The global dynamic wireless electric vehicle (EV) charging market is witnessing rapid growth driven by the increasing adoption of electric vehicles and the need for efficient, convenient charging solutions. Dynamic wireless charging offers on-the-go charging, eliminating the need for plug-in charging stations. The technology enables seamless charging while driving, enhancing the practicality and range of electric vehicles. With advancements in infrastructure and supportive government initiatives, the market is expected to expand further, catering to the growing demand for sustainable transportation solutions.
According to Data Bridge Market Research, the Global Dynamic Wireless Electric Vehicle (EV) Charging Market is expected to reach the value of USD 14,940.24 thousand in 2022, is expected to reach USD 3,36,549.07 thousand by 2030, growing at a CAGR of 47.6% during the forecast period of 2023 to 2030.
"Sustainable transportation initiatives surge market demand"
Dynamic wireless charging is a key component of sustainable transportation initiatives as it promotes electric vehicle adoption. Enabling on-the-go charging, it addresses the range anxiety associated with EVs, encouraging more people to switch to electric vehicles. With a higher number of EVs on the road, there is a reduced reliance on fossil fuels, leading to decreased greenhouse gas emissions and environmental benefits. It plays a crucial role in advancing clean and sustainable transportation solutions for a greener future.
What restraints the growth of the global dynamic wireless electric vehicle (EV) charging market?
" High initial infrastructure costs can impede the market growth”
The high initial infrastructure costs of dynamic wireless charging systems can be a deterrent for stakeholders. The technology requires specialized equipment and infrastructure, including the installation of wireless charging pads and communication systems. These upfront costs may discourage charging station operators and governments from investing in dynamic wireless charging, especially when traditional plug-in charging stations are already established and perceived as more cost-effective options.
Segmentation: Global Dynamic Wireless Electric Vehicle (EV) Charging Market
The dynamic wireless electric vehicle (EV) Charging market is segmented on the basis of power supply, vehicle, application, components, charging type, distribution type, propulsion type, charging system, and power transfer.
- On the basis of Power Supply, the dynamic wireless electric vehicle (EV) Charging market is segmented into 3 - < 11 kw, 11-50 kw, >50 kw
- On the basius of vehicle, the dynamic wireless electric vehicle (EV) Charging market is segmented into commercial vehicles, passenger cars
- On the basis of application, the dynamic wireless electric vehicle (EV) charging market is segmented into commercial charging station, home charging unit
- On the basis of components, the dynamic wireless electric vehicle (EV) charging market is segmented into base charging pad, power control unit, vehicle charging pad, transmitter, receiver
- On the basis of charging type, the dynamic wireless electric vehicle (EV) charging market is segmented into dynamic wireless charging system, stationary wireless charging system
- On the basis of distribution channel, the dynamic wireless electric vehicle (EV) charging market is segmented into aftermarket, original equipment manufacturer
- On the basis of propulsion type (battery electric vehicle (BEV), plug-in hybrid electric vehicle (phev), charging electric vehicles
- On the basis of charging system, the dynamic wireless electric vehicle (EV) charging market is segmented into inductive power transfer, capacitive power transfer, magnetic power transfer, resonance inductive power transfer.
Regional Insights: Europe dominates the Global Dynamic Wireless Electric Vehicle (EV) Charging Market
Europe's dominance in the dynamic wireless EV charging market from 2023 to 2030 can be attributed to several factors. The region's high revenue contribution is driven by technological advancements in wireless charging devices, facilitating the adoption of dynamic wireless charging solutions for electric vehicles. Additionally, the increasing demand for fuel-efficient and durable charging systems for various electronic vehicles further propels the market's growth in Europe, making it a key player in the global dynamic wireless EV charging market during the forecast period.
Asia-Pacific is poised for significant growth in the dynamic wireless EV charging market from 2023 to 2030 due to its high growth potential. The region is experiencing a rapid increase in the adoption of electric vehicles, especially in countries such as China and Japan. The surge in the number of electric vehicles is driving the demand for advanced and convenient charging solutions, contributing to the market's growth in the Asia-Pacific region during the forecast period.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-dynamic-wireless-ev-charging-market
Recent Developments in Global Dynamic Wireless Electric Vehicle (EV) Charging Market
- In January 2021, Alibaba Partners with SAIC to unveil electric car with wireless charging Alibaba Group Holding, a China-based e-commerce group, launched an electric car with wireless charging under the joint venture brand IM ‘intelligence in motion’ formed with SAIC Motor Corporation Ltd. This partnership and launch will further increase the markets growth, as the production and advertisement would increase significantly.
- In February 2021, IPT Group takes over PRIMOVE E-mobility Wireless Charging Technology Portfolio IPT Group acquired PRIMOVE to the scale-up its product portfolio in wireless power transfer for electric mobility. This acquisition will further help to increase IPT’s offering of a complete product portfolio to serve various markets.
The Prominent Key Players Operating in the Global Dynamic Wireless Electric Vehicle (EV) Charging Market Include:
- Qualcomm Technologies, Inc. (U.S.)
- WiTricity Corporation. (U.S.)
- Continental AG (Germany)
- Bombardier (Canada)
- WAVE, LLC. (U.S.)
- Fortum (Finland)
- Hyundai Motor Company (India)
- Electreon (Israel)
- OpConnect, Inc., (Portland)
- Franklin Electric EV Systems (Germany)
- Siemens (India)
- Rockwell Automation (U.S.)
- TECO Electric & Machinery Co.,Ltd. (Taiwan)
- HYOSUNG HEAVY INDUSTRIES. (South Korea)
- DENSO CORPORATION. (Japan)
- Wolong Electric Group (U.S.)
- Johnson Electric Holdings Limited (Hong Kong)
- TOSHIBA CORPORATION (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of Gglobal dynamic wireless electric vehicle (EV) charging market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Dynamic Wireless Electric Vehicle (EV) Charging Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
