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The automotive landscape is undergoing a significant transformation with the rapid rise in the sales of electric vehicles (EVs). This surge can be attributed to a heightened awareness of environmental issues and the implementation of favorable government subsidies and schemes. As the world grapples with the impact of traditional gasoline vehicles on the environment, a global demand for electric vehicles has emerged. This article explores the driving forces behind the escalating sales of electric vehicles, focusing on the role of government initiatives and the commitment of automotive OEMs towards electrification.
Environmental Awareness Driving EV Adoption:
The escalating awareness of environmental concerns is a primary catalyst for the increasing adoption of electric vehicles. Consumers are becoming more conscious of the ecological footprint associated with traditional gasoline vehicles, prompting a shift towards cleaner and sustainable transportation alternatives. This shift is not only evident in developed nations but is also gaining momentum in emerging economies, where urbanization and industrialization have led to escalating pollution levels.
Government Initiatives and Incentives:
Governments worldwide are playing a pivotal role in promoting the widespread adoption of electric vehicles through a range of initiatives and incentives. Non-fiscal incentives, such as subsidies and grants, are being deployed to encourage consumers to choose electric vehicles over traditional combustion engine vehicles. In September 2017, the Indian Ministry of Road Transport and Highways announced a comprehensive set of non-fiscal incentives aimed at ensuring that electric vehicles constitute 15% of total vehicle sales in the country within the next five years. Such initiatives not only reduce the financial burden on consumers but also actively contribute to the growth of the electric vehicle market.
Charging Infrastructure Development:
Another critical factor influencing the rise of electric vehicles is the concerted effort to enhance charging infrastructure. Governments, in collaboration with private stakeholders, are investing in the development of an extensive and accessible charging network. The availability of convenient charging stations alleviates range anxiety – a common concern among potential EV buyers – and promotes the practicality of electric vehicles. This infrastructure development is crucial for the widespread acceptance of electric vehicles, as it addresses a key barrier to adoption.
Automotive OEMs Embrace Electrification:
Major automotive Original Equipment Manufacturers (OEMs) are steering towards electrification, aligning their strategies with the growing demand for electric vehicles. These OEMs are investing heavily in research and development to produce a diverse range of electric vehicles, including hybrid, battery-electric, and plug-in hybrid models. The commitment of automotive giants to electrification not only expands the product offerings in the electric vehicle market but also serves as a testament to the industry-wide acknowledgment of the importance of sustainable mobility.
Graphical Representation of EV Growth:
The graph below illustrates the substantial increase in the number of electric vehicles on the road between 2014 and 2019, showcasing the escalating trend in EV adoption. This growth trajectory is indicative of the shifting consumer preferences towards cleaner and greener transportation options.
[Insert Graph]
Conclusion:
The surge in electric vehicle sales is a multifaceted phenomenon driven by environmental awareness, government initiatives, and the strategic decisions of major automotive players. As the world endeavors to transition towards sustainable transportation, the collaboration between consumers, governments, and industry stakeholders becomes paramount. The continuous growth in the electric vehicle market signals a promising future for clean mobility, emphasizing the need for sustained efforts to address infrastructure challenges, enhance incentives, and further advance electric vehicle technology. As we witness this transformative era in the automotive industry, the trajectory of electric vehicle sales is poised to continue its upward ascent, shaping the future of transportation worldwide.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Charging Type, Power Supply Range, Charging Station, Charging Pads, Application, and Region |
Wireless Electric Vehicle Charging Market Highlights:
Wireless Electric Vehicle Charging Market Overview:
Wireless Electric Vehicle Charging Market Size was valued at USD 0.05 billion in 2021. The wireless electric vehicle charging market industry is projected to grow from USD 0.07 Billion in 2022 to USD 1.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 48.82% during the forecast period (2024 - 2030). Swelling demand for dynamic electric vehicle charging (DEVC) technology and growing long-distance drive-by electric vehicles are the key market drivers enhancing the market’s surge.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wireless Electric Vehicle Charging Market Trends
Increase in Sales of Electric Vehicles (EVs) to boost the market growth
Consumer demand for minimal maintenance automobiles and wirelessly connected devices is rising. In turn, this raises public awareness of electric vehicles. Electric vehicle production has increased due to increased consumer awareness and demand. For instance, 6.7 million EVs were sold globally in 2021, up 3.7 million from the previous year and accounting for 4.1% of the market, according to a report by the IEA group. In 2020, two-thirds of all new electric vehicle registrations and all new vehicle sales were battery electric vehicles (BEVs).
