What is the global market size of Wireless Electric Vehicle Charging Systems Market?

Global Wireless Electric Vehicle Charging Systems Market size was valued at USD 18.6 million in 2021, and it is expected to reach a value of USD 206 million by 2028, at a CAGR of 41% over the forecast period (2022-2028). Read More

Global Wireless Electric Vehicle Charging Systems Market Size, Share, Growth Analysis, By Type(Static Wireless EV Charging Systems, Dynamic Wireless EV Charging Systems), By Component(Base Pads, Power Control Units), By Technology(Capacitive Wireless EV Charging Systems, Inductive Wireless EV Charging Systems), By Power Supply(Less than 11 kW, More than 50 kW), By Propulsion Type(Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles), By Application(Commercial Wireless EV Charging Systems, Residential Wireless EV Charging Systems), By End User(Light Commercial Vehicles, Heavy Commercial Vehicles) - Industry Forecast 2024-2031

Report ID: SQMIG55F2050 | Region: Global | Published Date: February, 2024
Pages: 283 | Tables: 198 | Figures: 80

Global Wireless Electric Vehicle Charging Systems Market Insights

Wireless Electric Vehicle Charging Systems Market size was valued at USD 18.6 million in 2019 and is poised to grow from USD 26.49 million in 2023 to USD 637.69 million by 2031, growing at a CAGR of 42.4% in the forecast period (2024-2031).

Inductive power transfer technology is used in wireless EV charging systems to transfer electricity over the air from a pad implanted in the ground to a pad connected to the underbelly of an EV to charge its battery. These pads are either situated in commercial infrastructure and private garage parking places to charge one car at a time, or along a stretch of road to charge numerous vehicles while they are moving. Wireless EV charging systems have various advantages over plug-in EV charging systems, including ease of use, convenience, and convenience. These charging solutions assist to avoid the plug-in issues that are common with wired EV charging systems. Furthermore, these solutions can assist minimise car battery sizes and range anxiety concerns.

Wireless EV charging systems are a promising technology with a high commercialisation potential. The approach has been tested by major automobile manufacturers all around the world. The exorbitant cost of these systems, however, is a major hindrance to industrial progress. Wireless charging raises the price of electric vehicles by around USD 3,000 to USD 4,000, resulting in a very high total cost of ownership. As a result, customers have expressed little to no interest in wireless EV charging solutions. Companies in this market scrambled to raise capital to develop and expand their product offerings, but investors refused since the value proposition of wireless EV charging systems did not appeal to buyers.

US Wireless Electric Vehicle Charging Systems Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Wireless Electric Vehicle Charging Systems Market Report Snapshots

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To increase their market position, the companies are always focusing on partnerships, acquisitions, new product development and launches, and growth plans. Furthermore, Tesla is a market leader in this sector. The firm provides pure electric vehicles outfitted with cutting-edge technologies such as ADAS, telematics, internet and cloud connectivity, and others. Tesla is expected to maintain its supremacy during the projection period, owing to its increased presence in new regions, growing popularity, and technical improvement. 'Qualcomm Inc.', 'WiTricity Corporation', 'Hella KGaA Hueck & Co.', 'Evatran Group, Inc.', 'Bombardier Inc.', 'Mojo Mobility, Inc.', 'HEVO Inc.', 'Witricity Corporation', 'Continental AG', 'Toyota Motor Corporation', 'TDK Corporation', 'Powermat Technologies Ltd.', 'ChargePoint, Inc.', 'Bosch Automotive Service Solutions Inc.', 'Momentum Dynamics Corporation', 'Plugless Power Inc.', 'IPT Technology GmbH', 'ELIX Wireless Charging Systems Inc.', 'Plugless Power Inc.', 'Tgood Global Ltd.'

Increasing popularity of electric vehicles due to their efficiency and environmental friendliness has fueled the need for fast-charging infrastructure in recent years. Electric cars are projected to be used for both city commuting and long-distance travel. However, most EVs in the market do not have a range of more than 100 miles, necessitating the use of fast-charging technologies to provide smooth, uninterrupted driving. Wireless charging, which may offer up to 11 kilowatts of power equal to level-2 chargers, is a viable answer for the expanding and rapidly changing charging requirements. Many wireless technology firms, including WiTricity Corporation, Momentum Wireless Power, and Wave Inc., are investing heavily in research and development of fast-charging wireless power transmission technologies for electric cars.

In many nations, government assistance and incentives for electric vehicles now include the development of wireless charging. The primary benefits of wireless charging are full autonomy, no need for a charging station, a lower risk of an electric shock to the driver during wired charging, and smaller battery components. Full autonomy increases the general public's productive hours because they do not have to wait for the car to charge. This increase in productive hours also contributes to a country's GDP growth. Another important factor that supports the installation of wireless charging in urban locations where space is limited is the lack of a charging station for dynamic charging.

Global Wireless Electric Vehicle Charging Systems Market is divided into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).

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Global Wireless Electric Vehicle Charging Systems Market Insights

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