Press release
Wireless Electric Vehicle Charging Systems Market to be Worth $2.5 Billion by 2030
According to a new market research report titled, 'Wireless Electric Vehicle Charging Systems Market by Type (Dynamic, Static), Component (Base Pads, Vehicle Pads), Technology, Application, Vehicle Type (BEV, PHEV), Power Supply, End User, Distribution Channel and Geography-Global Forecasts to 2030', the wireless EV charging systems market is projected to reach $2.5 billion by 2030, at a CAGR of 50.1% from 2023 to 2030.Wireless electric vehicle charging systems are charging systems that use wireless 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 electric vehicle to charge the vehicle's 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 charging systems potentially help in avoiding plug-in problems usually faced with wired charging systems.
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Some of the factors driving the growth of this market are the rising demand for electric vehicle fast-charging infrastructure for fleet operations globally, the increasing implementation of wireless charging infrastructure in European countries, and the increasing prevalence of range anxiety. However, the high cost of implementing wireless charging infrastructure restrains the growth of this market.
The wireless electric vehicle charging systems market is segmented by type (static and dynamic), component (base pads, vehicle pads, power control unit, and battery management systems), technology (resonant inductive wireless electric vehicle charging systems, permanent magnet gear wireless electric vehicle charging systems, capacitive wireless electric vehicle charging systems, and inductive wireless electric vehicle charging systems), application (commercial wireless electric vehicle charging systems, and residential wireless electric vehicle charging systems), end use (passenger vehicles, light commercial vehicles, heavy commercial vehicles, and electric two-wheelers), vehicle type (battery electric vehicle and plug-in hybrid electric vehicle), distribution channel (OEM and aftermarket). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on type, the global wireless electric vehicle charging systems is segmented into static and dynamic. In 2023, the static segment is expected to account for the larger share of the global wireless electric vehicle charging systems market. This segment is also projected to record the highest CAGR during the forecast period. Growing favorable initiatives to deploy static charging systems by market players and the convenience offered by wireless electric vehicle charging are expected to drive the growth of this segment.
Based on component, the global wireless electric vehicle charging systems is segmented into base pads, vehicle pads, power control units, and battery management systems. In 2023, the base pads segment is expected to account for the largest share of the global wireless EV charging systems market. The large market share of this segment is attributed to the growing deployment of static wireless charging stations and increasing pilot projects of wireless charging of electric vehicles.
However, the vehicle pads segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by increasing initiatives by automotive companies to incorporate wireless electric vehicle charging capabilities in electric vehicles, increasing pilot projects of wireless electric vehicle charging systems, and standardization of vehicles pad for interoperability.
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Based on technology, the global wireless electric vehicle charging systems market is segmented into resonant inductive wireless electric vehicle charging systems, permanent magnet gear wireless electric vehicle charging systems, capacitive wireless electric vehicle charging systems, and inductive wireless electric vehicle charging systems. In 2023, the inductive wireless electric vehicle charging systems segment is expected to account for the largest share of the global wireless electric vehicle charging systems market. However, the capacitive wireless electric vehicle charging systems segment is projected to record the highest CAGR during the forecast period. Increasing initiatives in the wireless electric vehicle charging space and the minimal loss of power in power transfer using capacitive technology are expected to support segment growth.
Based on power supply, the global wireless electric vehicle charging systems is segmented into less than 11 kW, more than 50 kW, and 11 kW to 50 kW. In 2023, the 11 kW to 50 kW segment is expected to account for the largest share of the global wireless electric vehicle charging systems. The large market share of this segment is attributed to the growing demand for public and private charging infrastructure and the increasing installation of wireless electric vehicle charging systems.
Based on end use, the global wireless electric vehicle charging systems market is segmented into commercial wireless electric vehicle charging systems and residential wireless electric vehicle charging systems. In 2023, the commercial wireless electric vehicle charging systems segment is expected to account for the largest share of the global wireless electric vehicle charging systems market. This segment's large market share is attributed to government efforts to promote passenger EVs, growing electric buses and increasing commercial EV charging stations.
However, the residential wireless electric vehicle charging systems segment is projected to record the highest CAGR during the forecast period. The lower cost of electricity for residential spaces than commercial spaces and the growing number of private electric vehicles is expected to support the growth of this segment.
