The Wireless Electric Vehicle Charging Systems Market was valued at $145.9 million in 2023. This market is expected to reach $4,333.1 million by 2031 from an estimated $202.6 million in 2024, at a CAGR of 54.9% during the forecast period from 2024 to 2031.
Wireless Electric Vehicle Charging Systems Market Size & Forecast
The growth of the wireless electric vehicle (EV) charging systems market is driven by the rising demand for EV fast-charging infrastructure for fleet operations worldwide, increasing government focus on the electrification of public transport, the rising implementation of wireless charging infrastructure in European countries, and the need to address range anxiety among EV drivers. Furthermore, the standardization of wireless EV charging systems and the growing use of autonomous vehicles in public transport and logistics are expected to create opportunities for the growth of this market.
Wireless Electric Vehicle Charging Systems Market Growth Drivers
The Rising Demand for Electric Vehicle Fast-Charging Infrastructure for Fleet Operations Worldwide
The rising adoption of EVs, driven by their efficiency and eco-friendly characteristics, has significantly boosted the demand for fast-charging infrastructure in recent years. In 2021, sales of EVs, encompassing both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs)—almost doubled from the previous year, reaching 6.6 million units. At the same time, over 16.5 million EVs were operational worldwide. In the U.S., EV sales surged more than twofold from 2020, totaling 630,000 units, positioning the country second in sales volume (10%) after China and Europe. Collectively, these regions represented over 85% of global EV sales in 2021. As EVs are anticipated to be used for both urban commuting and long-distance travel, the majority of current EV models, which offer a range of fewer than 100 miles, necessitate fast-charging solutions to facilitate smooth and uninterrupted journeys.
Wireless charging is a potential solution for the fast-changing charging requirements as it can provide up to 11 kilowatts of power, comparable to level-2 chargers. Many wireless technology companies such as WiTricity Corporation (U.S.), InductEV Inc. (U.S.), and Wave, LLC (U.S.) are making huge investments in the R&D of fast-charging wireless power transfer solutions for EVs.
For instance, Oak Ridge National Laboratory (U.S.) has developed a 20kW wireless charger that can deliver three times faster charging than standard plug-in units with over 90% efficiency. This charger can charge a car from 0% to 80% in 20 to 60 minutes. Such developments are expected to support the growth of the wireless EV charging systems market during the forecast period.
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Increasing Implementation of Wireless Charging Infrastructure In European Countries
Europe leads the world in EV adoption, with projections indicating that half of the passenger vehicles sold in the region will be electric by 2030. This growth is primarily driven by the European Union’s stringent CO2 emission regulations for the automotive industry.
For example, Germany aims to achieve greenhouse gas neutrality by 2045. This ambitious goal has spurred demand for charging infrastructure, leading to significant investments. In October 2022, the German government approved a plan to invest USD 6.74 billion to rapidly expand the number of charging stations nationwide as part of its commitment to reaching net zero emissions. Additionally, the German government’s proactive approach to infrastructure development includes the implementation of wireless EV charging systems for commercial transportation. In February 2021, a consortium led by Volkswagen AG (Germany) secured USD 2.2 million (EUR 1.9 million) in funding from the German government for the eCharge pilot project, which aims to enable EVs to charge while driving. Volkswagen AG and ElectReon Wireless Ltd. (Israel) are collaborating to develop cost-effective and practical solutions for wireless road charging.
In addition, in March 2022, Volvo Car Corporation (Sweden) integrated and tested new wireless charging technology in a real city environment to assess its potential for future EVs. Over the next three years, a small fleet of fully electric Volvo XC40 Recharge cars will be used as taxis by Cabonline, the largest taxi operator in the Nordic region. It will be wirelessly charged at stations in Gothenburg, Sweden. These expanding pilot projects in Europe are set to demonstrate the viability of wireless EV charging, likely generating significant demand for such systems in other regions as well.
