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

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

The Wireless Electric Vehicle Charging market involves the transfer of electric power from a charging station to an electric vehicle without the need for physical electrical connections. Wireless charging systems for EVs use inductive power transfer technology based on coils to transfer electricity between the charging infrastructure and the receiving unit installed in the vehicle. This allows for more convenient charging compared to conventional plug-in systems.

The global Wireless Electric Vehicle Charging market is estimated to be valued at US$ 92.16 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.

Market Dynamics:

One of the primary drivers fueling the growth of the Wireless Electric Vehicle Charging market is the rising demand for convenience among EV owners. Wireless charging eliminates the need to deal with charging cables and plugs, simplifying the process. This improves the overall EV user experience significantly. Additionally, wireless charging capabilities make it more convenient to charge EVs wherever charging pads or spots are installed, such as at homes, workplaces, and commercial spaces like malls and parking lots. The improved convenience of wireless technology is expected to boost the adoption of EVs over the forecast period, thereby propelling the market growth. However, high costs associated with the installation and maintenance of wireless charging infrastructure compared to conventional plug-in systems remains a major challenge to widespread adoption.

SWOT Analysis

Strength: Wireless charging allows for contactless charging which eliminates cable wear and tear, reduces issues with corrosion of charging ports, and improves convenience as vehicles do not need to be physically plugged in. Wireless charging pads can be placed underground or built into parking spaces which could allow for automated opportunity charging. Wireless transfer of electricity also has improved efficiency compared to wired charging.

Weakness: Wireless charging systems currently have significantly lower power transfer rates compared to physical wired connections, which results in slower charging times. The construction and installation of wireless charging systems is also more complex and expensive than traditional wired fast chargers. Standards for wireless charging technologies have also not been universally adopted which limits interoperability.

Opportunity: As wireless power transfer technologies continue to improve, standards are adopted, and costs reduce, wireless EV charging has potential to become the predominant model for public charging infrastructure and for fleet vehicle charging applications. Wireless charging could help address issues with limited battery ranges by allowing automated charging during parking or idle times. It may also appeal to consumer preferences for contactless, automated technologies.

Threats: Continued advances in wired fast charging could reduce the relative benefits of wireless systems by further narrowing charging time differences. High upfront investment costs may slow widespread installations of wireless charging infrastructure. Issues with power transfer efficiency and foreign object detection could undermine consumer acceptance compared to simple physical connections. Open standards and global adoption will be important for wireless charging to achieve economies of scale.

Key Takeaways

Global Wireless Electric Vehicle Charging Market Size is expected to witness high growth over the forecast period driven by advancements in wireless power transfer technologies and growing preferences for contactless, automated charging solutions. Increased standardization and falling costs will support wider adoption.

Regional analysis - North America currently dominates the wireless EV charging market supported by rising EV sales and government investments in charging infrastructure. China and Europe are also major regional markets due to strong policy pushes for electrification of transport. Automakers in Germany and startups in Israel are leading technology developments.

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. Key players are focused on innovations to improve power transfer efficiencies, detection capabilities, interoperability and reducing production costs of wireless charging systems. Partnerships with automakers and infrastructure providers will be important for commercialization.

Get More Insights on this Topic- https://www.newswirestats.com/wireless-electric-vehicle-charging-market-forecast-and-outlook/ 

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