Market Size of Asia-Pacific Wireless Charging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 83.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Wireless Charging Market Analysis
The Asia-Pacific wireless charging for electric vehicle market was valued at USD 9.04 million and is expected to reach USD 124 million over the next five years, registering a CAGR of 83% during the forecast period.
- Over the long term, some of the major factors driving the growth of the market studied are the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles, which are generating a demand for charging stations. For instance,
- In June 2023, Exeed launched its next-generation TXL midsize SUV, which is available in three models. This vehicle is equipped with a 24.6-inch wrap-around curved display screen and a Qualcomm Snapdragon 8155 chip, with such functions as multi-Bluetooth digital key and 50W mobile phone wireless charging.
- Apart from the high cost of electric vehicles, the primary concern for quite a few prospective electric vehicle users has been the unavailability of (plug-in electric vehicles (PEVs) docks. As a result of the plug-in aspect of electric vehicles, the electric automobile industry has faced formidable resistance.
- Many people who live in apartments and houses with no parking spaces face a problem where a car's plugging and charging can be difficult. The wireless charging technology makes it easy for people to find designated wireless charging stations and park their vehicles over the charging pad without any hassle.
- The Asia-Pacific wireless charging for electric vehicle market is driven by factors like increasing sales of electric vehicles, government initiatives to encourage charging infrastructures, and technological advancements in charging technology.
- China is leading with more than 50% of total patents in the wireless charging domain in the world. Most technology companies in the world, like Apple and Qualcomm, are still dependent on China for their products to be cost-effective and performance-efficient. After years of development, China recently announced a new national standard for wireless EV charging. The new Guo Biao (GB) standard is based on technology developed by WiTricity. WiTricity, along with the China Electric Power Research Institute (CEPRI), China Automotive Technology and Research Center (CATARC), and the CEC, has been actively working towards the Chinese EV wireless charging standardization process.
APAC Wireless Charging Industry Segmentation
Wireless charging of electric vehicles is charging technology that primarily relies on resonant magnetic induction to transfer energy between a charging pad on the floor and another pad inside the vehicle.
The Asia-Pacific wireless charging for electric vehicle market is segmented by vehicle type (battery electric vehicle and plug-in hybrid vehicle) and country ( China, Japan, India, Australia, and Rest of Asia-Pacific).
The report offers market size and forecasts in value (USD) for all the above segments.
| By Vehicle Type | |
| Battery Electric Vehicle | |
| Plug-in Hybrid Vehicle |
| By Country | |
| China | |
| Japan | |
| India | |
| Australia | |
| Rest of Asia-Pacific |
Asia-Pacific Wireless Charging Market Size Summary
The Asia-Pacific wireless charging market for electric vehicles is poised for significant growth, driven by the increasing adoption of electric vehicles and supportive government policies. The region is witnessing a surge in electric vehicle sales, which is creating a robust demand for advanced charging infrastructure. Wireless charging technology is emerging as a convenient solution, particularly in urban areas where traditional plug-in charging poses challenges. China, a leader in this market, is at the forefront with substantial investments in wireless charging standards and infrastructure, supported by its vast patent portfolio and collaboration with major technology companies. The country's proactive approach, including the introduction of national standards and extensive charging networks, is setting a benchmark for other nations in the region.
Key industry players such as Qualcomm, WiTricity, Nissan, Toyota, and BMW are actively investing in research and development to enhance wireless charging technologies. These companies are exploring innovative solutions to address range anxiety and improve the efficiency of electric vehicle charging. The market is characterized by a consolidated landscape, with significant advancements in both hardware and software solutions aimed at facilitating seamless wireless charging experiences. Despite the high costs and infrastructural challenges in some areas, the market is expected to expand rapidly, driven by technological advancements and increasing government support for electric vehicle adoption and charging infrastructure development.
Asia-Pacific Wireless Charging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Sales of Electric Vehicles Aiding Market Growth
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1.3 Market Restraints
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1.3.1 High Cost of Installing Wireless Chargers
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD)
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2.1 By Vehicle Type
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2.1.1 Battery Electric Vehicle
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2.1.2 Plug-in Hybrid Vehicle
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2.2 By Country
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2.2.1 China
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2.2.2 Japan
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2.2.3 India
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2.2.4 Australia
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2.2.5 Rest of Asia-Pacific
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Asia-Pacific Wireless Charging Market Size FAQs
What is the current Asia Pacific Wireless Charging Market size?
The Asia Pacific Wireless Charging Market is projected to register a CAGR of 83% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Wireless Charging Market?
Toyota Motor Corporation, BMW AG, Nissan Motor Co., Ltd, Qualcomm Technologies and WiTricity Corporation are the major companies operating in the Asia Pacific Wireless Charging Market.
