Market for EV chargers likely to reach $207 million by 2030
The market of wireless
electric vehicle
charging was assessed at $6.9 million in 2020 and is anticipated to reach $207.4 million by 2030, rising at a CAGR of 41.4% from 2021 to 2030, a research with a title "Wireless Electric Vehicle Charging Market by Technology Type, Application, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2030," reported.Europe currently holds the lead in the worldwide wireless electric vehicle charging market, followed by Asia-Pacific, North America, and LAMEA. Due to the favourable market outlook for electric cars in the area, China is the key market driver in Asia-Pacific. Due to the increasing adoption of electric vehicles, India is predicted to have significant development in the wireless electric vehicle market over the forecast period.
The market for wireless EV charging is divided into segments based on the kind of vehicle, the region, the power source, the charging method, the installation, and the distribution channel. The market for wireless charging for electric vehicles is divided into segments based on the power source, installation technique, distribution method, vehicle type, and region. The power source component is broken down into three categories: 3–11 kW, 11–50 kW, and >50 kW. The market is divided into CWPT, MGWPT, RIPT, and IPT segments according to charging mechanism. The market is divided into residential and commercial segments by installation. It is divided into OEMs and aftermarket based on the distribution route. Battery electric vehicles (BEV), plug-in hybrid electric vehicles (HEV), and commercial electric vehicles are the three categories under which the vehicle type segment is broken down. It is researched in North America, Europe, Asia-Pacific, and LAMEA, among other regions.
Additionally, a surge in EV sales in well-known European nations including Germany, the Netherlands, France, Denmark, and Sweden as well as in nations with above-average growth is anticipated to support market expansion. The market for wireless electric vehicle charging is anticipated to develop during the forecast period as a result of factors including rising EV sales, rising need for wireless electric vehicle charging solutions, and rising demand for high-power contactless inductive charging. Wireless electric car charging's high upfront cost and costly integration, however, are anticipated to restrain the market's expansion over the projection period.