USD 18.6 million
Wireless Electric Vehicle (EV) Charging Systems Market Size, Share, Growth Analysis, By Type(Static Wireless EV Charging Systems, Dynamic Wireless EV Charging Systems), By Component(Base Pads, Power Control Units, Vehicle Pads, Battery Management Systems), By Technology(Capacitive Wireless EV Charging Systems, Inductive Wireless EV Charging Systems, Permanent Magnet Gear Wireless EV Charging Systems, Resonant Inductive Wireless EV Charging Systems), By Power Supply(Less than 11 kW, More than 50 kW, 11 kW to 50 kW), By Propulsion Type(Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles), By Application(Commercial Wireless EV Charging Systems, Residential Wireless EV Charging Systems), By End User(Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Vehicles, Mopeds & Scooters.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2050 |
Region:
Global |
Published Date: February, 2024
Pages:
283
|Tables:
198
|Figures:
80
Wireless Electric Vehicle (EV) Charging Systems Market Insights
Wireless Electric Vehicle (EV) Charging Systems Market size was valued at USD 18.6 million in 2019 and is poised to grow from USD 26.49 million in 2023 to USD 637.69 million by 2031, growing at a CAGR of 42.4% in the forecast period (2024-2031).
Inductive power transfer technology is used in wireless EV charging systems to transfer electricity over the air from a pad implanted in the ground to a pad connected to the underbelly of an EV to charge its battery. These pads are either situated in commercial infrastructure and private garage parking places to charge one car at a time, or along a stretch of road to charge numerous vehicles while they are moving. Wireless EV charging systems have various advantages over plug-in EV charging systems, including ease of use, convenience, and convenience. These charging solutions assist to avoid the plug-in issues that are common with wired EV charging systems. Furthermore, these solutions can assist minimise car battery sizes and range anxiety concerns.
Wireless EV charging systems are a promising technology with a high commercialisation potential. The approach has been tested by major automobile manufacturers all around the world. The exorbitant cost of these systems, however, is a major hindrance to industrial progress. Wireless charging raises the price of electric vehicles by around USD 3,000 to USD 4,000, resulting in a very high total cost of ownership. As a result, customers have expressed little to no interest in wireless EV charging solutions. Companies in this market scrambled to raise capital to develop and expand their product offerings, but investors refused since the value proposition of wireless EV charging systems did not appeal to buyers.
US Wireless Electric Vehicle (EV) Charging Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Static Wireless EV Charging Systems
Fastest Growth
Dynamic Wireless EV Charging Systems
Growth Rate
42.4% CAGR
Wireless Electric Vehicle (EV) Charging Systems Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Wireless Electric Vehicle (EV) Charging Systems Market Segmental Analysis
Global Wireless Electric Vehicle (EV) Charging Systems Market is segmented based on the Type, Component, Technology, Power Supply, Propulsion type, Application, End Use, and region. Based on Type, the market is segmented Static Wireless EV Charging Systems and Dynamic Wireless EV Charging Systems. Based on Component, the market is segmented into Base Pads, Power Control Units, Vehicle Pads, and Battery Management Systems. Based on Technology, the market is categorized into Capacitive Wireless EV Charging Systems, Inductive Wireless EV Charging Systems, Permanent Magnet Gear Wireless EV Charging Systems, and Resonant Inductive Wireless EV Charging Systems. Based on Power Supply, the market is segmented into Less than 11 kW, More than 50 kW, and 11 kW to 50 kW. Based on Propulsion Type, the market is segmented into Battery Electric Vehicles and Plug-in Hybrid Electric Vehicles. Based on Application, the market is segmented into Commercial Wireless EV Charging Systems and Residential Wireless EV Charging Systems. Based on End Use, the market is segmented into Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Vehicles, and Mopeds & Scooters. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Wireless Electric Vehicle (EV) Charging Systems Market Analysis by Type
During the projection period, the static wireless EV charging systems sector is expected to develop at the fastest CAGR. The large number of pilot projects undertaken by leading automotive OEMs for integrating static wireless EV chargers in their electric vehicles, as well as the increasing adoption of static wireless EV chargers by leading shared mobility and taxi fleet operators worldwide for fleet charging applications, are factors contributing to the growth of the segment.
