According to a new report published by UnivDatos Markets Insights, The Wireless Electric Vehicle Charger Market was valued at USD 434.92 million in 2022 & are expected to grow at a CAGR of 40.31% from 2023-2030. The analysis has been segmented into Type (Static and Dynamic), Technology (Inductive Wireless Charging System and Resonant Inductive Wireless Charging System), and Region/Country.
The wireless electric vehicle charger market reports have been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the wireless electric vehicle charger market. The wireless electric vehicle charger market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the wireless electric vehicle charger market at the global and regional levels.
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Key Market Opportunities
The integration of smart grids and vehicle-to-grid (V2G) technology has the potential to revolutionize the energy landscape, creating a more sustainable and efficient power system. smart grids enable two-way communication between energy providers and consumers, considering real-time monitoring and control of energy distribution. However, V2G technology allows electric cars (EVs) to not only consume electricity from the grid but also to gain excess energy into the grid while needed. This integration can optimize power control, improve grid reliability, and reduce carbon emissions. The key benefit of integrating smart grids with V2G technology is the capability to balance the supply and demand of electricity more effectively. Moreover, integrating V2G generation with smart grids can carry economic benefits to EV owners. via V2G services, EV owners can sell the excess energy stored in their vehicles returned to the grid, efficaciously turning into "prosumers" who both consume and produce electricity. This can create extra revenue streams for EV owners and potentially offset the cost of EV possession. Moreover, vehicle-to-home (V2H) integration permits EV owners to apply their automobile's battery to power their domestic at some point of peak hours, lowering electricity bills and growing energy independence.
Segmentation Details:
By type, the market is divided into static and dynamic. The static segment dominated the market in 2022.
By technology, the market is segmented into inductive wireless charging systems and resonant inductive wireless charging systems. The inductive wireless charging systems is currently the leading segment and is expected to dominate the segment in the forecast period.
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Wireless Electric Vehicle Charger Market Geographical Segmentation Includes:
· North America (U.S., Canada, Mexico, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, and Rest of Europe)
· Asia-Pacific (China, Japan, South Korea, and Rest of Asia-Pacific)
· Rest of the World
The Asia Pacific region would exhibit the highest CAGR during 2023-2030 fueled by a combination of factors that have created a perfect storm of prosperity for this industry. At the forefront of this growth is the wireless electric vehicle charger industry in the region, which has been bolstered by rising government support and technological advancements and innovation.
The automobile industry in the Asia Pacific region has been increasing rapidly, driven by the aid of burgeoning middle classes and increased consumer spending strength. countries including China, India, and Indonesia have seen a sizeable upsurge in electric car sales, with the latter nations recording double-digit growth rates in recent years. This surge in demand for cars has, in turn, driven the need for wireless electric vehicle chargers, which are vital in electric vehicles. Moreover, there is a notable increase in investments and funding allocated towards the development and commercialization of WEV charging technology in the region. Governments and private organizations are recognizing the potential of WEV chargers in facilitating the widespread adoption of EVs, thus pumping in considerable resources to foster their growth. For instance, in March 2020, the Japanese government announced a plan to install 20,000 fast-charging stations across the country by 2025, with a budget allocation of JPY 40 billion (approximately USD 360 million). Such initiatives not only boost the demand for WEV chargers.
Additionally, the Chinese government has been actively promoting the adoption of new energy vehicles (NEVs), including electric cars and buses, through various policies and incentives. For instance, the "New Energy Vehicle Promotion Plan" launched in 2016 set a target of having NEVs account for at least 20% of all new car sales by 2025. To facilitate the charging infrastructure, the government has also invested heavily in building out a nationwide network of charging stations, including wireless charging facilities. By creating a supportive policy framework, the government has encouraged both domestic and foreign companies to invest in the WEV charger market.
Moreover, Japan has seen a rapid increase in the adoption of EVs, driven by government incentives, declining battery costs, and growing concerns about climate change. For instance, according to the report published by the International Council on Clean Transportation, Japan hit an all-time high in EV sales of 92,000 in 2022, a 109% increase over the previous year, and improved its ranking from 17th in 2021 to 13th in 2022. As the popularity of EVs grows, the need for efficient and convenient charging solutions will also increase, thereby propelling the demand for WEV chargers.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the wireless electric vehicle charger market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis to get insight views on global competition.
Recent Developments:
In 2022, South Korea has been testing and implementing wireless EV charging technology on select roadways. This infrastructure allows EVs to charge while in motion, reducing the need for stationary charging stations and enabling longer-distance travel without interruptions.
In 2023, Vehya and HEVOInc. formed a partnership to accelerate the installation of wireless EV charging in the U.S. This collaboration provides a pathway for Vehya to become one of HEVO's preferred partners for the installation and maintenance of its wireless charging products.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the wireless electric vehicle charger market?
• Which factors are influencing the wireless electric vehicle charger market over the forecast period?
• What are the global challenges, threats, and risks in the wireless electric vehicle charger market?
• Which factors are propelling and restraining the wireless electric vehicle charger market?
• What are the demanding global regions of the wireless electric vehicle charger market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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