Global Dynamic Wireless Electric Vehicle (EV) Charging Market - Industry Trends and Forecast to 2030

Global Dynamic Wireless Electric Vehicle (EV) Charging Market, By Power Supply3 - 50 KW), Vehicle (Commercial Vehicles, Passenger Cars), Application (Commercial Charging Station, Home Charging Unit), Components (Base Charging Pad, Power Control Unit, Vehicle Charging Pad, Transmitter, Receiver), Charging Type (Dynamic Wireless Charging System, Stationary Wireless Charging System), Distribution Channel (Aftermarket, Original Equipment Manufacturer), Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Charging Electric Vehicles), Charging System (Inductive Power Transfer, Capacitive Power Transfer, Magnetic Power Transfer, Resonance Inductive Power Transfer) - Industry Trends and Forecast to 2023 to 2030.

Dynamic Wireless Electric Vehicle (EV) Charging Market Analysis and Size

The essential factors contributing to the growth of the global dynamic wireless electric vehicle (EV) charging market in the forecast period of 2023-2030 include government initiatives on electric vehicles usage for reducing tail pipe emissions. The increasing demand for electric vehicles and the requirement for charging stations is rising widely all over the world. The plug-in charging stations take more time for charging, the on-the-go wireless electric vehicle chargers provide range extension and enable fast charging. The dynamic wireless charging has high applications for cars, bikes, scooters and commercial fleets. Thus, the growth of the wireless electric vehicle market is further contributing in the market’s growth.

Data Bridge Market Research analyses that the global dynamic wireless electric vehicle (EV) charging market which was USD 14,940.24 thousand in 2022, is expected to reach USD 3,36,549.07 thousand by 2030, growing at a CAGR of 47.6% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Dynamic Wireless Electric Vehicle (EV) Charging Market Scope and Segmentation

Market Definition

Dynamic wireless electric vehicle (EV) charging refers to a kind of setup, which uses electromagnetic field to charge the vehicle with the help of electromagnetic induction. It allows cordless charging of the electric vehicle as it is a conductive charging technology. The works on the transmission of energy from a power source to a vehicle without use of any wires or cables. Furthermore, it is efficient, cost-effective, and safe in comparison with traditional charging systems.  It also eliminates and reduces the use of physical connectors and cables. The rise in trend and growth of the wireless electric vehicle charging is propelling the market’s growth.

Global Dynamic Wireless Electric Vehicle (EV) Charging Market Dynamics

Drivers

• Advantages of wireless charging over wired charging

Electronic vehicles are zero-emission, sustainable, and very efficient due to all these qualities their use is increasing globally. Electric vehicles can be charged through two methods, plug-in and wireless power transfer. In plug-in, the commercial charging station charges the battery of electric vehicle through a cord or plug. In the wireless charging method, the battery of an electric vehicle is charged through wireless power transfer, and is mostly preferred by the consumers as it is easy to use and efficient. The wireless charging system has various advantages over wired charging such as the elimination of carrying and storing charging cables.

• Increase in sales of electric vehicles (EVs)

There is an increased demand for electric vehicles among the consumers. According the report by IEA organization, 2022, EV vehicles globally accounted 6.7 million units in 2021, a 3.7 million units in 2020. Along with this battery electric vehicles (BEVs) are around two-thirds of new electric vehicle registrations in 2020.  The increasing sales and demand of electric vehicles globally is increasing the demand of dynamic wireless electric vehicle (EV) charging during the forecast period of 2023 to 2030.

Opportunities

• Increasing support from governments for wireless charging

The support of government and awareness spread by them is increasing the use for electric vehicles in many countries and it further increases the growth of dynamic wireless electric vehicle (EV) charging market. Owing to the key advantages of wireless charging such as full autonomy, no need of charging station, and smaller battery units is fuelling the market’s growth.

• Rapid development of fast-charging infrastructure for electric vehicles

As the number of electric vehicle owners are increased there is a rapid increase in the dynamic wireless electric vehicle (EV) charging globally, as people are preferring this technology more. The development of fast-charging infrastructure for electric vehicles further increases the demand which drives the market growth. Electric vehicles are easily chargeable wherever they are parked. Charging them is very convenient EV batteries can charge automatically. Therefore, these factors are significantly creating number of opportunities for the market’s growth. 

