Market Trends of Wireless Charging For Electric Vehicle Industry
Increasing Passenger Car Sales To Propel The Market Growth
As more people become aware of the environmental impacts of traditional gasoline-powered cars, there is a growing interest in electric cars. Additionally, rising fuel prices have slowed the penetration of electric vehicles in the automobile industry, which plays a significant role in stimulating the demand for charging stations.
This has forced automakers to increase their expenditure on R&D of electric vehicles, which eventually allowed them to market electric vehicles in the future. This strategy strongly impacted people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles. The change has not decreased the sales of IC engine vehicles but created a promising market for electric vehicles in the present and future.
Globally, the sales of electric cars increased by around 55.5% in 2022 compared to 2021, crossing 10 million for the first time, even though car sales were less than the previous year. As a result, 1 in every 7 passenger cars bought globally in 2022 was an EV, according to the International Energy Agency (IEA).
Further, the ride-hailing and car-sharing markets are expected to increase the demand for charging stations. Ride-hailing and car-sharing vehicles are typically used for longer periods and experience higher utilization rates than privately owned vehicles. This means that they need to be charged more frequently, which increases the demand for charging stations.
Electric vehicles have reached par (sometimes surpassed) with IC engine vehicles in terms of performance, maintenance, and the initial cost of purchase.
The growth of passenger electric vehicles is anticipated to increase the need for charging equipment and wireless charging, which claims to reduce the effort put into charging the vehicle. Wireless charging is expected to gain popularity and have a growing market in the near future.
Europe is the Fastest Growing region in the Market
Europe is expected to be the largest manufacturing hub and the largest market for wireless charging stations. This growth owes to the availability of viable infrastructures to support electric vehicle sales. Electric vehicles are considered a viable option for customers who purchase a vehicle. The sales of electric cars in the European region have been on the rise for the last five years. The sales are forecasted to increase, thereby opening opportunities for technologies like wireless charging infrastructure for electric vehicles.
Germany, the United Kingdom, and France will be the biggest markets for wireless charging due to a combination of economies of scale, high levels of income, and being an automotive manufacturing hub. In countries like Belgium and the United Kingdom, surveys have demonstrated that vans, buses, and taxis are more likely to accept wireless charging of vehicles, as these particular segments require a high range with convenient charging methods.
Moreover, in March 2023, ABT e-Line and WiTricity had announced plans to deliver aftermarket wireless EV charging in Europe. ABT e-Line plans to initially upgrade the VW ID.4 to support wireless charging from WiTricity, with the availability targeted for early 2024. The company plans to expand to additional EV models thereafter.
The foundation for the market for wireless charging is already visible from the yearly increasing sales of electric vehicles in European countries, like Germany, the Netherlands, and the United Kingdom, among many others.
