Wireless Electric Vehicle (EV) Charging Systems Market Worth $827.03 Million by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

According to a new market research report titled "Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads, BMS, PCUs), Technology, Power Supply (50kW), Application, Propulsion, End User, and Geography - Global Forecast to 2027" published by Meticulous Research®, the EV charging systems market is expected to grow at a CAGR of 53.1% from 2020 to 2027 to reach $827.03 million by 2027.

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Wireless EV charging systems use inductive power transfer technology to transfer power over the air from a pad embedded in the ground to a pad attached to the underbelly of an EV to charge its battery. These pads are either installed in the parking spaces of commercial infrastructures and private garages for charging one vehicle at a time or along a stretch on the road for charging multiple vehicles while they are on the move.

Wireless EV charging systems have several advantages over plug-in EV charging systems as their usage is simple, convenient, and user-friendly. These charging systems help avoid plug-in problems usually faced with wired EV charging systems. Additionally, these systems can help reduce the vehicles' battery sizes and range anxiety issues associated with electric vehicles.

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Insufficient funding to restrain the growth of the EV charging systems market to a certain extent
Wireless EV charging systems are a promising technology with a huge scope for deployment. Major automobile companies across the world have tested the technology for its capabilities. But the major challenge for market growth is the high cost of these systems. Electric vehicles are already expensive, and wireless charging adds USD 3,000 to USD 4,000 more on top of the cost, making the total cost of ownership very high.

This has resulted in minimum to no demand for wireless EV charging systems from consumers. Companies operating in this space rushed for fundraising in 2016, 2017, and 2018 to grow and improve their product offerings, but investors backed off since the value proposition of wireless EV charging systems was not very attractive for customers. This resulted in huge funding shortfalls for companies operating in this space, with some companies selling their electric vehicle wireless charging businesses. For instance, Qualcomm Technologies Inc. sold its electric vehicle wireless charger business, Qualcomm Halo, to WiTricity Corporation in February 2019. Similarly, Bombardier Inc. sold its transportation business, including Primove, the wireless EV charging systems business, to Alstom in January 2021.

To provide efficient analysis, Meticulous Research® has segmented this market based on type (DWCS, SWCS), component (base pads, vehicle pads, BMS, PCUs), technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), power supply (50kW), application (commercial, residential), propulsion (BEVs, PHEVs), end user (mopeds & scooters, passenger vehicles, light commercial vehicles, and heavy commercial vehicles), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on type, the wireless electric vehicle (EV) charging systems market is mainly segmented into static and dynamic wireless EV charging systems. The static wireless EV charging systems segment accounted for the largest share of the overall wireless electric vehicle (EV) charging systems market in 2020. The segment is also projected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the large number of pilot projects undertaken by leading automotive OEMs for integrating static wireless EV chargers in their electric vehicles and the increasing adoption of static wireless EV chargers by leading shared mobility and taxi fleet operators for fleet charging applications.

Based on component, the wireless electric vehicle (EV) charging systems market is mainly segmented into base pads, battery management systems, vehicle pads, and power control units. The vehicle pads segment is projected to grow at the highest CAGR during the forecast period. Electric mobility stakeholders have initiated various pilot projects worldwide to retrofit existing electric taxi and bus fleets with vehicle pads to check the feasibility of wireless charging systems in commercial spaces.

Based on technology, the wireless electric vehicle (EV) charging systems market is segmented into resonant inductive, permanent magnet gear, capacitive, and inductive wireless EV charging systems. The resonant inductive wireless EV charging systems segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. However, the inductive wireless EV charging systems segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the fast-charging capabilities provided by inductive wireless EV charging systems, their high effectiveness due to the close coupling of primary and secondary coils, low heat buildup in the system allowing significant power-transfer, and increased efforts by major automotive OEMs to integrate wireless charging capabilities into their vehicles.

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Based on power supply, the global wireless EV charging systems market is segmented into less than 11kW, 11 to 50 kW, and more than 50kW charging systems. The 11 kW to 50 kW segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising adoption of EVs with high battery capacities and power requirements.

Based on application, the wireless electric vehicle (EV) charging systems market is segmented into commercial and residential wireless EV charging systems. The commercial wireless EV charging systems segment is projected to record the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing need to develop charging infrastructure at public places, high proliferation of commercial wireless EV charging systems in Europe, and high demand for commercial wireless EV charging systems in China due to the presence of large commercial garage parking spaces and densely populated urban areas.

Based on propulsion type, the global wireless EV charging systems market is segmented into battery electric vehicles and plug-in hybrid electric vehicles. The plug-in hybrid electric vehicles segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing need to reduce dependence on fossil fuel-powered vehicles.

Based on end user, the wireless EV charging systems market is segmented into mopeds & scooters, passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the rapid adoption of electric passenger vehicles for private & commercial use.

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Key Questions Answered in the Report-

Which are the high-growth market segments in terms of type, component, technology, power supply, propulsion type, application, end user, and geography?
What is the historical market size for the wireless electric vehicle (EV) charging systems market globally?
What are the market forecasts and estimates for the period 2020-2027?
What are the major drivers, restraints, opportunities, and challenges in the wireless electric vehicle (EV) charging systems market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the wireless electric vehicle (EV) charging systems market?
What are the recent developments in the wireless electric vehicle (EV) charging systems market?
What are the different strategies adopted by the major players in this market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the wireless electric vehicle (EV) charging systems market, and how do they compete with other players?

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This release was published on openPR.