Over the course of the projection period, it is anticipated that the use of wireless EV charging would expand due to rising demand for electric vehicles in emerging economies like China and India. Due to the growing EV buying trend, favorable government regulations to reduce vehicle emissions, and quickly developing EV infrastructure, countries like India and China are seeing an increase in demand for EVs. Over the course of the forecast period, this is expected to result in an increase in demand for wireless EV charging. Government initiatives are also anticipated to have an impact on the expansion of the electric car market in India. For instance, in March 2019, the Indian government approved the second phase of the "Faster Adoption and Manufacturing of Electric Vehicles in India" (FAME India) scheme, which aims to implement electric vehicles for shared or public transportation in the country soon and is expected to lower the cost of buying hybrid and electric cars there. During the forecast period, these factors are anticipated to fuel market expansion for wireless electric car charging.
Coherent Market Insights estimates that the market for Wireless EV Charging was estimated at $6,857.80 million in 2020, and it is anticipated to increase to US$ 207,415.10 million by 2030, with a CAGR of 41.4% between 2021 and 2030.
Major Players in the Wireless Electric Vehicle Charging Industry:
1. Bombardier Inc.
The company was founded in 1942 and is based in Montreal, Canada. The Company specializes in creating, producing, and maintaining business jets for large enterprises, charter and fractional ownership companies, governments, and private citizens. Alstom and Bombardier Transportation reached an agreement on February 13, 2020, for Alstom to pay €7 billion. The purchase agreement was finalized on January 29, 2021.
2. Continental AG
The company was founded in 1871 and is based in Hanover, Germany. The company manufactures drive belts, conveyor belting, transmission components, sealing systems, shock absorbers, hoses, bicycle tires, passenger automobiles, trucks, and commercial vehicles. To enhance its autonomous driving technology, Continental revealed in February 2021 that it has purchased a minority share in the German-American start-up Recogni.
3. Elix Wireless
The firm was founded in 2013 and is located in Vancouver, BC, Canada. The business sells wireless charging systems for use in electric vehicles, eBuses, autonomous vehicles, and AGVs. The company is concentrating on creating wireless charging technologies for use in recharging electric vehicles. The Magneto-Dynamic Coupling (MDC) technology, which was developed by the business, transmits electricity through the magnetic field interaction of two revolving magnets.
4. Evatran Group Inc.
The business was started in 2009 and is based in Houston, Texas, United States. A company called Evatran Group specializes in power transfer systems, and it offers the first hands-free close proximity charging device for electric cars. Systems for wirelessly charging electric vehicles are produced by Evatran Group, Inc. The business provides charging systems and power transmission technology.
5. Hella KGaA Hueck & Co.
The firm was started in 1899 and is located in Lippstadt, Germany. The business creates and produces lighting, electronic parts, and systems. In addition to car diagnostics, battery installation, and illumination services, the company provides spare parts, chassis, side lights, and accessories. HELLA created sophisticated system components for EVs that can be charged automatically in May 2022.
6. Qualcomm, Inc.
The company was founded in 1985 and is based in San Diego, California, U.S. It produces software, semiconductors, and other wireless technology-related products and services. Through its investment arm Qualcomm Ventures, Qualcomm purchased Israeli firm Cellwize in June 2022. Qualcomm declared their intention to buy Israeli fabless chipmaker Autotalks in May 2023 for an estimated $350-400 million.
7. Toshiba Corporation
The business was started in 1875 and is based in Tokyo, japan. The company's goods include social infrastructures like power generators, medical devices, and home appliances as well as digital products like PCs and televisions, NAND flash memory, and system LSIs (large-scale integrated). Toshiba announced its intention to introduce quantum cryptography services by September of that same year in January 2020.
*Definition: Electric vehicles are charged utilizing resonant magnetic inductive power transmission when wireless electric vehicle (EV) charging is used. Since there are no wires or cables needed to power the vehicle, wireless charging is sometimes referred to as cordless charging or inductive charging.
