Global Wireless EV Charging Market Outlook, 2029

The wireless electric vehicle (EV) charging market has emerged as a pivotal segment within the broader automotive and renewable energy sectors, driven by advancements in technology, government initiatives, and evolving consumer preferences. This market's evolution can be traced back to the early 2000s when electric vehicles began gaining popularity and necessitated innovative charging solutions beyond traditional plug-in methods. Initially, wireless charging technology was conceptualized as a convenient alternative to cumbersome plug-in charging, aiming to enhance user experience and address practical challenges such as weather susceptibility and ease of use. Over the years, significant research and development investments from both private enterprises and public institutions have propelled the market forward, leading to improved efficiency, safety standards, and compatibility across different vehicle models. The culture of the wireless EV charging market revolves around innovation and sustainability. Companies in this space prioritize developing efficient charging solutions that minimize energy loss, integrate seamlessly with existing infrastructure, and reduce environmental impact. According to the research report, “Global wireless EV charging Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 380 Million by 2029. This beliefs is supported by government regulations and incentives aimed at promoting electric vehicle adoption and reducing greenhouse gas emissions. In terms of competitive landscape, the market is characterized by a mix of established automotive manufacturers, tech giants, and specialized start-ups. Companies like Qualcomm, WiTricity, and Bosch have pioneered wireless charging technologies, leveraging their expertise in automotive electronics and renewable energy solutions. This has spurred healthy competition and fostered collaborations across industries to standardize technologies and accelerate market adoption. Government rules and regulations play a crucial role in shaping the wireless EV charging market dynamics. Various countries have introduced mandates and incentives to encourage the deployment of EV charging infrastructure, including wireless technologies. For instance, the European Union's Green Deal initiative includes targets for expanding charging networks, while countries like China and the United States offer subsidies and tax incentives to support electric vehicle adoption and infrastructure development. Strategies employed by stakeholders in the wireless EV charging market encompass technological innovation, strategic partnerships, and regulatory advocacy. Companies focus on improving charging efficiency, reducing costs, and enhancing user experience through automated features and smart grid integration. Partnerships between automakers, technology providers, and energy companies aim to create comprehensive ecosystems that support widespread adoption of electric vehicles.

Market Challenges • High Initial Costs: The implementation of wireless charging infrastructure involves significant upfront costs, including the installation of charging pads and associated technology. This can limit the widespread adoption of wireless EV charging, particularly in price-sensitive markets. • Limited Charging Efficiency: Wireless charging systems currently have lower charging efficiencies compared to conventional wired charging methods. This can result in longer charging times and potentially impact the overall user experience. Market Trends

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Manmayi Raval

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• Increasing EV Adoption: The growing popularity of electric vehicles, driven by environmental concerns and government incentives, is a key trend in the wireless EV charging market. As more consumers and fleet operators shift towards electric vehicles, the demand for convenient and hassle-free charging solutions is expected to rise. • Integration with Smart Grids: Wireless EV charging systems are increasingly being integrated with smart grid technologies. This integration allows for optimized charging based on grid conditions, load management, and demand response, enhancing the overall efficiency and reliability of the charging infrastructure. Market Drivers • Convenience and User Experience: Wireless EV charging offers a seamless and user-friendly charging experience, eliminating the need for physical connections and reducing the effort required for plugging and unplugging. This convenience factor is expected to drive the demand for wireless charging solutions. • Government Support and Regulations: Governments worldwide are implementing favorable policies, financial incentives, and regulations to promote the adoption of electric vehicles and the development of charging infrastructure. These initiatives create opportunities for market growth and encourage the deployment of wireless EV charging solutions. • Technological Advancements: Ongoing research and development efforts are focused on improving the efficiency and charging speeds of wireless EV charging systems. Advancements in technology, such as higher power transfer capabilities and dynamic charging, present opportunities for the market's expansion.

