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3. Wireless Charging Market for Electric Vehicles Size & Share - Future Growth Expectations

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%. Factors such as rapid development of fast-charging infrastructure for electric vehicles in conjunction with rising sales of electric vehicles are expected to increase the demand for wireless charging solutions for electric vehicles. Also, increasing support from governments for wireless charging paired with increasing demand for semi-autonomous vehicles are also expected to support the revenue growth of the wireless charging for electric vehicles during the forecast period.

The Wireless Charging Market for Electric Vehicles is poised for substantial growth in the coming years, driven by several key factors:

• Rapid Expansion of the Electric Vehicle Market
• Advancements in Wireless Charging Technology
• Increasing Focus on User Convenience and Experience
• Urbanization and Smart City Initiatives
• Integration with Autonomous and Shared Mobility
• Regulatory Support and Incentives
• Environmental Sustainability and Emissions Reduction Goals
• Partnerships and Collaborations

These key factors collectively create a favorable market landscape for the Wireless Charging Market for Electric Vehicles, with substantial growth opportunities anticipated in the coming years as the adoption of electric vehicles continues to rise and wireless charging technology matures.

To know about the assumptions considered for the study download the pdf brochure

• Rapid Expansion of the Electric Vehicle Market: The growing adoption of electric vehicles (EVs) worldwide is a primary driver for the wireless charging market. As governments implement stricter emissions regulations and consumers increasingly prioritize sustainability, the demand for EVs is surging. Wireless charging offers convenience and ease of use, aligning with the needs of EV owners and driving the expansion of the wireless charging market.
   
• Advancements in Wireless Charging Technology: Ongoing advancements in wireless charging technology are improving efficiency, charging speeds, and reliability. Innovations such as higher power levels, enhanced alignment and positioning systems, and interoperability standards are driving the development of more robust and efficient wireless charging solutions for electric vehicles, further fueling market growth.
   
• Increasing Focus on User Convenience and Experience: Convenience is a key factor driving the adoption of wireless charging for electric vehicles. Wireless charging eliminates the need for manual plugging and unplugging of charging cables, offering a seamless and hassle-free charging experience for EV owners. This focus on user convenience and experience is driving demand for wireless charging solutions in both residential and public settings.
   
• Urbanization and Smart City Initiatives: The trend toward urbanization and the development of smart city initiatives are driving the demand for wireless charging infrastructure in urban environments. Wireless charging pads embedded in roadways, parking spaces, and public transit routes enable convenient charging for electric vehicles in densely populated areas, supporting sustainable transportation solutions and smart mobility initiatives.
   
• Integration with Autonomous and Shared Mobility: Wireless charging technology is well-suited for autonomous and shared mobility applications, where seamless charging experiences are essential for optimizing vehicle uptime and operational efficiency. Integration with autonomous vehicle platforms and ride-sharing services enables hands-free charging experiences, enhancing convenience and usability for fleet operators and passengers.
   
• Regulatory Support and Incentives: Government policies, incentives, and regulations aimed at promoting electric vehicle adoption and expanding charging infrastructure are driving investment in wireless charging technology. Subsidies, tax incentives, grants, and infrastructure investments encourage the deployment of wireless charging infrastructure and incentivize consumers and businesses to embrace electric vehicles and associated charging solutions.
   
• Environmental Sustainability and Emissions Reduction Goals: The shift toward electric mobility is driven by concerns about air quality, environmental sustainability, and reducing greenhouse gas emissions. Wireless charging technology aligns with these goals by enabling cleaner and more sustainable transportation solutions. As governments and organizations prioritize decarbonization efforts, the demand for wireless charging for electric vehicles is expected to increase significantly.
   
• Partnerships and Collaborations: Collaboration among automakers, technology providers, infrastructure operators, and government agencies is driving innovation and investment in wireless charging technology. Strategic partnerships and collaborations facilitate the development of interoperable charging solutions, standardization efforts, and the integration of wireless charging with smart grid and renewable energy systems, further accelerating market growth.

Wireless Charging Market for Electric Vehicles Share - Global Industry Landscape

• WiTricity Corporation
• ElectReon
• InductEV Inc.
• Plugless Power Inc.
• Wave Charging
• ENRX

These companies compete in providing innovative wireless charging solutions for electric vehicles, including stationary, dynamic, and retrofit applications. Factors such as technological innovation, product portfolio, market reach, and partnerships influence their respective market shares in the Wireless Charging Market for Electric Vehicles.

• WiTricity Corporation: WiTricity is a leading provider of wireless charging solutions for electric vehicles. The company specializes in highly efficient wireless power transfer technology, enabling convenient and seamless charging experiences for EV owners. WiTricity's wireless charging systems are designed for both residential and commercial applications, with a focus on interoperability and safety.
   
• ElectReon: ElectReon is a pioneer in dynamic wireless charging technology for electric vehicles. The company develops road-embedded wireless charging infrastructure that enables electric vehicles to charge while in motion. ElectReon's solutions are designed for public transportation systems, fleets, and urban mobility applications, offering a sustainable and efficient charging solution for electric vehicles on the move.
   
• InductEV Inc.: InductEV specializes in wireless charging solutions for electric buses and commercial vehicles. The company's wireless charging systems are designed to support heavy-duty applications, providing high-power charging capabilities for electric buses, trucks, and industrial vehicles. InductEV's solutions focus on reliability, efficiency, and durability to meet the demands of commercial fleet operators.
   
• Plugless Power Inc.: Plugless Power offers wireless charging solutions for electric vehicles, including aftermarket retrofit kits and OEM integration services. The company's wireless charging systems are designed for residential, commercial, and fleet applications, providing convenient and cable-free charging experiences for EV owners. Plugless Power's solutions are compatible with a wide range of electric vehicle models and offer fast and efficient charging capabilities.
   
• Wave Charging: Wave Charging specializes in wireless charging infrastructure for electric vehicles in urban environments. The company develops wireless charging pads and systems for on-street parking, public transit routes, and fleet depots, enabling convenient and accessible charging for electric vehicles in densely populated areas. Wave Charging's solutions focus on scalability, interoperability, and integration with smart city initiatives.
   
• ENRX: ENRX is a provider of wireless charging solutions for electric vehicles, including stationary and dynamic charging systems. The company's wireless charging technology enables efficient and fast charging for electric cars, buses, and other vehicles, with a focus on safety, reliability, and ease of installation. ENRX's solutions are designed to support both residential and commercial applications, offering flexibility and convenience for EV owners and operators.

Related Report

Wireless Charging Market for Electric Vehicles by Propulsion (BEVs, PHEVs), Application (Home & Commercial), Charging Type (Stationary & Dynamic), Component, Power Supply Range, Charging System, Vehicle Type & Region - Global Forecast to 2030