Wireless electric vehicle charging is based on the inductive coupling theory, which describes how energy moves through an electric device and is used to charge batteries. The increased demand for wireless electric vehicle charging systems is partly a result of the growing popularity of electric automobiles. The International Energy Agency (IEA) estimates that 2.1 million electric vehicles were sold globally in 2019. During the anticipated term, this tendency may persist and grow the global market size for wireless electric vehicle charging.
There must be more public charging stations because more people drive electric cars. In the upcoming years, there will likely be an increase in demand for public fast charging as the base of electric vehicles expands and new use cases become electrified. Electric vehicles can be charged whenever and wherever they are parked. Air pollution is decreasing globally as wireless electric vehicle charging systems become more widely used. As a result, these variables are enhancing the wireless electric vehicle charging market CAGR globally in recent years.
Wireless Electric Vehicle Charging has been suggested for future electric highway lanes and is anticipated to be appealing for some vehicle types with established routes, such as public buses. For instance, in September 2021, the state of Michigan's government began a pilot project to construct a wireless charging route for EVs in Metro Detroit. Similarly, Sweden has successfully tested wireless electric roadways for trucks and buses. As a result, these activities are crucial in advancing the growth of the wireless electric vehicle charging market revenue.
Wireless Electric Vehicle Charging Market Segment Insights:
Wireless Electric Vehicle Charging Type Insights
The Wireless Electric Vehicle Charging Market segmentation, based on charging type, includes dynamic and stationary. The stationary segment held the majority share in 2021 of the Wireless Electric Vehicle Charging Market revenue. Leading automotive OEMs have implemented a significant number of pilot projects to integrate stationary wireless electric vehicle charging into their electric vehicles, and leading shared mobility, and taxi fleet operators around the world are adopting stationary wireless electric vehicle charging at an increasing rate for fleet charging applications.
Wireless Electric Vehicle Charging Power Supply Range Insights
The Wireless Electric Vehicle Charging Market segmentation, based on power supply range, includes 3 to <7.7 KW, 7.7 to < 11KW, 11 to < 20KW, 20 to < 50 KW, and 50 KW and above. The 20 to < 50 KW segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. Compared to 3 to < 11 kW chargers, 20 to < 50 kW chargers are far more efficient and take much less time to charge. Because they are simple to install for on-the-go charging, home charging options, and commercial uses, 20 to < 50 kW chargers offer a faster charging option that positively impacts the market growth.
Wireless Electric Vehicle Charging Station Insights
The Wireless Electric Vehicle Charging Market data has been bifurcated by charging stations into commercial charging stations and home charging stations. The commercial charging stations segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. The increased demand for charging public transportation has enormous possibilities for business establishments. Increased commercial EV sales and the need for faster, safer, and more convenient wireless charging systems fuel the industry's growth.
Figure 2: Wireless Electric Vehicle Charging Market by Charging Station, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Wireless Electric Vehicle Charging Pads Insights
Based on charging pads, the global wireless electric vehicle charging industry has been segmented into base charging pads, power control units, and vehicle charging pads. The vehicle charging pads held the largest segment share in 2021. Its primary function is to maintain a vehicle's mobility by recharging the battery of an EV. Some EVs battery charger that can convert alternating current (AC) electricity into direct current (DC), which is then sent to the vehicle's charging connection.
Wireless Electric Vehicle Charging Application Insights
Based on application, the global industry has been segmented into OEM and aftermarket. The aftermarket held the largest segment share in 2021. The demand for charging stations is anticipated to expand along with the popularity of electric and commercial cars. The on-the-go charging capability is anticipated to meet the high requirements of customers and fleet operators, as the required time is the key problem for charging stations.
