Wireless Electric Vehicle Charging Market Information on some prominent companies that were considered leaders in their respective industries. However, business landscapes are dynamic, and success depends on a company's ability to adapt to changing circumstances with respect to regions and countries. Companies that successfully integrate emerging technologies like AI, blockchain, and the IoT into their operations often gain a competitive edge.
The wireless electric vehicle (EV) charging market is witnessing rapid evolution, characterized by innovation and intense competition. As the global shift towards EVs gains momentum, this market emerges as a hotspot for both established industry leaders and agile startups. In this dynamic landscape, we will delve into key strategies, emerging trends, and factors shaping the competitive scenario.
Key Player Strategies:
Prominent players shaping the wireless EV charging market include Plugless Power (USA), WiTricity (USA), Nission (Japan), Qualcomm Inc. (USA), ZTE Corporation (China), ELIX Wireless (Canada), HEVO Power (USA), Continental AG (Germany), Toshiba Corporation (Japan), and BMW (Germany), among others.
Established corporations such as Siemens and WiTricity are strategically leveraging their expertise in power infrastructure and magnetic resonance technology. Their approach involves developing comprehensive charging solutions that encompass both hardware and software platforms. These industry giants actively form partnerships with automakers and infrastructure providers, positioning themselves to secure dominant market positions.
Agile startups like Electreon and Plugless Power are carving out niches by specializing in specific applications. For instance, Electreon focuses on dynamic on-road charging for public transport fleets, while Plugless Power targets low-power applications like electric scooters and delivery vehicles. This targeted strategy allows startups to gain traction in specific segments before expanding their offerings.
Recognizing the importance of interoperability, key players like Qualcomm and the Wireless Power Consortium (WPC) are leading efforts towards standardization. By establishing common protocols and technical specifications, these industry leaders aim to create a unified ecosystem that fosters healthy competition and accelerates market adoption.
Factors for Market Share Analysis:
Several factors play a crucial role in determining market share within the wireless EV charging landscape:
Technological Prowess: Companies with advanced magnetic resonance technology, offering higher efficiency and longer charging distances, gain a competitive edge. Continuous research and development (R&D) and partnerships with research institutions are essential for maintaining this advantage.
Cost-Effectiveness and Scalability: Manufacturers competing on price and offering modular, scalable solutions for diverse applications attract wider adoption. Partnerships with infrastructure developers and the provision of financing options can further drive market penetration.
Strategic Partnerships and Ecosystem Integration: Building robust partnerships with automakers, infrastructure providers, and energy companies is paramount. Creating seamless charging experiences that integrate with existing infrastructure and energy grids becomes a key differentiator.
New and Emerging Trends:
Several trends are shaping the future of the wireless EV charging market:
Dynamic Charging for Public Transport: Companies like WiTricity and Ground Effect are pioneers in developing dynamic charging systems for electric buses and taxis, eliminating the need for static charging stations and reducing downtime. This has significant potential for enhancing public transport efficiency.
V2X and Smart Grid Integration: Integrating wireless charging with vehicle-to-everything (V2X) technology and smart grids opens up new possibilities. Vehicles can act as energy storage units, exchanging power with the grid and optimizing energy use.
Low-Power Applications: Beyond high-power vehicles, companies are developing low-power wireless charging solutions for e-bikes, scooters, and even robots. This expands the addressable market significantly and fosters wider EV adoption.
Overall Competitive Scenario:
The wireless EV charging market is marked by intense competition with diverse players. While established companies leverage their resources and brand recognition, nimble startups innovate rapidly and carve out specific niches. Collaboration and standardization efforts are crucial for ecosystem growth, while technological advancements in efficiency, scalability, and cost-effectiveness determine market leadership. Companies adapting to emerging trends like dynamic charging, V2X integration, and low-power applications stand to reap the rewards of this burgeoning market.
Key Takeaways:
The wireless EV charging market offers significant growth opportunities, attracting diverse players.
Success depends on a balanced approach of technological advancements, strategic partnerships, and cost-effectiveness.
