Wireless Electric Vehicle Charging technology enables contactless transfer of electricity from charging stations to electric vehicles without the need for plug-in wires or charging cables. This provides drivers with more convenience during charging as they no longer have to plug in their vehicles. Wireless charging is also more protected against moisture and dust penetration. The growing adoption of electric vehicles globally is driving increased demand for advanced wireless charging infrastructure to promote their seamless use. Wireless charging allows for precise positioning of vehicles for charging as opposed to plug-in charging and enables new applications such as robotaxi fleets that charge on the go.
The global Wireless Electric Vehicle Charging Market is estimated to be valued at US$ 92.16 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the key trends in the Wireless Electric Vehicle Charging market include the development of dynamic wireless charging systems that can charge electric vehicles while they are in motion. This promises to solve range anxieties for electric vehicles and facilitate truly autonomous robotaxis with indefinite range. Automakers are also forming partnerships and standards bodies to develop more sophisticated and higher power wireless charging solutions beyond the existing low power inductive systems. For instance, the CharIn group is working on developing a wireless charging standard beyond 100kW to enable ultra-fast charging comparable to wired charging speeds. Such developments are expected to boost adoption of wireless charging and accelerate the electrification of transportation globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Wireless Electric Vehicle Charging market is moderate. Significant investment is required for R&D, infrastructure development, and marketing to gain consumer acceptance.
Bargaining power of buyers: The bargaining power of buyers in the Wireless Electric Vehicle Charging market is high due to the availability of alternatives and flexibility of buyers to switch between wired and wireless charging options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components like power converters and charging coils are technically complex to manufacture and require technical expertise.
Threat of new substitutes: Threat of substitutes is low as Wireless Electric Vehicle Charging is novelty technology and offers convenience over conventional wired charging options.
Competitive rivalry: The competitive rivalry in the Wireless Electric Vehicle Charging market is high due to the presence of major technology developers globally.
Key Takeaways
Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth. Global Wireless Electric Vehicle Charging Market Size is projected to grow at a CAGR of 24% during the forecast period of 2024 to 2031.
Regional analysis indicates that Asia Pacific is expected to witness the fastest growth in the market due to strong government support for EV adoption and presence of major automotive hubs. North America and Europe are also expected to have significant market shares.
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, and Aigen. The key players operating globally are focusing on new product developments and introducing advanced wireless charging solutions to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it