The global wireless electric vehicle charging market size surpassed USD 24.37 million in 2022 and is projected to rise to USD 478.5 million by 2030, anticipated to grow at a strong CAGR of 90.2 percent during the projection period from 2022 to 2030.
The rapidly increased acceptance of the wireless electric vehicle charging market with developed technologies and increased features and manufacturing, and production of the electric vehicles wireless charging market expanded the market to grow as investigated by the forecast of wireless electric vehicle charging. The presence of advanced facilities integrated in the vehicles with improved wireless technology has enhanced the market to grow to a larger extent with multiple ease of benefits from electric vehicle wireless charging. The government also contributed to increasing developments in wireless electric vehicle charging and increased investment to increase the market. The key market players involved in introducing wireless charging electric vehicles with increased manufacturing and production with new developments have increased the market growth.
Report Highlights:
Wireless Electric Vehicle Charging Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 35.36 Million |
| Projected Forecast Revenue in 2030 | USD 478.5 Million |
| Growth Rate from 2022 to 2030 | CAGR of 90.2% |
| Largest Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshots:
The geographical regions contribute to increasing the market growth with increased developments. The advanced developed technologies in wireless electric vehicle charging with increased infrastructures of charging stations and rising population with increased demand from the market for new technologies developed has enhanced the market to a greater extent. Asia Pacific region to be the fastest region to increase the market with improved features and new innovative technologies with extra features have extended the market to grow during the forecast period. Europe also to be the highest region with increased revenue share in the wireless electric vehicle charging market. North America, Latin America, the Middle East, and Africa these regions also accelerate the wireless and electric vehicle market size with increased developments with enhanced innovations.
Market Dynamics:
Drivers:
Rising number of populations with increased demands for newly developed wireless charging EVs. Increased benefits of wireless electric vehicle charging such as ease of utilization of the vehicles, easy charging through the transfer of power through magnetic coils, low maintenance, zero emission of carbon dioxide from the vehicles which contributes for a green city, faster charging available depending on the power supply, increased efficiency, decreased risk of shock, no use of a cable and carrying wires and many more with an increased rate of wireless electric vehicle charging market. Governments from various regions have shown initiative to develop electric vehicle wireless charging with an increased investment with the aim of zero emission of carbon dioxide. The key market players involved in developing and producing various features in vehicles have driven the market to grow during the forecast period.
Restraints:
Lack of awareness among the people regarding the availability of the developed features in electric vehicles may hamper the growth of the market. The availability of a number of options in electric vehicles this can affect the market growth with the increased cost of the wireless charging EV with developed new technologies may hinder the market to grow during the forecast period can be a major problem for developing the market growth.
Opportunities:
The increased market of electric vehicle wireless charging with developed technologies and features with increased manufacturing due to increased demands from the market and has witnessed the market to grow. Increased government support from various regions to improve the manufacturing of the wireless charging vehicle and zero emission of carbon dioxide with increased investments have increased the market to grow to a larger extent. The key market players who play a major role in enhancing the wireless charging vehicle with improved methods and features and introducing new technologies and increasing investment by the automobile industry have played a significant role in expanding the market to grow.
Challenges:
The increased cost of the developed features in wireless electric vehicle charging may lead to a challenging task for market growth during the forecast period. and would decline the market rate. Availability of the different options to the wireless charging electric vehicle could hinder the market of wireless EV charging. Need to develop more infrastructures of charging stations to enhance the height of the market. Update of the electric vehicle with increased updates in the electric vehicle with increased cost of the upgrade of the electric vehicle. The lower efficiency of the vehicles with increased consumption of power of more than 8 - 12% efficacy and safety issues could hamper the market growth.
Recent Developments:
Major Key Players:
Market Segmentation
By Power Supply
By Vehicle
By Application
By Components
By Charging Type
By Distribution Channel
By Propulsion Type
By Charging System
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