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The electric vehicle (EV) market is rapidly evolving, driven by a growing focus on sustainability and the transition towards cleaner transportation solutions. Among the critical components influencing the EV ecosystem, charging stations play a pivotal role. The global market for charging stations is categorized into AC charging stations, DC charging stations, and inductive charging stations. As of 2020, the AC charging station segment held the largest market share, accounting for a substantial portion of the market at USD 11.06 billion. This article delves into the dynamics of the electric vehicle charging station market, with a specific focus on the AC charging station segment and its projected growth.
AC Charging Station Segment Overview:
The AC charging station segment has emerged as a frontrunner in the electric vehicle charging station market. In 2020, it dominated with a market size of USD 11.06 billion, showcasing its significant contribution to the overall market. This segment operates on alternating current and is widely utilized for home and commercial charging infrastructure. AC charging stations are known for their versatility, making them compatible with a broad range of electric vehicles, contributing to their market prominence.
Market Share and Growth Projections:
The dominance of the AC charging station segment is not merely historical; it extends into future projections. According to market analyses, this segment is anticipated to maintain its lead, registering a remarkable Compound Annual Growth Rate (CAGR) of 33.64% during the forecast period. This robust growth projection underscores the increasing adoption of AC charging stations worldwide, driven by factors such as technological advancements, government incentives, and the expanding electric vehicle market.
Factors Driving the Growth:
Several factors contribute to the sustained growth of the AC charging station segment. Technological advancements play a pivotal role, with ongoing innovations enhancing the efficiency and speed of AC charging stations. As the demand for faster charging solutions increases, AC charging stations are poised to meet this need, further solidifying their market position.
Government initiatives and incentives also play a crucial role in propelling the growth of AC charging stations. Many governments around the world are implementing policies to encourage the adoption of electric vehicles and, consequently, the development of charging infrastructure. Subsidies, tax credits, and grants provided by governments act as significant drivers, fostering the expansion of AC charging stations.
The expanding electric vehicle market is another key factor influencing the growth of AC charging stations. As the number of electric vehicles on the roads increases, the demand for charging infrastructure rises in tandem. AC charging stations, being versatile and adaptable, cater to a diverse range of electric vehicles, contributing to their widespread adoption.
Challenges and Opportunities:
While the AC charging station segment experiences robust growth, it is not without its challenges. Infrastructure development, particularly in remote or underserved areas, remains a hurdle. Addressing this challenge presents an opportunity for market players to invest in expanding the charging network, ensuring comprehensive coverage and accessibility.
Moreover, interoperability and standardization are crucial considerations for the continued success of AC charging stations. Establishing common standards will facilitate seamless integration with various electric vehicle models, enhancing user convenience and encouraging further adoption.
Conclusion:
The global electric vehicle charging station market is witnessing a transformative shift, with the AC charging station segment playing a pivotal role. Its dominant market share in 2020 and the projected growth rate of 33.64% underscore its significance in the evolving landscape of electric mobility. As technology advances, governments incentivize adoption, and the electric vehicle market expands, AC charging stations are poised to remain at the forefront, shaping the future of sustainable transportation infrastructure. Market players, policymakers, and stakeholders alike should closely monitor these trends to capitalize on opportunities and address challenges, ensuring a robust and accessible charging infrastructure for the growing electric vehicle ecosystem.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 0.07 Billion |
| Growth Rate | 48.82% (2022-2030) |
Wireless Electric Vehicle Charging Market Highlights:
Wireless Electric Vehicle Charging Market Overview:
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
Wireless Electric Vehicle Charging Market Trends
Increase in Sales of Electric Vehicles (EVs) to boost the market growth
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.
Wireless Electric Vehicle Charging Market Segment Insights:
Wireless Electric Vehicle Charging Type Insights
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.
Wireless Electric Vehicle Charging Power Supply Range Insights
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.
Wireless Electric Vehicle Charging Station Insights
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
Wireless Electric Vehicle Charging Pads Insights
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.
Wireless Electric Vehicle Charging Application Insights
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.
Wireless Electric Vehicle Charging Regional Insights
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.
Wireless Electric Vehicle Charging Key Market Players & Competitive Insights
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.
Key Companies in the wireless electric vehicle 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)
- BMW (Germany), among others
Wireless Electric Vehicle Charging Industry Developments
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 Segmentation
Wireless Electric Vehicle Charging Type Outlook
- Dynamic
- Stationary
Wireless Electric Vehicle Charging Power Supply Range Outlook
- 3 to 7.7. KW
- 7. to 11 KW
- 11 to 20 KW
- 20 to 50 KW
- 50 KW and above
Wireless Electric Vehicle Charging Station Outlook
- Commercial charging station
- Home charging station
Wireless Electric Vehicle Charging Pads Outlook
- Base Charging Pad
- Power Control Unit
- Vehicle Charging Pad
Wireless Electric Vehicle Charging Application Outlook
- OEM
- Aftermarket
Wireless Electric Vehicle Charging Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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