2022-27 Global electric vehicle wireless charging market compound annual growth rate of more than 88%

As global EV sales continue to rise and automotive OEMs pay more attention to autonomous driving technology, the demand for electric vehicle wireless charging market will also increase
.
According to a report released by Markets and Markets, an international market research institution, the global electric vehicle wireless charging market will reach $15 million in 2022, and it is expected that this data will increase to $377 million by 2027, with a compound annual growth rate of 88.
4%.

At present, several countries such as the United States, Germany, and Italy have begun to increase investment in smart roads, coupled with increased government support for wireless charging, which will create new opportunities
for this market.

Drivers

Electric vehicles are zero-emission, sustainable and efficient vehicles and the future of
the automotive industry.
The method of charging electric vehicles is through plug-in and wireless power transmission
.
The main advantage of wireless charging systems over wired charging is that there is no need to carry and store charging cables, which generally avoids the risks
associated with cables that wear out over time.

Wireless charging systems may reduce the size of batteries typically included in electric vehicles (adopting the concept of dynamic wireless charging).

The battery sizes currently used in electric vehicles are large
.
However, by deploying wireless technology in electric vehicles, the batteries of the corresponding vehicles may be smaller and lighter
.
This, in turn, will reduce the overall cost of
electric vehicles.
With these advantages in mind, automotive OEMs such as Nissan, Hyundai and Tesla are investing heavily in wireless technology
for electric vehicles.
All of the above parameters are expected to drive revenue growth
in the electric vehicle wireless charging market for the foreseeable future.

Constraints

Wireless charging technology for electric vehicles requires transmitter and receiver coils for power transmission
through a power control unit (PCU).
The transmitter coil is mounted in the base charging plate (BCP) and the receiver coil is mounted under
the vehicle charging plate (VCP).
A complete aftermarket wireless charging system for home installation costs about $
2,500-3,000.
Implementing wireless charging technology in electric vehicles increases the cost of
the car.
Therefore, this makes wireless EV charging more expensive
.

The increasing demand for wireless charging and the mass production of electric vehicles will help reduce the cost of
wireless charging technology.
Wireless charging technology is new to the electric vehicle market and is still in the introduction phase
.
However, it is expected that most automotive OEMs will adopt this technology
in their respective models in the future.
Therefore, given the economic environment and the resulting economies of scale, it can be inferred that the high cost of upgrading to wireless charging technology is a constraint
.

Wireless charging technology has witnessed the rapid growth
of the electric vehicle industry.
In this technology, the electric car can be charged simply by parking above the bottom plate without any manual connection
.
However, wireless charging technology has some limitations
.
Compared to wired power transmission, the power loss of wireless charging technology is approximately 7-12%
higher.

In addition, the transmission range of the wireless charger through electromagnetic induction and/or magnetic resonance is limited to a
certain distance.
This range limitation is a serious challenge for manufacturers, especially for LCVs and SUVs
with high ground clearance.
Power efficiency is inversely proportional
to the distance between transmitter and receiver.
Since strong electromagnetic fields can harm the biological environment, safety issues during vehicle charging are another concern
for the electric vehicle wireless charging market.
As a result, safety and efficiency issues have become a barrier
for manufacturers in this market.

Opportunity

Government support and incentives for electric vehicles in many countries now extend to the development of
wireless charging.
The main advantages of wireless charging are complete autonomy, do not require charging stations, reduce the chance of the driver being electrocuted during wired charging, and smaller battery cells
.
Full autonomy helps to increase the working hours
of the public.
The increase in production time further contributes to increasing a country's GDP
.
Another key aspect that favors the installation of wireless charging in urban areas where space is at a premium is the reduction or elimination of charging stations for dynamic charging
.

For example, in July 2019, the UK government allocated around US$48.
5 million for 12 projects to improve the experience
of EV owners/drivers.
The government allocated $3.
01 million to a company called char.
gy to deploy wireless charging technology
on residential streets.
In December 2021, the first trials of wireless technology were successfully conducted
in Marlowe, Buckinghamshire.

