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

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.