Based on vehicle type, the global wireless electric vehicle charging systems is segmented into battery electric vehicles and plug-in hybrid electric vehicles. In 2023, the battery electric vehicles segment is expected to account for the largest share of the global wireless electric vehicle charging systems market. This segment's large market share is attributed to the growing adoption of battery electric vehicles, increasing electric vehicle adoption by organizations and increasing pilot projects of wireless electric vehicle charging.
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However, the plug-in hybrid electric vehicles segment is projected to record the highest CAGR during the forecast period. Growing initiatives to demonstrate wireless electric vehicle charging for plug-in hybrid electric vehicles by key market players and the growing demand for plug-in hybrid electric vehicles are expected to support the growth of this segment.
Based on application, the global wireless electric vehicle charging systems market is segmented into light commercial vehicles, heavy commercial vehicles, passenger vehicles, and electric two-wheelers. In 2023, the passenger vehicles segment is expected to account for the largest share of the global wireless EV charging systems market. This segment's large market share is attributed to the launch of EV car models and the initiatives by companies to retrofit systems into EVs.
However, the electric two-wheelers segment is projected to record the highest CAGR during the forecast period. The growing demand for public and private charging infrastructure and the increasing installation of wireless electric vehicle charging systems are expected to support the growth of this segment.
Based on distributon channel, the global static wireless electric vehicle charging systems is segmented into OEM and aftermarket. In 2023, the OEM segment is expected to account for the largest share of the global static wireless EV charging systems market. This segment's large market share is attributed to growing new EV models and companies' initiatives to integrate wireless electric vehicle charging technology in EV models.
However, the aftermarket segment is projected to record the highest CAGR during the forecast period. Initiatives to offer aftermarket options of wireless charging systems to electric vehicle owners by key market players and the rapid adoption of electric vehicles are expected to support the growth of this segment.
Based on geography, the wireless electric vehicle charging systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global wireless EV charging systems market. The increasing number of wireless electric vehicle charging pilot projects throughout Europe, the increasing adoption of electric vehicles in Europe, and supportive government initiatives are driving the growth of the wireless electric vehicle charging systems market in Europe.
Key Players:
Some of the key players operating in the wireless electric vehicle charging systems are Witricity Corporation (U.S.), Mojo Mobility Inc. (U.S.), HEVO Inc. (U.S.), WAVE, LLC (U.S.), Continental AG (Germany), DAIHEN Corporation (Japan), Toshiba Corporation (Japan), ZTE Corporation (China), ElectReon Wireless Ltd. (Israel), Conductix-Wampfler GmbH (Germany), Integrated Infrastructure Solutions GmbH (Germany), Plugless Power LLC (U.S.), TGOOD Global Ltd. (China), InductEV Inc. (U.S.) and Lumen Pty Ltd (Australia).
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Scope of the report:
Wireless Electric Vehicle Charging Systems, by Type
Static
Dynamic
Wireless Electric Vehicle Charging Systems, by Component
Base Pads
Vehicle Pads
Power Control Units
Battery Management Systems
Wireless Electric Vehicle Charging Systems, by Technology
Resonant inductive Wireless Electric Vehicle Charging Systems
Permanent Magnet Gear Wireless Electric Vehicle Charging Systems
Capacitive Wireless Electric Vehicle Charging Systems
Inductive Wireless Electric Vehicle Charging Systems
Wireless Electric Vehicle Charging Systems, by Power Supply
Less Than 11 kW
More Than 50 kW
11 kW to 50 kW
Wireless Electric Vehicle Charging Systems, by End Use
Commercial Wireless Electric Vehicle (EV) Charging Systems
Residential Wireless Electric Vehicle (EV) Charging Systems
Wireless Electric Vehicle Charging Systems, by Vehicle Type
Battery Electric Vehicles
Plug-in Hybrid Electric Vehicles
Wireless Electric Vehicle Charging Systems, by Application
Light Commercial Vehicles
Heavy Commercial Vehicles
Passenger Vehicles
Electric Two-wheelers
Static Wireless Electric Vehicle Charging Systems, by Distribution Channel
Aftermarket
OEM
Wireless Electric Vehicle Charging Systems, by Geography
North America
U.S.
Canada
Europe
Germany
Sweden
UK
France
Norway
Italy
Spain
Switzerland
Netherlands
Denmark
Portugal
Rest of Europe
Asia-Pacific
China
South Korea
Japan
India
Australia
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
Middle East & Africa
UAE
Israel
Saudi Arabia
South Africa
Rest of the Middle East & Africa
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