Global Wireless Electric Vehicle (EV) Charging Market

Wireless Electric Vehicle Charging Market Size, Share, Growth Analysis, By Charging Type (Stationary Wireless Charging Systems, Dynamic Wireless Charging Systems), By Component (Base Charging Pads, Power Control Units), By Application (Component Base Charging Pads, Power Control Units), By Charging System (Magnetic Resonance Charging, Inductive Charging), By Region - Industry Forecast 2024-2031


Report ID: SQMIG55F2029 | Region: Global | Published Date: September, 2024
Pages: 182 | Tables: 59 | Figures: 77

Wireless Electric Vehicle (EV) 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 because 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 several prospects for expansion during the projected period of due to the government's increasing support for wireless charging. 

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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). 

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.  'WiTricity Corporation (US) ', 'InductEV, Inc. (US) ', 'Hevo Inc. (US) ', 'Electreon (Israel) ', 'Plugless Power Inc. (US) ', 'Wave Charging (US) ', 'Intis Integrated Infrastructure Solutions GmbH (Germany) ', 'ENRX (Norway) ', 'Mojo Mobility Inc. (US) ', 'Shenzhen VMAX New Energy Co., Ltd. (China) ', 'Integrated Roadways LLC (US) ', 'WiFeRion (Germany) ', 'WiPowerOne Inc. (US) ', 'Continental AG (Germany) ', 'TGOOD Global Ltd. (China) ', 'Elix Wireless Inc. (US) ', 'Fortum (Finland) ', 'Daihen Corporation (Japan) ', 'Zhejiang Vie Science & Technology Co., Ltd. (China) ', 'Suzhou Anjie Technology Co., Ltd. (China) ', 'Volkswagen AG (Germany) ', 'Toyota Motor Corporation (Japan) ', 'Tesla, Inc. (US) ', 'Honda Motor Co., Ltd. (Japan) ', 'Mercedes-Benz AG (Germany) ', 'BMW Group (Germany) '

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.

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.

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.

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Global Wireless Electric Vehicle (EV) Charging Market

Report ID: SQMIG55F2029

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