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The wireless electric vehicle charging market consists of wireless charging systems that enable electric vehicles to charge their batteries without plugging into a charging point. Wireless charging offers convenient and seamless charging experience to drivers by eliminating the need to physically connect the charging cable. It allows automatic and contactless charging when vehicles are parked over charging pads installed underground or above ground level. This technology is being adopted by automakers to enhance the usability of electric vehicles and extend the driving range without relying on battery swapping systems.
The global Wireless Electric Vehicle Charging Market is estimated to be valued at US$ 80 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the wireless electric vehicle charging market is the ongoing development and deployment of dynamic wireless charging systems for electric vehicles. Dynamic wireless charging allows electric vehicles to charge even while in motion by integrating charging coils into roads and pathways. This offers unlimited range to EVs without needing to stop for charging. Several companies are working on dynamic wireless charging technologies and conducting pilot projects for both public and private mobility applications. For instance, Qualcomm Technologies and Electreon are collaborating on a project in Sweden to develop and test dynamic wireless charging for buses and trucks. Such developments are expected to drive the adoption of wireless EV charging systems over the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and access to technology lower barriers to entry. However, established players have significant production experience and scale advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives. However, differentiated products and technology lock-in increase their reliance on existing suppliers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials are commoditized and available from multiple sources globally.
Threat of new substitutes: Threat of substitutes is moderate as different charging technologies can be used as alternatives.
Competitive rivalry: Intense competition exists between numerous global and regional players due to scale economies and technology differentiation.
Key Takeaways
The Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth.
Regional analysis: North America holds largest market share currently owing to presence of major charging infrastructure developers and EV manufacturers in the US and Canada. Government initiatives to boost EV adoption and charging infrastructure also support the regional market growth. Asia Pacific region is expected to witness fastest growth due to increasing investments by China and Japan in EV technologies and supporting regulations.
Key players: Key players operating in the Wireless Electric Vehicle Charging Market are Naïo Technologies, Dahlia Robotics GmbH, Ecorobotix, Carbon Robotics, Vision Robotics Corporation, Harvest Automation, Soft Robotics Inc, Abundant Robotics, Bosch Deepfield Robotics, Energreen, Saga Robotics, Blue River Technology, VitiBot, Aigen. Players are focusing on developing advanced wireless charging solutions through investments in R&D and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