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Wireless Electric Vehicle Charging Systems Market Opportunity
The Standardization of Wireless Electric Vehicle Charging Systems
The standardization of wireless EV charging systems and the increasing adoption of EVs in public transport and logistics present significant growth opportunities for the global wireless EV charging market. In May 2016, the Society of Automotive Engineers (SAE) introduced global standards for wireless EV charging with the SAE J2954 standard. This standard provides industry-wide specifications for interoperability, electromagnetic compatibility, EMF, minimum performance, safety, and testing for wireless power transfer of EVs. It includes various charging levels that are comparable to SAE J1772 conductive AC charging levels, enabling flexible charging rates based on vehicle needs and improving vehicle packaging and customer convenience. The standard is designed to ensure interoperability between wireless and plug-in EV charging, focusing on ease of use for customers. By establishing these standards, the SAE has facilitated the interoperability and commercialization of wireless EV charging products, encouraging further R&D in this field.
Wireless Electric Vehicle Charging Systems Market Analysis: Key Findings
The Static Wireless Electric Vehicle Charging Systems Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
Based on type, the wireless EV charging systems market is segmented into static and dynamic. In 2024, the static wireless EV charging systems segment is expected to account for a larger share of over 91.0% of this market. This segment's large market share is attributed to the rising adoption of static wireless charging systems and pilot projects undertaken by companies to test the stability, reliability, and convenience provided by wireless charging systems. Static wireless EV charging systems are engineered to charge EVs while they are stationary. These systems are particularly well-suited for residential parking areas, garages, and public parking spaces. They are advantageous for private EVs, which may remain stationary for extended periods.
Moreover, the static wireless EV charging systems segment is expected to record the highest CAGR during the forecast period.
The Vehicle Pads Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
The wireless EV charging systems market is segmented by component 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, over 38.0%. This segment's substantial market share is due to the growing efforts by automotive manufacturers to integrate wireless EV charging capabilities into EVs, heightened customer awareness regarding convenience and opportunity charging, and the standardization of vehicle pads to enhance interoperability with wireless charging systems.
Moreover, the vehicle pads segment is expected to register the highest CAGR during the forecast period.
The Inductive Wireless Electric Vehicle Charging Systems Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
Based on technology, the wireless 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. In 2024, the inductive wireless EV charging systems segment is expected to account for the largest share of over 62.0% of this market. The major market share of this segment is attributed to the need to increase the driving range of EVs. To cater to this demand, several market players are taking initiatives in the inductive EV charging market space to boost EV range and charge while in motion.
However, the capacitive wireless EV charging systems segment is anticipated to record the highest CAGR during the forecast period. Growing initiatives in this space, coupled with the minimal power loss during transfer using capacitive technology, are anticipated to drive segment growth.
The 11 kW to 50 kW Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
Based on power supply, the wireless EV 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 this market. This segment’s significant market share is attributed to the rising demand for both public and private charging infrastructure, along with the increasing installation of wireless EV charging systems.
However, the less than 11 kW segment is estimated to register the highest CAGR during the forecast period. This segment's growth is driven by growing public EV charging infrastructure and increasing collaboration between market players to offer aftermarket wireless EV charging systems.
The Non-residential Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
Based on end use, the wireless EV charging systems market is segmented into commercial wireless EV charging systems and residential wireless EV charging systems. In 2024, the commercial wireless EV charging systems segment is expected to account for the larger share of over 75.0% of this market. This segment’s large market share is attributed to government initiatives promoting passenger EVs, the growing deployment of electric buses in public transport, and the increasing number of commercial EV charging stations.
However, the residential wireless EV charging systems segment is estimated to record the highest CAGR during the forecast period. This segment's growth is driven by the lower cost of electricity for residential spaces than commercial spaces and the growing number of private EVs.
The Battery Electric Vehicles Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
Based on propulsion type, the wireless EV charging systems market is segmented into battery EVs and plug-in hybrid EVs. In 2024, the battery EVs segment is expected to account for over 92.0% of this market. This segment's large market share is attributed to the growing adoption of battery EVs and increasing pilot projects of wireless EV charging.
However, the plug-in hybrid EVs segment is expected to register the highest CAGR during the forecast period. Companies are investigating the feasibility of wireless EV charging systems for plug-in hybrid vehicles (PHEVs) to reduce reliance on fossil fuels. For example, in March 2023, HEVO Inc. (U.S.) announced a partnership with Stellantis N.V. (Netherlands) to initially showcase Level 2 wireless charging on a Chrysler Pacifica Plug-in Hybrid Electric Vehicle (PHEV) at Stellantis’s office complex in Auburn Hills, Michigan. This development is anticipated to drive growth in this segment throughout the forecast period.
