Wireless Charging System for Electric Vehicles market was valued at US$ 323.3 million in 2022 and is anticipated to reach US$ 2194.2 million by 2029, witnessing a CAGR of 37.6% - Valuates Reports

The global Wireless Charging System for Electric Vehicles market was valued at US$ 323.3 million in 2022 and is anticipated to reach US$ 2194.2 million by 2029, witnessing a CAGR of 37.6% during the forecast period 2023-2029.

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The Wireless Charging System for Electric Vehicles market covers Electromagnetic Induction, Magnetic Resonance, etc. The typical players include WiTricity, Elix, Momentum Dynamics, etc.
Wireless charging is a great out of sight, out of mind solution to keep your EV humming along. Much like placing the smartphone on a charging pad each night instead of plugging it in, wireless car charging will fill the vehicle's battery when park over a charger on the ground beneath it. No need to lift bulky cables out of the boot, and no need to actually have those cables with you in the first place. Just park and charge.
The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
The global revenue of Wireless Charging System for Electric Vehicles market was valued at 160.24 Million USD in 2020 and is expected to reach 1088.47 Million USD in 2026. In the future five years, we predict the CAGR of global revenue is 36.51%. Estimates indicate that there will more than 120 million EVs on the road by 2030 and that more than $50 billion will be invested in charging infrastructure by that time.
2. Americas accounted for the largest sales share of the Wireless Charging System for Electric Vehicles market in 2020. The region is characterized by the presence of a large number of service providers, especially in the USA. On the other hand, the APAC region is expected to grow at the higher CAGR during the forecast period.
3. At present, there are not many companies that can mass produce the Wireless Charging System for Electric Vehicle, the major players of Wireless Charging System for Electric Vehicles in the world include: WiTricity, Elix, Momentum Dynamics, Plugless (Evatran), IPT Technology and ZTEV, among which WiTricity is the world's largest Wireless Charging System for Electric Vehicles manufacturer, its market share is about 33.52% in 2020.
4. Nowadays. On the basis of Type, the Wireless Charging System for Electric Vehicles market is primarily split into Electromagnetic Induction, Magnetic Resonance and Magneto-Dynamic Coupling, And Magnetic Resonance is the main type for Wireless Charging System for Electric Vehicles on basis of Type, and the Magnetic Resonance reached a sales revenue of approximately 91.54 Million USD in 2020, with 57.13% of global sales revenue.
5. With the advent in COVID-19 pandemic across the global, the global Wireless Charging System for Electric Vehicles market has been affected as the manufacturing units have been shut down due to the imposed lockdown in major countries across the globe. Also, the unavailability of skilled labor has affected the market. However, the global Wireless Charging System for Electric Vehicles market is expected to register a significant growth in the near future owing to its rising technology adoptions in the developed countries.

Segment by Technology
Electromagnetic Induction
Magnetic Resonance
Magneto-Dynamic Coupling

Segment by Application
Passenger Automotive
Public Transportation Automotive

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This release was published on openPR.

This release was published on openPR.