In 2021, Sweden successfully tested a wireless charging path to revolutionize transportation activities and accelerate the transition
to electric vehicles.
Recently, Israeli company ElectReon completed the deployment
of a dynamic wireless charging system on a 1.
65-kilometer public road in Gotland, Sweden.
An all-electric truck charges
on this smart road.
The U.
S.
state of Michigan has also finalized an agreement
to build the first wireless charging road system in Detroit.
ElectReon will deploy this dynamic charging technology to charge
battery-powered cars and trucks in real time in Detroit.
The project is scheduled to be operational
in 2023.

Market segments

In terms of electric vehicle type, the battery electric vehicle (BEV) segment is expected to hold the largest market share during the forecast period, becoming the fastest growing segment
.
The adoption rate of wireless charging systems in BEVs is higher than that of plug-in hybrid electric vehicles (PHEVs).

The only source of power in a BEV is the battery, which needs to be recharged
regularly.
Wireless charging systems can be installed in home garages, public places, shopping malls and offices
.
Several countries such as Germany, Sweden, the United States, and Italy will increase their investments in the coming years, which is expected to create lucrative opportunities
for the BEV segment in the electric vehicle wireless charging market.
Currently, popular BEVs such as the Nissan Leaf, Tesla Model S and Jaguar I-Pace support wireless charging
.
Therefore, the BEV segment is expected to be larger than the PHEV segment during the forecast period
.

In terms of components, the inductive power transmission segment is expected to hold the largest share
of the electric vehicle wireless charging market during the forecast period.
This is due to the key advantages of inductive power transfer, such as minimal maintenance costs, energy savings and no magnetic field radiation
.
In addition, the technology provides high efficiency, reliability and robustness, and provides a clean, safe and robust way
to transmit electricity.
Companies such as Continental AG, IPT Technology, Hella KGaA Hueck & Co.
, ZTE and Plugless Power use inductive coupling technology for wireless charging
of electric vehicles.
In addition, leading car companies such as Tesla, Nissan, Chevrolet, and BMW use inductive power transfer methods to charge
electric vehicles.

From a regional perspective, Europe is expected to dominate the EV market for wireless charging
during the forecast period.
It is estimated that Europe will account for 66%
of the global electric vehicle wireless charging market in 2022.
Electric vehicles are expected to become a rational choice for European car buyers, as the price of electric vehicles will continue to fall
as the supply of economical batteries and range increase.
Due to favorable policies and government support, charging infrastructure in Europe is expected to become more common
.

Europe has set an ambitious target to reduce CO2 emissions by 80% by 2030-2050 and has a roadmap
for this.
European governments are subsidizing electricity infrastructure, with a long-term focus expected on electric vehicles
.
This has led to the growth of the electric vehicle wireless charging market in the
region.
The emergence of significant market players such as IPT Technology, Hella KGaA Hueck & Co.
, and Robert Bosch is expected to accelerate the growth
of the European electric vehicle wireless charging market during the forecast period.

Ongoing projects related to dynamic wireless charging systems in countries such as Germany, Italy, and Sweden are expected to support the market growth
in the region.
The EV wireless charging market is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc.
(US), Efacec (Portugal), and HEVO Inc.
(US), among others, developing products/systems
for the EV ecosystem.

However, Asia Pacific, which includes emerging economies such as China and India, as well as developed countries such as Japan and South Korea, will be the fastest growing regional market
during the forecast period.
In recent years, the region has become a center
for automobile production.
Increasing purchasing power and growing concern for the environment have led to the demand for electric vehicles in the
Asia-Pacific region.
The concept of reducing carbon emissions through electrified transportation has attracted the attention
of local and national governments.
As a result, the use of electric vehicles has become popular
in the region.
Governments are working to provide extensive charging infrastructure to facilitate the use of
electric vehicles.

Rapid technological advances in Japan and South Korea, which are centers for electronics manufacturing, are expected to reduce the cost of
wireless charging systems used in electric vehicles.
In turn, cost reduction is expected to drive the growth
of the electric vehicle wireless charging market in the region.
The presence of some leading players in the EV wireless charging market is also expected to support the growth of the
APAC market.