Wireless Car Charging Market Segmentation by Technology - Inductive Charging | Hybrid-inductive Resonance
Industry: Semiconductor Electronics
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP3644
The wireless car charging market for the year 2022 was around US$ 17.2 Mn. As of 2023, the wireless car charging market will be around US$ 30.2 Mn and is forecasted to reach the valuation of US$ 11,527.4 Mn by the end of 2033. Over the course of the forecast period (2023-2033), the wireless car charging market is anticipated to grow at a CAGR of 81.2%.
The wireless car chargers refer to the wireless devices used for the charging of electronic vehicles. These chargers come in various forms and types, their primary driver is the increase in demand for electronic vehicles because of numerous factors. As the use of EVs will rise, the use of wireless car chargers is estimated to rise.
Wireless chargers can witness a growth in demand in urban areas where there is also a greater increase in electronic vehicles, upon reaching a sufficient amount, the demand for wireless chargers can increase in public spaces, for example parking in malls, offices, hotels etc, could witness a requirement for EV charges due to the increase in electronic vehicles.
The market for wireless chargers in North America held a dominant market share of 31.3% in the global landscape in 2022 and is estimated to remain the global leader throughout the forecast period. The demand for wireless car charging market in the South Asia and Pacific region is estimated to increase at a CAGR of 84.5% over the forecast period.
| Attributes | Key Insights |
|---|---|
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Wireless Car Charging Market Size (2023) |
US$ 17.2 Mn |
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Projected Market Value (2033) |
US$ 11,527.4 Mn |
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Global Market Growth Rate (2023-2033) |
81.2% |
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Static Wireless Car Charging Segment Market Share (2022) |
62.3% |
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U.S. Market Share (2022) |
20.5% |
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Electric Cars Segment Market Share (2022) |
56.7% |
“Challenges for Wireless Charging, But Growth Prospects Appear Positive Because of Growth in EVs”
The amount of electric and hybrid vehicles adopted by the end users is a key factor that will determine the adoption of wireless car chargers. Another factor that will influence the growth of wireless car chargers is how well do these chargers fare against EV chargers that make use of wires. Connected charging devices tend to be quicker at charging devices and are priced much less than wireless chargers, creating competition for wireless car chargers.
However, development in EV charging infrastructure, such as EV charging points and implementation of EV charging stations in public places could improve the market prospects for wireless car charging market.
“Large Presence of EVs in US to Drive Growth of Wireless Car Charging”
US has one of the largest quantity of automobile vehicles globally. Technological advancements and adoption further boost the market for wireless car chargers in US. Presence of large EV car manufacturers and being a global automobile hub, encourage the consumers in this country to purchase electronic vehicles in US.
Due to the above mentioned reasons, US was estimated to hold the largest market share of 20.5% for the year 2022.
“Affordability of Charging Components is Important to Determine the Growth of Wireless Car Charging in India”
The EV market in India still a developing market in its initial stages and it is yet to completely develop. However, the people in this country prioritize speed and price when it comes to expenditure on charging equipment. It is also important for vendors to gauge the growth of EV vehicles to set out on the sales of wireless charging for cars in this market.
EVs are increasing in urban areas and most of them are electronic scooters. Manufacturers are developing and manufacturing vehicles and components within the country itself, to reduce the price for the middle class and hence appeal to a wider market.
“Positive Growth for Wireless Car Charging Projected in Germany Because of the Growing Adoption of Electric Vehicles”
The sales of EVs is growing at a faster rate compared to petrol vehicles and diesel vehicles in Germany, allowing the EV charging market to grow alongside. The government of Germany recently approved a plan to spend almost EUR 6.3 Bn (US$ 6.6 Bn) to increase the amount of EV charging stations across the country. The plan intends to have about 15 million electric vehicles on the roads of Germany.
These developments suggest that wireless car charging market has positive prospects in Germany over the forecast period.
Why Static Wireless Car Charging Types Have Larger Market Share?
Static wireless car charging have the greater market share because these charging equipment were introduced in the market when EVs were introduced in the consumer market. Dynamic wireless charging are much new and technological development in necessary for the widespread application.
For this reason, static wireless car charging held the largest market share by Charging Type of 62.3%.
Why Electric Cars Have the Largest Market Share by Type of Car?
Electric cars have the largest market share by type of cars, the reason is that electric cars are sold and owned by more people compared to the hybrid vehicles. Government initiatives globally are pushing for the manufacturing and sales of zero-emission vehicles as well, which could help electronic vehicles maintain and grow their market dominance.
for these reasons electric cars have the largest market share of 56.7%.
Why Inductive Charging Has the Larger Market Share by Technology?
Induction of energy has been the basic technology implemented for the transmission of energy in a wireless manner, allowing the inductive charging technology to have the larger market share. Due to the basic technological configuration, companies that do not have a great technological portfolio ca implement this technology.
For this reason, the market for inductive charging has the greater market share of 57.7%.
Although wireless EV charging may not be as dominant as EV charging using cables. This technology is indeed something that players in the EV field want to enter into and certain companies are completely dedicated to this field of technology.
Recent developments related to key players providing Wireless Car Charging solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
|---|---|
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Charging Type:
By Type of Car:
By Technology:
By Region:
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In 2022, wireless car charging market held a valuation of US$ 17.2 Mn.
The global wireless car charging market is estimated to grow at a massive rate of 81.2% for the forecast period.
The market for wireless car charging is forecasted to reach the valuation of US$ 11,527.4.7 Mn by 2033 end.
Demand for wireless car charging market in India is projected to rise at a CAGR of 85.7% over the next forecast period.
North America wireless car charging market held the dominant market share of 29.7% in 2022.
