Market Trends of Europe Wireless Charging Industry
This section covers the major market trends shaping the Europe Wireless Charging Market according to our research experts:
Increasing Sales of Electric Vehicles Driving the Wireless Charging Demand
Despite the COVID-19 pandemic, electric mobility surged across Europe, as both plug-in vehicles and battery electric vehicles accounted for a huge number of vehicle sales in 2021.
Approximately more than 1,045,000 units of plug-in EVs were registered in Europe in 2021. Out of the total EVs sold in the region, around half (51.5%) were battery electric vehicles (BEVs), with Renault Zoe, Tesla Model 3, and Volkswagen ID.3 being the top selling BEVs. This upsurge in e-mobility is mostly due to the new passenger car emission targets set for the automakers from 2020.
Major automakers, like Porsche and Audi, have introduced their line-up of electric vehicles from 2019 through 2021. For instance, Porsche launched its first fully electric vehicle, the Sportback version of the same was added to the product line-up in mid-2020. Skoda's first electric car is not expected to go on sale by 2021. Ford revealed its all-electric Mustang Mach E in Oslo, Norway, in 2019, which went on sale in mid-2020.
Such activity reported in the electric vehicles market and the increasing investments into charging infrastructure indicate good opportunities for the wireless charging market.
Germany is Leading the Electric Vehicle Demand in Europe
Most large EV markets in the European region usually have an even split between two types of EVs (PHEV and EV). Germany accounted for a good share of EVs, by registering 3 times the volume of BEVs in 2021 compared to 2020.
France accounted for the sales of 186,000 units of electric vehicles in 2020, of which the majority were registered as BEVs. The French preference for BEVs is explained by Renault's consistently best-selling model "Zoe" in the country, since 2013, with more than 37,000 units sold in 2020.
The total number of public charging stations across the region was at more than 225,000 points in 2021. A total of more than 60,000 new charging points were installed in 2021, expanding the char ging network by 37%. Although the network of charging stations is huge, it could not keep up with the increasing demand for charging the new electric vehicles in the region. Thus, the wireless charging market is expected to have a huge growth potential to serve the needs of the European market by filling the gap between demand and supply for charging infrastructure, while constantly upgrading the existing large network of charging stations across the region.
