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The Rise In Electric Vehicle Adoption Driving The Growth Of The Market Due To Increasing Environmental Awareness: Powering Innovation and Expansion in the Global Inductive Roadway Charging Display Market by 2025
Inductive Roadway Charging Display Market
What Is the Expected CAGR for the Inductive Roadway Charging Display Market Through 2025?
The inductive roadway charging display market has experienced significant expansion in the recent past. Its size is predicted to surge from $1.02 billion in 2024 to $1.22 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 20.1%. The surge during the historical period is attributed to the escalating acceptance of electric vehicles, growing government endorsements for electric vehicle infrastructure, rising consciousness among consumers about environmental sustainability, swelling urbanization, and escalating fuel charges.
What's the Projected Size of the Global Inductive Roadway Charging Display Market by 2029?
The inductive roadway charging display market is predicted to experience a swift expansion in the coming years. By 2029, it is projected to reach $2.51 billion, growing at a compound annual growth rate (CAGR) of 19.7%. This significant growth during the forecast period can be attributed to various factors, including the escalating implementation of smart cities, a growing trend towards contactless charging solutions among consumers, an increased focus on minimizing transportation's carbon footprint, enhanced cost-effectiveness of wireless charging solutions, and the rising electrification of fleets by logistics and public transport firms. The anticipated period will also see major trends such as the development of standardized protocols for interoperability, the creation of cost-effective infrastructure models, integration with smart grids, advances in dynamic charging lanes, and innovations in high-power charging technology.
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Top Growth Drivers in the Inductive Roadway Charging Display Industry: What's Accelerating the Market?
The surging popularity of electric vehicles (EVs) is predicted to spur the expansion of the inductive roadway charging display market in the future. Electric vehicles are cars wholly or partially powered by electricity, offering a greener alternative to traditional internal combustion engines. More and more people are choosing electric vehicles due to heightened environmental consciousness, as they strive to curb greenhouse gas emissions and tackle climate change. The inductive roadway charging display market benefits from this trend as it improves the convenience and effectiveness of electric vehicles by providing wireless on-route charging, alleviates range anxiety, and fosters broader EV adoption. For instance, data from the US Department of Energy, a US-based federal body, in February 2024 show a major year-on-year increase in monthly EV sales over the last three years for each month. Peak monthly sales hit approximately 50,000 vehicles in 2021, climbed to around 80,000 in 2022, and exceeded 100,000 in 2023. Thus, the surging popularity of electric vehicles (EVs) is propelling the expansion of the inductive roadway charging display market.
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What Trends Will Shape the Inductive Roadway Charging Display Market Through 2029 and Beyond?
Major players in the inductive roadway charging display market are investing in the development of revolutionary technologies, such as integrated roadway charging systems, to improve the effectiveness and handiness of recharging electric vehicles. These integrated roadway charging infrastructures utilize advanced road surfaces outfitted with inductive loops that wirelessly convey electricity to compatible electric cars while they traverse or park over them. For example, in November 2023, Electreon Wireless Ltd., a tech firm based in Israel, collaborated with the Michigan Department of Transportation, a US governmental department, to inaugurate the country's debut public EV-charging roadway at Michigan Central in Detroit, facilitating wireless charging for electric vehicles in transit. This unique system incorporates inductive charging loops located under a quarter-mile portion of 14th Street, thereby enabling suitable EVs to recharge dynamically during driving or statically when parked. The implementation of real-time tracking through cloud-supported software provides smooth, contactless energy transmission to vehicles fitted with Electreon receivers, promoting the expansion of scalable, pollution-free transport infrastructure.
What Are the Main Segments in the Inductive Roadway Charging Display Market?
The inductive roadway charging display market covered in this report is segmented as
1) By Component: Hardware, Software, Services
2) By Display Type: Light-Emitting Diode(Led), Liquid Crystal Display(Lcd), Organic Light-Emitting Diode(Oled), Other Display Types
3) By Technology: Dynamic Wireless Charging, Static Wireless Charging
4) By Application: Highways, Urban Roads, Parking Lots, Airports, Other Applications
5) By End-User: Public Infrastructure, Private Infrastructure, Government, Transportation Authorities, Other End-Users
Subsegments:
1) By Hardware: Inductive Coils, Power Electronics, Roadway Sensors, Communication Modules, Charging Pads
2) By Software: Charging Management Software, Vehicle Communication Interface, Data Analytics Software, Monitoring And Control Software, Simulation And Modeling Software
3) By Services: Installation Services, Maintenance Services, Consulting Services, System Integration Services, Training And Support Services
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Which Top Companies are Driving Growth in the Inductive Roadway Charging Display Market?
Major companies operating in the inductive roadway charging display market are Siemens AG, Groupe Renault, Volvo Group, Continental AG, Qualcomm Incorporated, ABB Limited, Toshiba Corporation, ZTE Corporation, Jacobs Engineering Group Inc., Bombardier Inc., DAIHEN Corporation, Oak Ridge National Laboratory, ENRX S.A., Arendals Fossekompani ASA, Momentum Dynamics Corporation, WiTricity Corporation, Ideanomics Inc., Sino Energy Co Ltd., Electreon Wireless Ltd., InductEV Inc.
Which Regions Will Dominate the Inductive Roadway Charging Display Market Through 2029?
North America was the largest region in the inductive roadway charging display market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in inductive roadway charging display report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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