USD 18.6 million
Report ID: SQSG55F2003 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Wireless Electric Vehicle Charging Systems Market size was valued at USD 18.6 million in 2021, and it is expected to reach a value of USD 206 million by 2028, at a CAGR of 41% over the forecast period (2022-2028).
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.
Global Market Size
USD 18.6 million
Static Wireless EV Charging Systems
Dynamic Wireless EV Charging Systems
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Global Wireless Electric Vehicle 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.
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.
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.
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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.
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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.
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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.
|Market size value in 2021||USD 18.6 million|
|Market size value in 2028||USD 206 million|
|Forecast Unit (Value)||USD Million|
|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)|
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For the Global Wireless Electric Vehicle 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 Global Wireless Electric Vehicle 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.
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