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Based on the report, the Charging method segment is distinguished into CWPT, MGWPT, RIPT and IPT. The wireless electric vehicle (EV) charging market is segmented based on different charging methods, Each offering unique benefits and technological approaches to address the growing demand for convenient and efficient EV charging solutions. These methods include CWPT (Conductive Wireless Power Transfer), MGWPT (Magnetic Resonance Wireless Power Transfer), RIPT (Resonant Inductive Power Transfer), and IPT (Inductive Power Transfer). CWPT involves transferring power through conductive plates installed in both the charging pad (ground) and the vehicle, creating a direct electrical connection. This method is known for its high efficiency and robustness against misalignment, making it suitable for commercial and industrial applications where reliability and fast charging are critical. MGWPT utilizes magnetic resonance to transfer power between the ground pad and the vehicle, using electromagnetic fields to establish a wireless power link. This method allows greater flexibility in positioning and alignment compared to CWPT, making it suitable for dynamic charging scenarios and vehicles with varying ground clearance. RIPT, or Resonant Inductive Power Transfer, relies on resonant circuits to achieve efficient power transfer over a distance. It optimizes power delivery by matching the resonance frequency between the charging pad and the vehicle, thereby reducing energy losses and enabling higher power transfer rates. RIPT is particularly favoured for applications requiring high efficiency and minimal electromagnetic interference. IPT, or Inductive Power Transfer, involves creating a magnetic field between coils in the charging pad and the vehicle, inducing an electric current to transfer power wirelessly. This method is widely recognized for its simplicity and safety, as it eliminates direct electrical contact and reduces the risk of electrical hazards. IPT is commonly used in consumer electronics and automotive applications where user safety and ease of use are paramount. On the basis of report, the vehicle type segment is segmented into BEV, PHEV and CEV. In terms, the wireless electric vehicle (EV) charging market is segmented based on different types of electric vehicles (EVs), each with distinct characteristics and charging requirements. These vehicle types include Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Commercial Electric Vehicles (CEVs). Battery Electric Vehicles (BEVs) are fully electric vehicles powered solely by electricity stored in a battery pack. They do not have an internal combustion engine and rely entirely on electric motors for propulsion. BEVs typically have larger battery capacities compared to other EV types, which necessitates efficient and effective charging solutions to support longer driving ranges. Wireless charging technologies for BEVs focus on high-power delivery and compatibility with different battery chemistries to ensure fast and reliable charging times. Plug-in Hybrid Electric Vehicles (PHEVs) combine an internal combustion engine with an electric motor and battery pack. PHEVs can operate in all-electric mode for shorter distances using stored electricity, and then switch to gasoline or diesel power for longer journeys. Wireless charging solutions for PHEVs cater to their dual-powertrain nature, offering flexibility in charging modes and adapting to different driving conditions. Efficiency and seamless integration with both electric and internal combustion powertrains are key considerations for PHEV wireless charging technologies. Commercial Electric Vehicles (CEVs) encompass a wide range of vehicles used for commercial purposes, including buses, trucks, delivery vans, and utility vehicles. These vehicles often have higher energy demands and operate on predefined routes or schedules, making efficient charging infrastructure crucial for maintaining fleet operations. Wireless charging solutions for CEVs prioritize robustness, scalability, and interoperability across diverse vehicle types and operational environments. They support rapid deployment and integration into existing logistics and transportation networks, aiming to reduce downtime and optimize fleet management. North America is leading in the wireless EV charging industry due to early adoption of electric vehicles, robust technological innovation, and supportive regulatory frameworks. North America has emerged as a frontrunner in the wireless electric vehicle (EV) charging industry primarily due to several key factors that have fostered a conducive environment for innovation, adoption, and market leadership. The region's early embrace of electric vehicles, coupled with a strong culture of technological innovation and supportive regulatory frameworks, has propelled it to the forefront of the wireless EV charging sector. North America, particularly the United States and Canada, has witnessed significant early adoption of electric vehicles compared to other global regions. This early market penetration has created a strong demand for advanced charging solutions that are not only efficient but also convenient for users. As a result, companies in North America have been at the forefront of developing and deploying wireless charging technologies to cater to this growing market segment. This proactive approach has allowed North American firms to gain valuable experience and expertise in addressing the unique challenges and opportunities presented by wireless EV charging. The region boasts a vibrant ecosystem of technological innovation and entrepreneurship. Companies in North America, ranging from established automotive giants to agile start-ups and tech firms, have invested heavily in research and development of wireless charging technologies. This investment has led to significant advancements in efficiency, reliability, and scalability of wireless charging solutions, positioning North American companies as leaders in the global market. North America benefits from supportive regulatory frameworks and government incentives aimed at promoting electric vehicle adoption and infrastructure development. Federal and state-level initiatives provide funding, tax incentives, and regulatory support for companies developing and deploying EV charging infrastructure, including wireless solutions. These policies not only stimulate investment and innovation but also create a predictable and favourable business environment for stakeholders across the EV ecosystem. North America's leadership in wireless EV charging is bolstered by collaborative efforts between industry stakeholders, research institutions, and academia. Partnerships and alliances facilitate knowledge sharing, standardization of technologies, and pilot projects that validate the effectiveness and reliability of wireless charging systems in real-world applications. FAQ’s 1. What is the current size of the global wireless charging market for electric vehicles? 2. Who is the key player in the global wireless charging market for electric vehicles? 3. What are the new market trends impacting the growth of the wireless charging market for electric vehicles? 4. What is the total CAGR expected to be recorded for the wireless charging market for electric vehicles during 2023-2029? ANSWERS 1. The global wireless charging market for electric vehicles is estimated to be USD 40 million in 2023 and projected to reach USD 380 million by 2029. 2. The wireless charging market for electric vehicles is dominated by global players such as WiTricity Corporation, Electreon, InductEV Inc., Plugless Power Inc., Wave Charging, and HEVO Inc among others. These companies develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in the wireless charging market for electric vehicles. 3. The new market trend such as countries shifting to Vehicle-to-Grid (V2G) power transfer and rising acceptance of magnetic resonance charging technology. 4. The CAGR is expected to record a CAGR of 46.54% from 2023-2029. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Wireless Cooling System market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By charging method • CWPT • MGWPT • RIPT • IPT By Vehicle Type • BEV • PHEV • CEV By Power • 3?11 KW • 11–50 KW • >50 KW The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Wireless Cooling System industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.