Adapting to emerging trends like dynamic charging and V2X integration is critical for market leadership.
Collaboration and standardization efforts are essential for building a robust and scalable ecosystem.
Industry Developments and Latest Updates:
Plugless Power (USA):
On December 12, 2023, Plugless Power announced a partnership with Fisker Inc. to provide wireless charging systems for Fisker's Ocean SUV. The pilot program is set to launch in 2024 with 100 charging stations in Los Angeles and Miami (Source: Plugless Power press release).
WiTricity (USA):
On October 26, 2023, WiTricity announced a partnership with BMW to develop long-range wireless charging systems for electric vehicles (Source: WiTricity press release).
Nission (Japan):
On July 5, 2023, Nission launched a commercial wireless charging service for taxis in Yokohama, Japan (Source: Nission website).
Qualcomm Inc. (USA):
On December 19, 2023, Qualcomm Inc. announced the development of a new chip that will enable more efficient and longer-range wireless charging for electric vehicles (Source: Qualcomm press release).
ELIX Wireless (Canada):
On December 7, 2023, ELIX Wireless announced a partnership with Magna International to develop wireless charging systems for electric trucks (Source: ELIX Wireless press release).
Wireless Electric Vehicle Charging Market Size was valued at USD 0.05 billion in 2021. The wireless electric vehicle charging market industry is projected to grow from USD 0.07 Billion in 2022 to USD 1.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 48.82% during the forecast period (2024 - 2030). Swelling demand for dynamic electric vehicle charging (DEVC) technology and growing long-distance drive-by electric vehicles are the key market drivers enhancing the market’s surge.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Consumer demand for minimal maintenance automobiles and wirelessly connected devices is rising. In turn, this raises public awareness of electric vehicles. Electric vehicle production has increased due to increased consumer awareness and demand. For instance, 6.7 million EVs were sold globally in 2021, up 3.7 million from the previous year and accounting for 4.1% of the market, according to a report by the IEA group. In 2020, two-thirds of all new electric vehicle registrations and all new vehicle sales were battery electric vehicles (BEVs).
Wireless electric vehicle charging is based on the inductive coupling theory, which describes how energy moves through an electric device and is used to charge batteries. The increased demand for wireless electric vehicle charging systems is partly a result of the growing popularity of electric automobiles. The International Energy Agency (IEA) estimates that 2.1 million electric vehicles were sold globally in 2019. During the anticipated term, this tendency may persist and grow the global market size for wireless electric vehicle charging.
There must be more public charging stations because more people drive electric cars. In the upcoming years, there will likely be an increase in demand for public fast charging as the base of electric vehicles expands and new use cases become electrified. Electric vehicles can be charged whenever and wherever they are parked. Air pollution is decreasing globally as wireless electric vehicle charging systems become more widely used. As a result, these variables are enhancing the wireless electric vehicle charging market CAGR globally in recent years.
Wireless Electric Vehicle Charging has been suggested for future electric highway lanes and is anticipated to be appealing for some vehicle types with established routes, such as public buses. For instance, in September 2021, the state of Michigan's government began a pilot project to construct a wireless charging route for EVs in Metro Detroit. Similarly, Sweden has successfully tested wireless electric roadways for trucks and buses. As a result, these activities are crucial in advancing the growth of the wireless electric vehicle charging market revenue.
The Wireless Electric Vehicle Charging Market segmentation, based on charging type, includes dynamic and stationary. The stationary segment held the majority share in 2021 of the Wireless Electric Vehicle Charging Market revenue. Leading automotive OEMs have implemented a significant number of pilot projects to integrate stationary wireless electric vehicle charging into their electric vehicles, and leading shared mobility, and taxi fleet operators around the world are adopting stationary wireless electric vehicle charging at an increasing rate for fleet charging applications.