Considering a future in which you never have to stop to charge the battery of your own automobile, cab, truck, or bus. Instead, power generated by neighbouring wind and solar resources is wirelessly transmitted to the vehicle while it is in motion from the roadway. Dynamic Wireless EV Charging Systems is expected to grow during the forecasted period. The technology might be used in a variety of applications to aid with the transition to zero-emission mobility. Trucks and buses, for example, may recharge their batteries during long-distance work cycles rather of going to a specified charge station location. It also benefits the electricity grid by charging vehicles during their trips rather than plugging in at high power consumption periods such as early evening when people return home from work.
Wireless Electric Vehicle (EV) Charging Systems Market Analysis by Application
During the projection period, the commercial wireless EV charging systems sector is expected to grow at the fastest rate. The high growth of the segment can be attributed to the increasing need to develop charging infrastructure in public places, high proliferation of commercial wireless EV charging systems as middle-class and lower-middle-class populations in Europe are increasingly purchasing electric vehicles without having the option to charge them at home, and high demand for commercial wireless EV charging systems in China due to the presence of large commercial garage parking spaces and the availability of large commercial garage parking spaces.
Wireless Electric Vehicle (EV) Charging Systems Market By Type, 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Wireless Electric Vehicle (EV) Charging Systems Market Regional Insights
Global Wireless Electric Vehicle Charging Systems Market is divided into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
The region's growing reliance on electric vehicles, application of numerous pilot programs for wireless EV charging technology all over Europe, and public programs to test the feasibility of wireless charging technology for electric vehicles have all contributed to the spread of wireless EV charging systems in Europe. Electric mobility stakeholders throughout Europe are launching new initiatives to build a sustainable road transportation infrastructure that can charge electric vehicles while they are in motion, eliminating range anxiety.
Asia Pacific is expected to be one of the most profitable regions in terms of revenue. This increase can be attributed to electric car manufacturers' adoption of high-end technological items and government actions to promote charging infrastructure. Furthermore, advancements in driving technology, increased EV usage, and increased automotive manufacturing are likely to boost product demand in North America.
Wireless Electric Vehicle (EV) Charging Systems Market By Geography 2021-2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Wireless Electric Vehicle (EV) Charging Systems Market Dynamics
Wireless Electric Vehicle Charging Systems Market Driver
- Increasing popularity of electric vehicles due to their efficiency and environmental friendliness has fueled the need for fast-charging infrastructure in recent years. Electric cars are projected to be used for both city commuting and long-distance travel. However, most EVs in the market do not have a range of more than 100 miles, necessitating the use of fast-charging technologies to provide smooth, uninterrupted driving. Wireless charging, which may offer up to 11 kilowatts of power equal to level-2 chargers, is a viable answer for the expanding and rapidly changing charging requirements. Many wireless technology firms, including WiTricity Corporation, Momentum Wireless Power, and Wave Inc., are investing heavily in research and development of fast-charging wireless power transmission technologies for electric cars.
Wireless Electric Vehicle Charging Systems Market Restraint
- For power transmission using a power control unit, wireless charging technology for electric cars requires transmitter and receiver coils (PCU). The transmitter coil is located in the base charging pad (BCP), whereas the receiver coil is located beneath the vehicle charging pad (VCP). The cost of aftermarket wireless charging system for residential installation is around USD 2,500-3,000. The use of wireless charging technology in an electric vehicle raises the vehicle's price. As a result, wireless electric car charging becomes more expensive. Wireless charging technology will become more affordable as demand grows and electric vehicles become more widely available.
