USD 19.68 Million
Global Wireless Electric Vehicle Charging Market Size, Share, Growth Analysis, By Installation(Residential and Commercial), By Distribution Channels(OEMS and Aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG55F2029 |
Region:
Global |
Published Date: March, 2024
Pages:
182
|
Tables:
59 |
Figures:
77
Global Wireless Electric Vehicle Charging Market Insights
Global Wireless Electric Vehicle Charging Market size was valued at USD 19.68 Million in 2022 and is poised to grow from USD 27 Million in 2023 to USD 339.23 Million by 2031, at a CAGR of 37.21% during the forecast period (2024-2031).
Global demand for wireless charging systems is rising as a result of the release of ground pads and smart charging mats made exclusively for electric vehicles. The global wireless electric vehicle charging market is anticipated to experience growth over the forecast period because of rising EV sales, ongoing improvements in portable gadgets and wearables, and the frequent requirement for harvesting ambient RF energy. The slow charging relative to alternative charging technologies and significant integration costs, however, restrict market expansion. Governments all around the world have launched a variety of programmes and initiatives to persuade consumers to select electric vehicles over conventional ones. One such programme that encourages the purchase of electric vehicles is the California ZEV programme, which intends to have 1.5 million electric vehicles on the road by 2025. Other nations offer a variety of incentives to residents who want to purchase electric vehicles. The market for wireless electric vehicle (EV) charging does, however, have some restrictions that could hinder its potential growth. For example, upgrading to wireless charging technology is expensive, while minimising efficiency loss and investing heavily in dynamic charging infrastructure could pose growth barriers. The market for wireless electric vehicle (EV) charging will also have a number of prospects for expansion during the projected period of due to the government's increasing support for wireless charging.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
37.21% CAGR
Global Wireless Electric Vehicle Charging Market ($ Mn)
Country Share for Europe Region (%)
Global Wireless Electric Vehicle Charging Market By Installation ($ Mn)
Global Wireless Electric Vehicle Charging Market By Installation (%)
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Global Wireless Electric Vehicle Charging Market Segmental Analysis
Global Wireless Electric Vehicle Charging Market is segmented on the basis of vehicle type, installation, power source, distribution channels and region. By vehicle type, the market is segmented into battery electric vehicles, plug-in-hybrid electric vehicles, commercial EV. By installation, the market is segmented into residential and commercial. By distribution channels, the market is segmented into oems and aftermarket. By power source, the market is segmented into 3-<11 KW and 11-50 KW. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Wireless Electric Vehicle Charging Market Analysis by Installation
The segment includes the installation of wireless charging systems in residential settings, such as homes, apartments, and private parking spaces. Residential installations provide EV owners with the convenience of charging their vehicles at home without the need for physical plugs and cables. These installations typically involve the integration of wireless charging pads or mats into the garage floors or driveways, allowing for efficient and seamless charging. Residential installations are focused on enabling personal vehicle charging and are driven by the growing adoption of electric vehicles among homeowners.
Commercial installations involve the deployment of wireless charging infrastructure in commercial and public spaces such as parking lots, shopping centers, hotels, and office complexes. These installations cater to the changing needs of electric vehicle owners while they are away from home. Commercial installations may include wireless charging stations integrated into parking spaces, charging hubs with multiple charging points, or wireless charging pads located in designated areas. This segment targets both employees and customers who require charging facilities during their daily activities.
Wireless Electric Vehicle Charging Market Analysis by Distribution Channels
OEMs are dominant in the distribution of wireless charging systems. They integrate the technology into their EVs during the manufacturing process, allowing customers to have wireless charging capabilities right from the purchase of the vehicle. OEMs establish partnerships with wireless charging solution providers to incorporate their technology into their vehicles. This involves collaboration on design, integration, and testing of wireless charging components. OEMs distribute their vehicles through their existing dealer networks, enabling widespread availability of wireless charging-capable EVs.
The aftermarket segment refers to the distribution of wireless charging systems for EVs after the initial sale of the vehicle. This segment includes retrofitting existing EVs with wireless charging capabilities. Aftermarket companies offer wireless charging conversion kits or services to upgrade EVs that were not originally equipped with wireless charging. These companies may collaborate with OEMs or operate independently to provide wireless charging solutions to EV owners. Aftermarket companies often design retrofit kits that include wireless charging pads and receivers compatible with a range of EV models. They may offer installation services or provide detailed instructions for EV owners to install the wireless charging system themselves.
Global Wireless Electric Vehicle Charging Market By Installation, 2023 (%)
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Global Wireless Electric Vehicle Charging Market Regional Insights
According to accounting, Europe contributed the most to global revenue and is predicted to expand at a CAGR of 35.9%. The UK, Germany, France, Italy, and the rest of Europe are included in the analysis of the Europe market. Due to technological developments in wireless charging devices across the area, Europe is predicted to experience a significant growth rate during the projection period. The demand for fuel-efficient and long-lasting charging solutions for electronic devices like power tools and portable gadgets has increased, which has accelerated development in the Europe 's electronics sector.
The second-largest region is Asia-Pacific. By 2030, it is anticipated to reach an expected value of USD 55 million, showing a 38% CAGR. Due to the sharp increase in the number of electric vehicles in nations like China and Japan, Asia-Pacific has a great potential for growth. The expansion of the EV chargers’ market in this area is anticipated to be aided by a number of government initiatives to build electric vehicle charging infrastructure. For instance, the Automotive Research Association of India (ARAI) intended to install more than 200 EV charging stations throughout the country. It is projected that the sum of all these variables will greatly fuel market expansion.
