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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
