Press release
Wireless Electric Vehicle Charging Systems Market to be Worth $2.5 Billion by 2030
Wireless electric vehicle charging systems represent a revolutionary approach, employing wireless power transfer technology to seamlessly transfer power from a ground-embedded pad to an electric vehicle's underbelly, effectively charging the vehicle's battery. These pads are strategically placed in parking spaces or along roads, offering the convenience of charging either stationary or on the move. This technology not only addresses plug-in challenges associated with wired charging systems but also showcases its potential in transforming the electric vehicle charging landscape.
Key Drivers and Market Dynamics:
Several factors contribute to the robust growth of the wireless EV charging systems market. The escalating demand for electric vehicle fast-charging infrastructure on a global scale, the increasing adoption of wireless charging infrastructure in European nations, and the prevalent concern of range anxiety all play pivotal roles in driving market expansion. However, the high implementation costs associated with wireless charging infrastructure pose a notable constraint to market growth.
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Market Segmentation and Insights:
The wireless electric vehicle charging systems market is meticulously segmented, offering comprehensive insights into key facets:
Type Segmentation:
Static and Dynamic: In 2023, the static segment is anticipated to dominate the market, driven by favorable initiatives to deploy static charging systems and the convenience offered by wireless electric vehicle charging. The static segment is also projected to record the highest CAGR during the forecast period.
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Component Segmentation:
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 growth is attributed to the increasing deployment of static wireless charging stations and rising pilot projects.
Technology Segmentation:
Resonant Inductive, Permanent Magnet Gear, Capacitive, and Inductive: The inductive wireless electric vehicle charging systems segment is expected to dominate in 2023, while the capacitive segment is projected to record the highest CAGR. Increasing initiatives in the wireless electric vehicle charging space and minimal power loss using capacitive technology are expected to support segment growth.
Power Supply Segmentation:
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 lead, attributed to the growing demand for public and private charging infrastructure and increased installations of wireless electric vehicle charging systems.
End Use Segmentation:
Commercial and Residential Wireless EV Charging Systems: The commercial segment is expected to dominate in 2023, driven by government efforts to promote passenger EVs and the growth of electric buses. However, the residential segment is projected to record the highest CAGR, supported by lower electricity costs for residential spaces and a growing number of private electric vehicles.
Vehicle Type Segmentation:
Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV): In 2023, the BEV segment is expected to account for the largest share, driven by the increasing adoption of battery electric vehicles and growing pilot projects of wireless electric vehicle charging. The PHEV segment is projected to witness the highest CAGR.
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Application Segmentation:
Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Vehicles, and Electric Two-wheelers: The passenger vehicles segment is expected to dominate in 2023, attributed to the launch of EV car models and initiatives to retrofit systems into EVs. However, the electric two-wheelers segment is projected to record the highest CAGR.
Distribution Channel Segmentation:
Aftermarket and OEM: In 2023, the OEM segment is projected to dominate, driven by the integration of wireless EV charging technology in new EV models. However, the aftermarket segment is expected to record the highest CAGR, supported by initiatives to offer aftermarket options of wireless charging systems and the rapid adoption of electric vehicles.
Geographical Segmentation:
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 rising adoption of electric vehicles, and supportive government initiatives are driving market growth in the region.
Key Players
Leading the charge in the wireless EV charging systems market are key players such as Witricity Corporation, Mojo Mobility Inc., HEVO Inc., WAVE, LLC, Continental AG, DAIHEN Corporation, Toshiba Corporation, ZTE Corporation, ElectReon Wireless Ltd., Conductix-Wampfler GmbH, Integrated Infrastructure Solutions GmbH, Plugless Power LLC, TGOOD Global Ltd., InductEV Inc., and Lumen Pty Ltd, among others.
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