The Wireless Electric Vehicle Charging Market segmentation, based on power supply range, includes 3 to <7.7 KW, 7.7 to < 11KW, 11 to < 20KW, 20 to < 50 KW, and 50 KW and above. The 20 to < 50 KW segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. Compared to 3 to < 11 kW chargers, 20 to < 50 kW chargers are far more efficient and take much less time to charge. Because they are simple to install for on-the-go charging, home charging options, and commercial uses, 20 to < 50 kW chargers offer a faster charging option that positively impacts the market growth.
The Wireless Electric Vehicle Charging Market data has been bifurcated by charging stations into commercial charging stations and home charging stations. The commercial charging stations segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. The increased demand for charging public transportation has enormous possibilities for business establishments. Increased commercial EV sales and the need for faster, safer, and more convenient wireless charging systems fuel the industry's growth.
Figure 2: Wireless Electric Vehicle Charging Market by Charging Station, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on charging pads, the global wireless electric vehicle charging industry has been segmented into base charging pads, power control units, and vehicle charging pads. The vehicle charging pads held the largest segment share in 2021. Its primary function is to maintain a vehicle's mobility by recharging the battery of an EV. Some EVs battery charger that can convert alternating current (AC) electricity into direct current (DC), which is then sent to the vehicle's charging connection.
Based on application, the global industry has been segmented into OEM and aftermarket. The aftermarket held the largest segment share in 2021. The demand for charging stations is anticipated to expand along with the popularity of electric and commercial cars. The on-the-go charging capability is anticipated to meet the high requirements of customers and fleet operators, as the required time is the key problem for charging stations.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Wireless Electric Vehicle Charging market accounted for USD 0.02 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The Asia-Pacific area offers significant development potential due to the high rise in electric vehicles in countries like China and Japan.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Wireless Electric Vehicle Charging Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe wireless electric vehicle charging market accounts for the second-largest market share. The demand for fuel-efficient and long-lasting charging methods for electronic devices like power tools and portable gadgets has increased, speeding up market growth in Europe for electronics. Further, the Germany wireless electric vehicle charging market held the largest market share, and the UK wireless electric vehicle charging market was the fastest-growing market in the European region.
The North America Wireless Electric Vehicle Charging Market is expected to grow at the fastest CAGR from 2024 to 2030. Due to the growing consumer desire for wireless and portable technology and technological advancements across the economy, the market for wireless electric vehicle charging has grown in this area. Moreover, the US wireless electric vehicle charging market held the largest market share, and Canada wireless electric vehicle charging market was the fastest-growing market in the North America region.
Major market players are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the wireless electric vehicle charging market. With significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic initiatives to expand their global footprint. To grow and thrive in an environment where competition is fierce and the market is growing, competitors in the wireless electric vehicle charging industry must offer affordable products.
Manufacturing locally to cut operational costs is one of the main business methods manufacturers use in the worldwide wireless electric vehicle charging industry to serve customers and increase the market sector. In recent years, the wireless electric vehicle charging industry has provided some of the most significant benefits. The wireless electric vehicle charging market major players, including Plugless Power (USA), WiTricity (USA), Nission (Japan), and others, are seeking to increase market demand by funding R&D initiatives.
Electric vehicle supply equipment that supports wireless charging is part of the Plugless Power product family, which Plugless Power, Inc makes. Without a physical connection to the car, the Plugless Power EVSE wirelessly transmits electrical power to the onboard Electric Vehicle battery charger using electromagnetic induction. In 2020, Verde eSystems acquired the Plugless Power product line from Evatran.
Also, the American wireless charging technology business WiTricity Corporation is headquartered in Watertown, Massachusetts. Through magnetic resonance, WiTricity technology enables wireless power transfer across long distances. In 2022, another round of fundraising for WiTricity raised $63 million.
August 2022: With the introduction of the new Mild Hybrid Kits, Continental is broadening the scope of its hybrid drive offering and now effectively addresses all pertinent vehicle applications on the European market.
January 2021: Alibaba Group Holding, a Chinese e-commerce company, introduced an electric vehicle with wireless charging under the joint venture name IM (intelligence in motion), which it created with SAIC Motor Corporation Ltd.
Wireless Electric Vehicle Charging Market Highlights:
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