Market Size of Europe Wireless Charging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 37.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Electric Vehicle Wireless Charging Market Analysis
Europe Wireless Charging for Electric Vehicle Market was valued at USD 1.06 billion in 2021, and it is expected to reach USD 17 billion by 2027, and is anticipated to register a CAGR of 37% during the forecast period (2022-2027).
The COVID-19 pandemic has negatively affected the EV charging market due to the lockdowns and travel restrictions imposed by the governments worldwide. This has further hindered the market growth by reducing the sales of both passenger and commercial electric vehicles. With low or almost no sales registered, the potential usage of charging networks has come down by almost 80%. The wireless charging industry for electric vehicles, which was already in a nascent stage, was badly affected by the pandemic. The development of infrastructure for the charging stations hindered by the lockdown further worsened the market conditions.
Over the long term, Wireless charging is an emerging technology, which allows a vehicle to charge without plugging into a charging station. A wireless charging system consists of a ground pad that lies beneath a parked vehicle and a receiving system embedded into the underside of the PEV that connects to the vehicle's power electronics and battery systems.
- Wireless charging is one of the best solutions available for fast electric vehicle charging. However, there are major challenges in this technology, such as increasing the wireless power transfer (WPT) range with an acceptable efficiency level.
- Design and optimization of resonators play a major role in improving the system's performance in the extended range. The frequency limit of high power WPT system has been increasing rapidly with the advent of modern semiconductor technologies, such as wideband gap devices. Therefore, factors, such as cost-effective, high-power, and near MHz WPT, may be the next step of WPT for EV charging.
- Government policies played a huge role in promoting electric vehicles. The results can be witnessed in many European countries, where electric vehicles have occupied a significant portion of the total vehicle population. Norway and France are positioned to take the leading roles in the electric vehicle industry, owing to the supporting government policies.