Wireless Electric Vehicle Charging Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Wireless Electric Vehicle Charging market accounted for USD 0.02 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The Asia-Pacific area offers significant development potential due to the high rise in electric vehicles in countries like China and Japan.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Wireless Electric Vehicle Charging Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe wireless electric vehicle charging market accounts for the second-largest market share. The demand for fuel-efficient and long-lasting charging methods for electronic devices like power tools and portable gadgets has increased, speeding up market growth in Europe for electronics. Further, the Germany wireless electric vehicle charging market held the largest market share, and the UK wireless electric vehicle charging market was the fastest-growing market in the European region.
The North America Wireless Electric Vehicle Charging Market is expected to grow at the fastest CAGR from 2024 to 2030. Due to the growing consumer desire for wireless and portable technology and technological advancements across the economy, the market for wireless electric vehicle charging has grown in this area. Moreover, the US wireless electric vehicle charging market held the largest market share, and Canada wireless electric vehicle charging market was the fastest-growing market in the North America region.
Wireless Electric Vehicle Charging Key Market Players & Competitive Insights
Major market players are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the wireless electric vehicle charging market. With significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic initiatives to expand their global footprint. To grow and thrive in an environment where competition is fierce and the market is growing, competitors in the wireless electric vehicle charging industry must offer affordable products.
Manufacturing locally to cut operational costs is one of the main business methods manufacturers use in the worldwide wireless electric vehicle charging industry to serve customers and increase the market sector. In recent years, the wireless electric vehicle charging industry has provided some of the most significant benefits. The wireless electric vehicle charging market major players, including Plugless Power (USA), WiTricity (USA), Nission (Japan), and others, are seeking to increase market demand by funding R&D initiatives.
Electric vehicle supply equipment that supports wireless charging is part of the Plugless Power product family, which Plugless Power, Inc makes. Without a physical connection to the car, the Plugless Power EVSE wirelessly transmits electrical power to the onboard Electric Vehicle battery charger using electromagnetic induction. In 2020, Verde eSystems acquired the Plugless Power product line from Evatran.
Also, the American wireless charging technology business WiTricity Corporation is headquartered in Watertown, Massachusetts. Through magnetic resonance, WiTricity technology enables wireless power transfer across long distances. In 2022, another round of fundraising for WiTricity raised $63 million.
Key Companies in the wireless electric vehicle charging market include
- Plugless Power (USA)
- WiTricity (USA)
- Nission (Japan)
- Qualcomm Inc. (USA)
- ZTE Corporation (China)
- ELIX Wireless (Canada)
- HEVO power (USA)
- Continental AG (Germany)
- Toshiba Corporation (Japan)
- BMW (Germany), among others
Wireless Electric Vehicle Charging Industry Developments
Feb 20, 2024: Plug-in cars might eventually be able to run without a plug. When it is time to charge an electric car, its driver would just pull into a designated parking spot, wait for a light on the dashboard to turn on, get out of the vehicle, and continue with their day. By transferring electrons inductively, wireless electric vehicle charging promises to eliminate obtrusive cords. The idea of making wireless charging widely available is gaining traction as EV adoption rises; several startups have been pursuing this goal for years. Businesses are uniting around standardized technology, municipalities are defining use cases, and automakers are experimenting with wireless technology.
Wireless Electric Vehicle Charging Market Segmentation
Wireless Electric Vehicle Charging Type Outlook
- Dynamic
- Stationary
Wireless Electric Vehicle Charging Power Supply Range Outlook
- 3 to 7.7. KW
- 7. to 11 KW
- 11 to 20 KW
- 20 to 50 KW
- 50 KW and above
Wireless Electric Vehicle Charging Station Outlook
- Commercial charging station
- Home charging station
Wireless Electric Vehicle Charging Pads Outlook
- Base Charging Pad
- Power Control Unit
- Vehicle Charging Pad
Wireless Electric Vehicle Charging Application Outlook
- OEM
- Aftermarket
Wireless Electric Vehicle Charging Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
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