Global Wireless Electric Vehicle Charging Market By Region, 2024-2031
- Largest
- Fastest
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Global Wireless Electric Vehicle Charging Market Dynamics
Wireless Electric Vehicle Charging Market Drivers
More electric vehicle (EV) sales
- Due to its many advantages, such as their lower fuel (petrol, diesel, and gas) consumption and lower exhaust emissions, EV demand has significantly expanded globally. The demand for wireless charging for electric or plug-in hybrid vehicles is therefore expected to rise during the projected period. Important players in the wireless electric vehicle market are also putting various strategic plans into practice to boost their economic potential, including product development and collaboration. In addition, a lot of EV manufacturers incorporate wireless charging technology into their devices. The charging system of the vehicle is connected to this device across a distance of eight centimeters using a magnetic field, which can be mounted outside or in a garage.
Elimination of Physical Infrastructure
- Wireless charging reduces the need for physical charging infrastructure, such as charging stations and cables. This advantage makes it easier to integrate charging capabilities into existing infrastructure like parking lots, roads, and even homes. It helps overcome challenges related to limited charging infrastructure availability, especially in densely populated areas or regions with limited space.
Wireless Electric Vehicle Charging Market Restraints
Limited Range and Positioning Constraints
- Wireless charging systems typically require close proximity and precise alignment between the charging pad and the vehicle's receiver to ensure efficient power transfer. This limitation can be challenging in real-world scenarios, as slight misalignments or variations in parking positions may affect charging efficiency. Overcoming these range and positioning constraints is essential for enhancing the practicality and convenience of wireless charging.
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Global Wireless Electric Vehicle Charging Market Competitive Landscape
Details about each company are provided in the wireless electric vehicle (EV) charging market competitive landscape. Included information includes a description of the business, financials, revenue, market potential, investments in R&D, new market initiatives, geographical presence, corporate strengths and weaknesses, product launch, and application domination. The information above only relates to the companies' market focus on wireless electric vehicle (EV) charging.
Wireless Electric Vehicle Charging Market Top Player’s Company Profiles
- Qualcomm Inc. (United States)
- WiTricity Corporation (United States)
- Powermat Technologies Ltd. (Israel)
- Plugless Power Inc. (United States)
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- Toshiba Corporation (Japan)
- Evatran Group Inc. (United States)
- Hella KGaA Hueck & Co. (Germany)
- Mojo Mobility Inc. (United States)
- BMW AG (Germany)
- Nissan Motor Co., Ltd. (Japan)
- Hyundai Motor Company (South Korea)
- Honda Motor Co., Ltd. (Japan)
- Toyota Motor Corporation (Japan)
- Mercedes-Benz (Germany)
- Siemens AG (Germany)
- Evgo Services LLC (United States)
- ChargePoint Inc. (United States)
- ABB Ltd. (Switzerland)
- Delta Electronics Inc. (Taiwan)
- Efacec (Portugal)
Wireless Electric Vehicle Charging Market Recent Developments
- In March 2023, WiTricity announced that it had received a $100 million investment from Koch Strategic Platforms. The investment will be used to accelerate the development and commercialization of WiTricity's wireless charging technology.
- In February 2023, Momentum Dynamics announced that it had received a USD 100 million investment from Shell Ventures. The investment will be used to accelerate the commercialization of Momentum Dynamics' wireless charging technology.
- In January 2023, Electrify America announced that it would install 1,800 wireless charging stations at its charging stations across the United States. The installation of these stations will make Electrify America the largest wireless charging network in the United States.
Global Wireless Electric Vehicle Charging Key Market Trends
- Wireless EV charging is being integrated with smart grid technologies, enabling bidirectional power flow and vehicle-to-grid (V2G) capabilities. This integration allows EVs to not only receive power but also feed surplus energy back into the grid when needed, contributing to grid stability and energy management.
- The companies are focusing on product launches and development to tap the major market share in the near future is another key trend witnessed in the global market that is expected to support growth of the global market during the forecast period. For instance, in October 2021, WiTricity announced its BEV related patented charging technology in South Korea.
Global Wireless Electric Vehicle Charging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the market for wireless EV charging has been steadily growing, driven by the increasing adoption of electric vehicles worldwide. As governments and consumers embrace sustainable transportation, the demand for efficient and convenient charging solutions has risen. While the market is still in its early stages, it is expected to expand as wireless charging technology improves and becomes more widely available. Wireless EV charging offers several advantages and benefits compared to traditional plug-in charging. It provides convenience and a seamless user experience by eliminating the need for physical cables and connectors. Wireless charging also simplifies the charging process, especially for public and shared EVs, where automated charging without human intervention becomes feasible. Additionally, wireless charging can be integrated into existing infrastructure, such as parking lots and roads, reducing the need for dedicated charging stations.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 19.68 Million |
| Market size value in 2031 | USD 339.23 Million |
| Growth Rate | 37.21% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Wireless Electric Vehicle Charging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Wireless Electric Vehicle Charging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Wireless Electric Vehicle Charging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wireless Electric Vehicle Charging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wireless Electric Vehicle Charging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wireless Electric Vehicle Charging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Wireless Electric Vehicle Charging Market Report Snapshots
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