Wireless Electric Vehicle Charging Market is Estimated to Witness High Growth Owing to Rising Demand for Convenient Charging Solutions

Wireless electric vehicle charging is a technology that enables contactless power transfer from the power source to an electric vehicle. Wireless charging systems provide more convenience to EV owners as they eliminate the need for plugging in the vehicle to charge. Wireless electric vehicle charging technology uses charging coils embedded beneath the road surface or parking area which helps in transferring power through induction technology to charge the EV battery when parked over the charging spot. With growing adoption of EVs worldwide, there has been increasing demand for convenient charging solutions for electric vehicles.

The global Wireless Electric Vehicle Charging Market is estimated to be valued at US$ 80 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity
Growing demand for convenient charging infrastructure: With rising sales of electric vehicles globally, there is a substantial need to develop a robust charging infrastructure to facilitate long distance travel. Wireless charging technology provides a more convenient charging experience to EV owners compared to traditional wired charging systems. As wireless charging eliminates the hassles of locating charging ports and plugging/unplugging cables, it is expected to witness higher acceptance rates. This growing demand for convenient charging solutions from EV owners and drivers represents a major market opportunity for wireless electric vehicle charging system providers over the coming years.

Porter’s Analysis
Threat of new entrants: The high capital requirement for setting up infrastructure and the dominance of established players pose high entry barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power owing to the availability of multiple options and low switching costs.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternatives and customized solutions requirement.
Threat of new substitutes: Emergence of new technologies like wireless charging poses a moderate threat of substitution.
Competitive rivalry: Intense competition among existing players to gain market share.

SWOT Analysis
Strength: Technological superiority and cost-effectiveness of wireless charging compared to wired networks. Growing need for fuel-saving technologies.
Weakness: High initial costs, availability of alternatives like manual charging, need for standardization.
Opportunity: Increasing demand for EVs, supportive government policies and initiatives, growing infrastructure developments.
Threats: Slow adoption rates, lack of consumer awareness, challenges in mass deployment of infrastructure.

Key Takeaways
Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth at a CAGR of 24% during the forecast period of 2023 to 2030. The market size is projected to reach around US$ 80 Mn by 2023.

Regional analysis: Asia Pacific dominated more than 35% of the overall market share in 2023 driven by the high EV adoption and investments in China. Europe and North America are also major regional markets for wireless EV charging supported by growing charging infrastructure and government initiatives in countries like Germany, UK, US and Canada.

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, Aigen. These players are focusing on product innovations, partnerships and geographical expansions to strengthen their market positions.

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