Wireless EV Charging Market to be worth 7,094.8 Million US$ by 2025
According to a report by MarketsandMarkets, the wireless EV charging market is projected to grow at a CAGR of 49.38% during the forecast period, from US$ 953.9 Million in 2020 to US$ 7,094.8 Million by 2025. The major factors driving the growth of the wireless EV charging market are technological advancements, increase in demand for premium electric vehicles, growing infrastructure of fast chargers for electric vehicles, and rising demand for safety and convenience features.
The 3-<11 kW segment is estimated to be the largest segment of the wireless EV charging market
The 3-<11 kW segment is estimated to hold the largest share of the wireless EV charging market, by power supply range. The growth can be attributed to its wide application for home charging and workplace charging where fast charging is not essential. The growing demand for home charging units has increased the demand for this power supply range.
Public charging station is estimated to be the fastest growing segment of the wireless EV charging market
The public charging station is estimated to be the fastest growing segment of the wireless EV charging market, by application. As the ownership of electric vehicles is increasing, there is a growing need for publicly accessible charging stations. The increase in government incentives has also contributed to the increase in infrastructure for publicly accessible charging stations.
Asia-Pacific: Largest wireless EV charging market
Asia-Pacific is estimated to be the largest and fastest growing wireless EV charging market, in terms of value. The Asia-Pacific region is estimated to be the most promising market for wireless charging system in the next five years. The key factors driving the adoption of electric vehicles include climate concerns and rising oil prices. The possibility of reducing carbon emissions by electrifying transportation has caught the attention of local and national government officials across the Asia-Pacific region. The use of electric vehicles is highly prevalent in the Asia-Pacific region. Further, well-developed and extensive charging infrastructure is provided by the governments of this region. All these factors have contributed to the market growth in this region.
The major players in the wireless charging market for electric vehicles are Robert Bosch GmbH (Germany), Continental AG (Germany), Toyota Motor Corporation (Japan), Qualcomm, Inc. (U.S.), and Evatran Group (U.S.).