The Europe wireless charging market size was valued at USD 4.8 bn in 2022 and is projected to reach USD 38.4 bn in 2031 expanding at a substantial CAGR of 26.0% during the forecast period, 2023-2031. The growth of the market is attributed to the rising use of electric vehicles owing to declining fossil reserves and increasing environmental concerns.
Wireless charging is a breakthrough technology that allows a car to charge without the use of a charging station. wireless charging components consist of a ground pad underneath the parked vehicle and a receiving system embedded into the PEV's undercarriage that links to the car's power electronics and battery systems.
Wireless charging is one of the most innovative ways to charge electric vehicles quickly. However, it faces significant obstacles such as limited wireless power transmission range while maintaining an acceptable efficiency level. The objective of resonators is to enhance the system's extended-range performance. With the advent of contemporary semiconductor technologies, such as wideband gap devices, the frequency limit of high-power WPT systems has been rapidly developing. As a result, cost-effective, high-power, and near-MHz WPT for EV charging would be the next step in the WPT area.
The encouragement to own an electric vehicle (EV) is aided by government policies. Many Europe-based countries have accounted for a considerable EV market share. Norway and France are the prominent countries that are holding a large EV market share.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing initiatives and support from the government are projected to drive the market.
- Rising demand for EVs due to favorable financial policies is anticipated to fuel the growth of the market.
- The high cost of installation of the wireless charging station and timely maintenance is estimated to hinder the market growth.
- Installation of the wireless EV charging station is anticipated to create immense opportunities for the market players in developed and emerging economies in the projected timeline.
Scope of the Report
The report on the Europe wireless charging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Wireless Charging Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type (Battery Electric Vehicles and Plug-in Hybrid Vehicles)
Germany, The UK, Italy, France, Spain, and the Rest of Europe
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Plugless; Nissan; Toyota; HEVO Power; Infineon Technologies AG; Energous Corporation; Texas Instruments Incorporated; and WiTricity Corporation
Europe Wireless Charging Market Segment Insights:
Plug-in hybrid vehicles to hold a major market share
Based on types, the market is bifurcated into battery electric vehicles and plug-in hybrid vehicles. In Europe, around 1,045,000 plug-in EVs were registered in 2020. Around half of all EVs sold in the region were battery electric vehicles, with Renault Zoe, Tesla Model 3, and Volkswagen ID.3 being the most preferred BEVs in the region. Despite the COVID-19 pandemic, the preference for electric mobility was high in Europe in 2020, with both plug-in and battery electric vehicles accounting for a large percentage of vehicle sales.
From 2019 through 2021, major automakers such as Porsche and Audi have unveiled their EV lineups. For instance, Porsche, debuted Taycan, its first full EV, in September 2019. The Audi E Tron was introduced in May 2019 and a Sportback version was added to the lineup in mid-2020. With so much activity in the EV market and increased investments in charging infrastructure, the wireless charging business has a lot of potential in the coming years.
Germany is projected to hold a major market share
In terms of geography, the Europe wireless charging market is classified as Germany, The UK, Italy, France, Spain, and the Rest of Europe. Germany accounted for a sizable share of EVs, with the amount of battery electric vehicles registered in 2020 as compared to 2019. In 2020, France sold a total of 186,000 electric vehicles, the bulk of which were registered as battery electric vehicles. Renault's best-selling model "Zoe" has continuously sold over 37,000 units in France since 2013, demonstrating the preference for BEVs in France.
Overall total number of public charging stations in the region was around 225,000. In 2020, 60,000 new charging points were expected to be built, increasing the charging network by 37% year-over-year (YoY). Despite the vast network of charging stations, it was unable to meet the growing demand for charging new EVs in the region. The wireless charging industry is predicted to have a big growth potential to meet the requirement of the Europe market by covering the gap between demand and supply for charging infrastructure, while continuously upgrading the region's enormous network of charging stations.
Segments Covered in the Report
The Europe wireless charging market is segmented on the basis of
- Battery Electric Vehicles
- Plug-in Hybrid Vehicles
- The UK
- Rest of Europe
- United Kingdom
- Rest of Europe
- HEVO Power
- Infineon Technologies AG
- Qualcomm Technologies Inc
- Energous Corporation
- Texas Instruments Incorporated
- WiTricity Corporation
The major players in the Europe wireless charging market include Plugless, Nissan, Toyota, HEVO Power, Infineon Technologies AG, Qualcomm Technologies Inc, Energous Corporation, Texas Instruments Incorporated, and WiTricity Corporation.
Companies are engaging in mergers, acquisitions and partnerships to expand their market share. The Europe wireless charging market for electric vehicles is consolidated, but emerging firms such as Meredot and HEVO Power, among others, are making the market more competitive. As a result, businesses are investing in research and development projects in order to bestow the state-of-art wireless charging technology possible.
In February 2021, ElectReon was selected to provide road charging technology for a project funded by the Roads Innovation Program of the German Federal Highway Research Institute. This technology works with wireless dynamic charging technology.
In 2019, Meredot, a Ukraine-based startup, released MePower, a wireless charger that can be used to charge phones, computers, drones, and even electric cars. It charges objects with magnetic fields and has received a large grant from the European Commission.