Redding, California - August 27, 2024
Wireless Electric Vehicle Charging Systems Market to be Worth $4,333.1 Million by 2031
Wireless Electric Vehicle Charging Systems Market by Type (Dynamic, Static), Component (Base Pads, Vehicle Pads), Technology, Application, Vehicle Type (BEV, PHEV), Power Supply, End Use, Distribution Channel and Geography - Global Forecast to 2030
Meticulous Research®—a leading global market research company, published a research report titled, ‘Wireless Electric Vehicle Charging Systems Market’—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the wireless electric vehicle charging systems market is projected to reach $4,333.1 million by 2031, at a CAGR of 54.9% from 2024 to 2031.
The growth of the wireless electric vehicle charging systems market is driven by the increasing demand for fast-charging infrastructure for electric vehicle (EV) fleets worldwide, the expanding deployment of wireless charging infrastructure across European countries, growing concerns about range anxiety, and heightened government focus on electrifying public transport. However, the high cost of implementing wireless charging infrastructure and the difficulties associated with its installation are factors that may restrain market growth.
Furthermore, the standardization of wireless charging systems and the growing use of autonomous vehicles in public transport and logistics are expected to generate growth opportunities for market stakeholders. However, insufficient funding in the wireless EV charging space is a major challenge impacting market growth.
The wireless EV charging systems market is segmented based on type, component, technology, power supply, end-use, propulsion type, vehicle type, distribution channel, and geography.
By type, the wireless EV charging systems market is segmented into static and dynamic. In 2024, the static wireless electric vehicle charging systems segment is expected to account for the larger share of over 91.0% of the wireless EV charging systems market. This segment holds a major share in wireless electric vehicle charging systems due to companies' increasing focus on implementing static wireless EV charging pilot projects and the convenience of wireless electric vehicle charging for EV owners. For parking spots in homes, garages, and public areas, static wireless charging systems are the perfect EV charging option.
By component, the wireless electric vehicle charging systems market is segmented into base pads, vehicle pads, power control units, and battery management systems. In 2024, the vehicle pads segment is expected to account for the largest share of over 38.0% of the wireless EV charging systems market. The large market share of this segment is attributed to the growing deployment of static wireless charging stations and rising investment in R&D of wireless charging systems. Also, SAE International (U.S.), a not-for-profit corporation, has released standards for wireless electric vehicle charging systems to enable better interoperability between various suppliers of wireless electric vehicle charging components.
By technology, the wireless electric vehicle charging systems market is segmented into resonant inductive wireless electric vehicle charging systems, permanent magnet gear wireless EV charging systems, capacitive wireless EV charging systems, and inductive wireless EV charging systems. In 2024, the inductive wireless EV charging systems segment is expected to account for the largest share of over 62.0% of the wireless electric vehicle charging systems market. The large market share of this segment is attributed to increasing initiatives for inductive charging by key market players and the growing focus of companies on the development of inductive wireless electric vehicle charging projects to increase EV range.
By power supply, the wireless electric vehicle charging systems market is segmented into less than 11 kW, more than 50 kW, and 11 kW to 50 kW. In 2024, the 11 kW to 50 kW segment is expected to account for the largest share of over 57.0% of the wireless EV charging systems market. This segment's major market share is attributed to the rising installation of wireless EV charging systems and the growing need for public and private electric vehicle charging infrastructure.
By end use, the wireless electric vehicle charging systems market is segmented into commercial wireless electric vehicle charging systems and residential wireless electric vehicle charging systems. In 2024, the commercial wireless electric vehicle charging systems segment is expected to account for the larger share, over 75.0% of the wireless EV charging systems market. This segment's large market share is attributed to growing commercial EV charging projects for medium and heavy-duty electric vehicles, growing deployment of electric buses in public transport, and the increasing need to develop commercial charging infrastructure in public places.
By propulsion type, the wireless electric vehicle charging systems market is segmented into battery electric vehicles and plug-in hybrid electric vehicles. In 2024, the battery electric vehicles segment is expected to account for the larger share of over 92.0% of the wireless EV charging systems market. This segment's large market share is attributed to increasing electric vehicle adoption by organizations and a surge in demonstration projects of wireless electric vehicle charging.
By vehicle type, the wireless electric vehicle charging systems market is segmented into passenger vehicles, electric two-wheelers, and commercial vehicles. In 2024, the passenger vehicles segment is expected to account for the largest share, over 49.0% of the wireless EV charging systems market. This segment's large market share is attributed to the rising focus of automotive companies to retrofit wireless charging systems into EVs, the increasing adoption of electric passenger vehicles globally, and the surging need for public and private charging systems.
By distribution channel, the static wireless electric vehicle charging systems market is segmented into OEM and aftermarket. In 2024, the OEM segment is expected to account for the larger share, over 95.0% of the static wireless EV charging systems market. This segment's large market share is attributed to the growing focus of OEMs in public charging networks and companies’ collaborative efforts with automotive companies for integrating wireless electric vehicle charging technology in EV models.
By geography, in 2024, Europe is expected to account for the largest share of over 48.0% of wireless EV charging systems. The increasing deployment of wireless electric vehicle charging systems, the region's strong focus on achieving zero-emission targets, increasing adoption of electric vehicles, and government efforts to build robust charging infrastructure are driving the growth of the wireless electric vehicle charging systems market in Europe.
Key Players:
Some of the key players operating in the wireless electric vehicle charging systems market are Witricity Corporation (U.S.), Mojo Mobility Inc. (U.S.), HEVO Inc. (U.S.), WAVE, LLC (U.S.), Continental AG (Germany), DAIHEN Corporation (Japan), Beam Global (U.S.), Toshiba Corporation (Japan), ZTE Corporation (China), ElectReon Wireless Ltd. (Israel), Conductix-Wampfler GmbH (Germany), Integrated Infrastructure Solutions GmbH (Germany), Plugless Power LLC (U.S.), TGOOD Global Ltd. (China), InductEV Inc. (U.S.) and Lumen Pty Ltd (Australia).
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Key questions answered in the report-
- Which are the high-growth market segments based on type, component, technology, propulsion type, end use, vehicle type, and distribution channel?
- What was the historical market for wireless electric vehicle charging systems?
- What are the market forecasts and estimates for the period from 2024 to 2031?
- What are the major drivers, restraints, and opportunities in the wireless EV charging systems market?
- Who are the major players, and what shares do they hold in the wireless EV charging systems market?
- How is the competitive landscape in the wireless EV charging systems market?
- What are the recent developments in the wireless EV charging systems market?
- What are the different strategies adopted by the major players in the wireless EV charging systems market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global wireless EV charging systems market, and how do they compete with the other players?
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