Wireless EV charging market to grow to $377 million by 2027 at 88.4% CAGR: Study
The global wireless electric vehicle charging market is expected to grow from $15 million in 2022 to $377 million by 2027, at a CAGR of 88.4%, claims a study by research firm Markets and Markets. The study also says that rising sales of electric vehicles around the world, and increasing inclination towards autonomous driving technology by automotive OEMs will boost the demand for wireless EV charging technology. Apart from that growing investments in smart roads in countries like US, Germany and Italy too will aid in the growth of wireless charging technology, claims the study.
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In the case of smart roads, wireless charging technology has been already proven successful. The wireless charging technology for electric vehicles works quite similarly to the wireless charging of smartphones, which are available in several high-end premium smartphones.
Wireless charging technology is a more advanced form of the EV battery charging process. In this method, the battery of an electric vehicle is charged using a wireless power transfer system. It has several advantages over wired charging. One of them is the elimination of carrying and storing cables. Also, it could potentially reduce the size of the battery.
Current EVs use larger size batteries. However, deploying wireless technology in EVs could result in batteries of respective vehicles becoming smaller as well as lighter. These would lower the overall costs of electric vehicles, claims the study.
Automakers such as Nissan, Hyundai and Tesla have been heavily investing in wireless charging technology for quite some time. Few auto companies have already incorporated wireless charging technology in their respective electric vehicles.
The study also points out that the Asia Pacific region is going to be the key market with a high growth rate for the incorporation of wireless electric vehicle charging. As the countries like China, India, Japan and South Korea are emerging as the hubs for electric vehicles, these countries would lead the change in this charging technology, claims the study.