Request Free Customization of this report to help us to meet your business objectives.
Wireless Electric Vehicle (EV) Charging Systems Market Competitive Landscape
To increase their market position, the companies are always focusing on partnerships, acquisitions, new product development and launches, and growth plans. Furthermore, Tesla is a market leader in this sector. The firm provides pure electric vehicles outfitted with cutting-edge technologies such as ADAS, telematics, internet and cloud connectivity, and others. Tesla is expected to maintain its supremacy during the projection period, owing to its increased presence in new regions, growing popularity, and technical improvement.
Wireless Electric Vehicle Charging Systems Market Top Player's Company Profiles
- Qualcomm Inc.
- WiTricity Corporation
- Hella KGaA Hueck & Co.
- Evatran Group, Inc.
- Bombardier Inc.
- Mojo Mobility, Inc.
- HEVO Inc.
- Witricity Corporation
- Continental AG
- Toyota Motor Corporation
- TDK Corporation
- Powermat Technologies Ltd.
- ChargePoint, Inc.
- Bosch Automotive Service Solutions Inc.
- Momentum Dynamics Corporation
- Plugless Power Inc.
- IPT Technology GmbH
- ELIX Wireless Charging Systems Inc.
- Plugless Power Inc.
- Tgood Global Ltd.
Wireless Electric Vehicle Charging Systems Market Recent Developments
- In October 2022, Wireless charging to pull the plug on charging stations, finds IDTechEx.
- In October 2022, Lumen Freedom launched Aussie-developed wireless electric taxi charger trial in UK last week of an Australian-developed wireless EV charging system with electricity delivered to a vehicle over the air (OTA).
Wireless Electric Vehicle (EV) Charging Systems Key Market Trends
- In many nations, government assistance and incentives for electric vehicles now include the development of wireless charging. The primary benefits of wireless charging are full autonomy, no need for a charging station, a lower risk of an electric shock to the driver during wired charging, and smaller battery components. Full autonomy increases the general public's productive hours because they do not have to wait for the car to charge. This increase in productive hours also contributes to a country's GDP growth. Another important factor that supports the installation of wireless charging in urban locations where space is limited is the lack of a charging station for dynamic charging.
- In 2021, Sweden successfully tested a wireless charging road to modernise transportation operations and accelerate the transition to electric mobility. An Israeli company, ElectReon, just finished installing a dynamic wireless charging system on a 1.65-kilometer public road in Gotland, Sweden. A completely electric vehicle was charged on this smart road. Michigan, the US state, has also committed to build the world's first wireless charging road infrastructure in Detroit. ElectReon will deploy dynamic charging technology in Detroit to charge battery-powered cars and trucks in real time. The project is scheduled to be finished in 2023.
Wireless Electric Vehicle (EV) Charging Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Wireless Electric Vehicle Charging Systems Market analysis, Electric vehicle (EV) charging infrastructure is in great demand. The use of wireless charging technology in an electric automobile raises the vehicle's price. As a result, wireless electric car charging is more expensive. The static wireless EV charging systems market is expected to expand at the fastest CAGR. Consider the potential of never having to stop to charge your own vehicle, cab, truck, or bus battery. Throughout the projected period, the Dynamic Wireless EV Charging Systems segment is expected to grow at a significant CAGR. Commercial wireless EV charging systems are expected to be the most advanced. The region's growing reliance on electric vehicles, as seen by the rollout of different pilot projects for wireless EV charging systems around Europe.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 18.6 million |
| Market size value in 2031 | USD 637.69 million |
| Growth Rate | 42.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wireless Electric Vehicle (EV) Charging Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wireless Electric Vehicle (EV) Charging Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wireless Electric Vehicle (EV) Charging Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wireless Electric Vehicle (EV) Charging Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wireless Electric Vehicle (EV) Charging Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wireless Electric Vehicle (EV) Charging Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
