On-Road Electric Vehicles Charging Market Size, Share, Opportunities, And Trends By Transmission Type (Photonic Light Waves, Electromagnetic Waves), By Type (Capacitive Coupling, Inductive Coupling), And By Geography - Forecasts From 2023 To 2028

Market Overview:

The method of transmitting power between two or more electrical circuits or devices that are not physically linked by use of magnetic induction is known as contactless power transfer (CPT). Electric vehicles (EVs) can be charged using contactless power transfer (CPT) devices without any physical connectivity. Roadways are being equipped with these systems so that cars can be charged while they are moving. To make electrified vehicles more user-friendly and appealing to the mass market and get ready for an autonomous future, automakers have made contactless charging a priority. Dynamic contactless power transmission allows cars to be charged while being driven or parked on roads, highways, or city crossings. This solution eliminates the hassle of plugging in charger cords and frees the user from range anxiety if their battery runs out of juice. Additionally, others claim that Battery Electric Vehicle technology is not appropriate for vehicles like huge trucks and buses that need lengthy cruising ranges because batteries are typically pricey and heavy.

Growth factors:

• Government initiatives towards on-road charging

Increased government backing for wireless charging along with growing investments in smart highways in a number of nations, including the US, Germany, and Italy, among others, will open up new business prospects. A public wireless in-road charging system that would enable electric cars (EVs) to charge while moving and still was awarded a contract by the US Governor in February 2022. In Detroit, Electreon will construct an electric road system (ERS) as part of a pilot project for inductive vehicle charging. The successful conclusion of the final phase of the company's Electric Road System (ERS) pilot as part of the "Arena of the Future" project was also announced by Electron in Italy. In order to complete the project, Electreon incorporated its wireless technology to allow Stellantis's Fiat Nuova 500 passenger car and an IVECO bus to be charged while being driven. The initiative, which is also funded by Ford Motor, DTE Energy, and the city of Detroit, will get a $1.9 million state contribution.

Long charging time solution

EV sales are on the rise. They play a key role in a $7.5 billion program from the Biden Administration that was approved by the president in November 2021 and has the objective of constructing a national network of 500,000 high-speed electric vehicle charging stations by 2030 (Source: whitehouse.gov). However, battery life is the main issue that we currently face and may continue to encounter with electric car powering. Rechargeable lithium-ion batteries make up the majority of electric car batteries now in use. Although they are efficient at storing electricity, a large quantity of power is still required to run an electric car for several hours. We will experience longer battery charging periods and exhaust our natural lithium supply if we construct larger lithium-ion batteries. Roadways that electrically energize cars as they travel utilizing a technology known as inductive charging may be the true revolutionary breakthrough in the following ten years. In May 2022, the Indiana Department of Transportation and Purdue University announced that they would create the first concrete pavement roadway portion capable of wireless contactless charging. Innovative magnetizable concrete, created by German startup Magment GmbH, will be used in the project to enable wireless charging of electric vehicles while they are in motion.

Key developments:

• November 2022: It was revealed that a technological licensing deal had been reached by WiTricity, the world leader in wireless charging for electric vehicles, and FinePowerX, a provider and pioneer in entire solutions for smart factory technology based in South Korea. The deal enables FinePowerX to create and market products for electric automobiles and other personal mobility applications utilizing WiTricity's unique magnetic resonance technology.
• August 2022: Siemens and MAHLE have agreed to work together on electric vehicle inductive charging and have signed a memorandum of intent to that effect. Coordination of standardization efforts in the necessary pre-standardization and standardization bodies is one part of the proposed cooperation. To enable complete interoperability between vehicles and the charging infrastructure, gaps must be filled. A close brainstorming session is also planned to create a comprehensive inductive charging system for electric vehicles. Siemens wants to contribute its knowledge of charging infrastructure, and MAHLE wants to contribute its many years of experience as an automotive supplier.
• July 2019: The UK's record number of drivers of ultra-low emission vehicles will have a whole new driving experience thanks to the government's £37 million investment in British engineering. In order to showcase Urban Electric's "pop-up" changing hubs, which are embedded into the pavement and offer an unobtrusive, secure, and affordable charging solution for electric vehicle drivers without access to off-street parking, Urban Foresight, a smart city consultancy, has been awarded more than £3 million.

On-Road Electric Vehicles Charging Market Scope:

Segmentation

• By Transmission Type
  • Photonic Light Waves
  • Electromagnetic Waves
• By Type
  • Capacitive Coupling
  • Inductive Coupling
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • UAE
    • Isreal
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others