The Passenger Vehicles Segment to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
Based on vehicle type, the wireless EV 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 of over 49.0% of this market. This segment's significant market share is due to the launch of EV car models and the initiatives by organizations to retrofit systems into EVs.
However, the electric two-wheelers segment is expected to register the highest CAGR during the forecast period. The surge in demand for public and private charging infrastructure and the increasing installation of wireless EV charging systems are expected to support this segment's growth.
The Passenger Vehicles Segment to Dominate the Static Wireless Electric Vehicle Charging Systems Market in 2024
Based on distribution channel, the static wireless EV charging systems market is segmented into OEM and aftermarket. In 2024, the OEM segment is expected to account for the larger share of over 95.0% of this market. This segment's large market share is attributed to growing new EV models and companies’ initiatives to integrate wireless EV charging technology into EV models.
However, the aftermarket segment is anticipated to register the highest CAGR during the forecast period. Key market players' initiatives to offer aftermarket options of wireless charging systems to EV owners and the rapid adoption of EVs are expected to boost the growth of this segment.
Geographical Analysis
Europe to Dominate the Wireless Electric Vehicle Charging Systems Market in 2024
In 2024, Europe is expected to account for the largest market share of over 48.0% of the wireless EV charging systems market. The growth of the wireless EV charging market in Europe is driven by the increasing number of wireless EV charging pilot projects, the rising adoption of EVs, and supportive government initiatives.
However, Middle East & Africa is poised to register the highest CAGR during the forecast period. The rapid growth of this regional market is attributed to the government's emphasis on using renewable and clean energy sources for transportation and the region’s rising investment in R&D of innovative EV charging solutions.
Wireless Electric Vehicle Charging Systems Market: Key Companies
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of the key players operating in the wireless EV 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).
Wireless Electric Vehicle Charging Systems Industry Overview: Latest Developments by Key Industry Players
- In March 2023, Witricity Corporation (U.S.) partnered with ABT SE (Germany) to upgrade the VW ID.4 (Volkswagen Group System) for wireless charging using WiTricity technology, with a target availability in early 2024. The company also plans to expand this upgrade to additional EV models in the future.
- In February 2023, ElectReon Wireless Ltd. (Israel) formed a partnership with ASPIRE, a National Science Foundation-funded Engineering Research Center at Utah State University, to develop and operate a one-mile-long dynamic wireless charging roadway in Utah.
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Wireless Electric Vehicle Charging Systems Market Research Summary
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Particulars
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Details
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Number of Pages
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295
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Format
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PDF
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Forecast Period
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2024–2031
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Base Year
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2023
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CAGR (Value)
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54.9%
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Market Size (Value)
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USD 4,333.1 Million by 2031
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Segments Covered
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By Type
- Static Wireless Electric Vehicle Charging Systems
- Dynamic Wireless Electric Vehicle Charging Systems
By Component
- Base Pads
- Vehicle Pads
- Power Control Units (PCU)
- Battery Management Systems (BMS)
By Technology
- Inductive Wireless EV Charging Systems
- Resonant Inductive Wireless EV Charging Systems
- Permanent Magnet Gear Wireless EV Charging Systems
- Capacitive Wireless EV Charging Systems
By Power Supply
- 11 Kw To 50 Kw
- Less Than 11 Kw
- More Than 50 Kw
By End Use
By Propulsion Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
By Vehicle Type
- Passenger Vehicles
- Electric Two-wheelers
- Commercial Vehicles
- Light Commercial Vehicles
- Medium Commercial Vehicles
- Heavy Commercial Vehicles
By Distribution Channel (Static System)
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Countries Covered
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Europe (Germany, Sweden, U.K., France, Norway, Italy, Netherlands, Switzerland, Spain, Portugal, Denmark, and Rest of Europe), Asia-Pacific (China, South Korea, Japan, India, Australia, Singapore, and Rest of Asia-Pacific), North America (U.S., Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and the Middle East & Africa (UAE, Israel, Saudi Arabia, South Africa, Rest of Middle East & Africa)
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Key Companies
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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 wireless electric vehicle charging systems market report:
