wireless Electric Vehicle Charging Market is analyzed in Asia Pacific, North America, Europe, etc. Due to the high production of electric vehicles in the Asia Pacific region, the region will hold the largest market size in the forecast period. The economically growing countries like japan and china will play a prominent role in the market. The continuous rising population, urbanization, and focus on fewer carbon emissions are market growth factors.
Industry news
The Swedish carmaker Volvo has announced that the company is testing the wireless charging technology for electric vehicles. The company is planning to offer the technology on a bunch of XC40 recharge.
Key Players:
Some of the key market players are Plugless Power, WiTricity, Nission, Qualcomm, Inc., ZTE Corporation, ELIX Wireless, HEVO power, Continental AG, Toshiba Corporation, and BMW.