Restraints/Challenges

• High cost of upgrading to wireless charging technology

The wireless charging technology requires transmitter and receiver coils transferring power with a power control unit (PCU). The transmitter coil is installed in the base charging pad (BCP), the receiver coil is installed under the vehicle charging pad (VCP). The cost of all these installation is very high and home installation costs for wireless charging system is approximately USD 2,5003,000.Thus, wireless electric vehicle charging cost is very expensive, which is major challenge hindering the market’s growth.

• Wireless charging limited to certain distance

The transmission range of a wireless charger is very less and through electromagnetic induction and/or magnetic resonance is limited to a small distance. The limitation of range is serious challenge for manufacturers, majorly for case of LCVs and SUVs with high ground clearance. The efficiency of power supply is inversely proportional to the distance between the transmitter and the receiver. Therefore, limitation of charging to a certain is hindering the market’s growth.

This dynamic wireless electric vehicle (EV) charging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global dynamic wireless electric vehicle (EV) charging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In January 2021, Alibaba Partners with SAIC to unveil electric car with wireless charging Alibaba Group Holding, a China-based e-commerce group, launched an electric car with wireless charging under the joint venture brand IM ‘intelligence in motion’ formed with SAIC Motor Corporation Ltd. This partnership and launch will further increase the markets growth, as the production and advertisement would increase significantly.
• In February 2021, IPT Group takes over PRIMOVE E-mobility Wireless Charging Technology Portfolio IPT Group acquired PRIMOVE to the scale-up its product portfolio in wireless power transfer for electric mobility. This acquisition will further help to increase IPT’s offering of a complete product portfolio to serve various markets.

Global Dynamic Wireless Electric Vehicle (EV) Charging Scope

The dynamic wireless electric vehicle (EV) charging market is segmented on the basis of power supply, vehicle, application, components, charging type, distribution channel, propulsion type, charging system. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Power Supply

• 3 - < 11 KW
• 11 - 50 KW
• >50 KW

Vehicle

• Commercial Vehicles
• Passenger Cars

Application 

• Commercial Charging Station
• Home Charging Unit

Components

• Base Charging Pad
• Power Control Unit
• Vehicle Charging Pad
• Transmitter
• Receiver

Charging Type

• Dynamic Wireless Charging System
• Stationary Wireless Charging System

Distribution Channel

• Aftermarket
• Original Equipment Manufacturer

Propulsion Type

• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Charging Electric Vehicles

Charging System

• Inductive Power Transfer
• Capacitive Power Transfer
• Magnetic Power Transfer
• Resonance Inductive Power Transfer

Global Dynamic Wireless Electric Vehicle (EV) Charging Market Regional Analysis/Insights

Theglobal dynamic wireless electric vehicle (EV) charging market is analysed and market size insights and trends are provided, power supply, vehicle, application, components, charging type, distribution channel, propulsion type, charging system as referenced above.

The countries covered in the dynamic wireless electric vehicle (EV) charging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the dynamic wireless electric vehicle (EV) charging market during the forecast period of 2023 to 2030 as it is the highest revenue contributor of the market. Technological advancements in wireless charging devices in the region facilitates the market’s growth. In addition, the rise in demand for fuel-efficient and durable charging systems for various electronic vehicles propels the market’s growth.

Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 as the region has high growth potential, due to the rapid rise in the number of electric vehicles in various countries of the region such as China and Japan. All these factors together are contributing in the market’s growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Dynamic Wireless Electric Vehicle (EV) Charging Market Share Analysis

The dynamic wireless electric vehicle (EV) charging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to dynamic wireless electric vehicle (EV) charging market.

Some of the major players operating in the dynamic wireless electric vehicle (EV) charging market are:

• Qualcomm Technologies, Inc. (U.S.)
• WiTricity Corporation. (U.S.)
• Continental AG (Germany)
• Bombardier (Canada)
• WAVE, LLC. (U.S.)
• Fortum (Finland)
• Hyundai Motor Company (India)
• Electreon (Israel)
• OpConnect, Inc., (Portland)
• Franklin Electric EV Systems (Germany)
• Siemens (India)
• Rockwell Automation (U.S.)
• TECO Electric & Machinery Co.,Ltd. (Taiwan)
• HYOSUNG  HEAVY  INDUSTRIES. (South Korea)
• DENSO CORPORATION. (Japan)
• Wolong Electric Group (U.S.)
• Johnson Electric Holdings Limited (Hong Kong)
• TOSHIBA CORPORATION (Japan)