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  • 16-Mar-2021

Meticulous Research®—leading global market research company, published a research report titled Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (<11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User—Global Forecast to 2027”.

The wireless electric vehicle (EV) charging systems market is expected to grow at a CAGR of 53.1% from 2020 to reach $827.03 Million by 2027. This market is majorly driven by factors such as the rising demand for electric vehicle (EV) fast-charging infrastructure, increasing implementation of wireless charging infrastructure in the European countries, and increasing prevalence of range anxiety. The standardization of wireless EV charging systems also aids the growth of this market. Moreover, the growing usage of autonomous vehicles in public transport and logistics by major retail MNCs and shared mobility operators worldwide is expected to provide significant opportunities for players operating in this market. However, the high cost of implementing wireless charging infrastructure obstructs the growth of this market to some extent. Insufficient funding from investors due to the lack of an attractive value proposition of wireless EV charging systems for customers is a major challenge for the growth of the wireless electric vehicle (EV) charging systems market.

The wireless electric vehicle (EV) charging systems market study presents historical market data in terms of value (2018, 2019, and 2020) and forecasts for 2027. The market is segmented based on type, component, technology, power supply, application, propulsion type, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the wireless electric vehicle (EV) charging systems market is mainly segmented into static wireless EV charging systems and dynamic wireless EV charging systems. The static wireless EV charging systems segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is mainly attributed to the charging convenience offered by static wireless EV chargers, the systems’ simple construction resulting in the low cost of implementation, and the large number of pilot projects undertaken by leading automotive OEMs for integrating static wireless EV chargers into their electric vehicles. Additionally, this segment is expected to witness significant growth, as leading shared mobility and taxi fleet operators worldwide are adopting static wireless EV chargers for fleet charging applications.

Based on component, the wireless (EV) charging systems market is segmented into base pads, battery management systems, vehicle pads, and power control units. The base pads segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is majorly attributed to increasing deployments of wireless EV charging systems in public places and across industries to wirelessly charge taxis, buses, and industrial vehicles; the standardization of wireless charging pads for allowing interoperability; and the presence of a large number of use cases and pilot projects supporting the adoption of static wireless EV charging systems that use designated base pads for power transmission.

Based on technology, the wireless electric vehicle (EV) charging systems market is segmented into resonant inductive wireless EV charging systems, permanent magnet gear wireless EV charging systems, capacitive wireless EV charging systems, and inductive wireless EV charging systems. The resonant inductive wireless EV charging systems segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is attributed to the rising sales of electric vehicles, the increasing implementation of pilot projects for resonant inductive power transfer technology, and the leading automotive OEMs’ growing integration of resonant inductive power transfer technology into their vehicles. Additionally, these systems do not have drawbacks related to close coupling and alignment of coils required to transmit power between the primary and secondary coil, which are present in other wireless power transfer technologies. Such benefits of resonant inductive wireless EV charging systems over other charging systems are expected to support the demand for this segment over the coming years.

Based on power supply, the wireless electric vehicle (EV) charging systems market is segmented into less than 11 kW, more than 50 kW, and 11 kW to 50 kW. The less than 11 kW segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of the segment is majorly attributed to the standardization of wireless EV charging systems in the ‘up to 11kW’ segment, resulting in huge investments by automotive OEMs in the segment. Moreover, these charging systems are expected to witness high demand over the forecast period due to the increasing adoption of electric vehicles across Europe and North America.

Based on application, the wireless electric vehicle (EV) charging systems market is segmented into commercial wireless EV charging systems and residential wireless EV charging systems. The commercial wireless EV charging systems segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The major factor supporting the large share of this segment is the rising adoption of electric buses and taxis across North America, Europe, and Asia-Pacific. Additionally, the increasing adoption of EVs by various consumer segments has highlighted the need for increasing public wireless charging infrastructure. Major retailers worldwide, such as IKEA and Walmart, and micromobility start-ups such as Voi Technology are exploring the deployment of wireless EV charging systems for fleet charging. China has also witnessed high demand for commercial wireless EV charging systems due to the presence of large commercial garage parking spaces and densely populated urban areas.

Based on propulsion type, the wireless electric vehicle (EV) charging systems market is segmented into battery electric vehicles and plug-in hybrid electric vehicles. The battery electric vehicles segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The increasing adoption of battery electric vehicles worldwide, government regulations to phase out fossil fuel-powered vehicles, and increasing government incentives for transitioning to electric mobility are the major factors supporting the segment’s large share. Additionally, designated wireless charging spots along roads can facilitate fast charging, increasing the range of electric vehicles. These factors are expected to support the market’s growth.

Based on end user, the wireless electric vehicle (EV) charging systems market is segmented into light commercial vehicles, heavy commercial vehicles, passenger vehicles, and mopeds & scooters. The light commercial vehicles segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. The large share of this segment is attributed to the increasing sales of light commercial electric vehicles globally due to the need to control pollution and carbon emissions. Several governments are offering financial and non-financial incentives for the adoption of electric vehicles. Wireless charging systems can be an efficient and cost-effective solution for charging light commercial vehicles since they are on the move for most of the day and stop only at designated points for delivery or pickups.

Geographically, the Asia-Pacific wireless electric vehicle (EV) charging systems market is developing and expanding at a significant pace. Asia-Pacific is the largest market for wireless EV charging systems worldwide. The major factors contributing to the region’s high market share are the elevated demand for electric vehicles in the region, high demand for fast-charging infrastructure in China, Japan, and South Korea, and the increasing adoption of electric vehicles and growing infrastructural development in emerging economies such as India and Southeast Asian countries. Additionally, China is actively investing in the research & development and standardization of wireless charging systems for electric vehicles. These factors are expected to positively impact the wireless EV charging systems market in the Asia-Pacific region, propelling the growth of the regional market.

The key players operating in the wireless EV charging systems market are WiTricity Corporation (U.S.), Plugless Power Inc. (U.S.), Momentum Wireless Power (U.S.), Groupe Delachaux (France), ELIX Wireless (North America), Mojo Mobility, Inc. (U.S.), HEVO Inc. (U.S.), TGood Global Ltd. (Hong Kong), Continental AG (Germany), Toshiba Corporation (Japan), ZTE Corporation (China), INTIS GmbH (Germany), WAVE Inc. (U.S.), Daihen Corporation (Japan), and Electreon Inc. (Israel).

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Key Questions Answered in the Report-

  • Which are the high-growth market segments in terms of type, component, technology, power supply, propulsion type, application, end user, and geography?
  • What is the historical market size for the wireless electric vehicle (EV) charging systems market globally?
  • What are the market forecasts and estimates for the period 2020–2027?
  • What are the major drivers, restraints, opportunities, and challenges in the wireless electric vehicle (EV) charging systems market?
  • Who are the major players in the market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • How is the competitive landscape for the wireless electric vehicle (EV) charging systems market?
  • What are the recent developments in the wireless electric vehicle (EV) charging systems market?
  • What are the different strategies adopted by the major players in this market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the wireless electric vehicle (EV) charging systems market, and how do they compete with other players?

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