Market Overview:

The market for Wireless Electric Vehicle Charging Systems was valued at approximately USD 224.93 Million in 2023. With a CAGR (compound annual growth rate) of 42.4%, the market is anticipated to increase at a rate of USD 667.69 million by 2031, the end of the forecast period (2024–2031).

Wireless EV charging systems employ inductive power transfer technology to transmit electricity from a pad buried in the ground to a pad attached to an EV's underbelly, thereby charging the battery of the vehicle. These pads can be placed along a road to charge multiple cars while they are traveling, or they can be placed in private garage parking spaces and commercial infrastructure to charge one car at a time. In comparison to plug-in EV charging systems, wireless EV charging systems offer a number of benefits, such as convenience, ease of use, and convenience. With these charging options, you can steer clear of the plug-in problems that sometimes arise with wired EV charging systems. Moreover, these methods can help reduce range anxiety issues and automobile battery sizes.

The systems for wirelessly charging electric vehicles are a promising technology with great commercialization potential. Leading automakers from across the world have tested the strategy. However, a significant barrier to the advancement of industry is the extremely high cost of these systems. Electric vehicles with wireless charging have an extremely high total cost of ownership, costing between USD 3,000 and USD 4,000 more. Customers' interest in wireless EV charging options has therefore been little to nonexistent. In order to develop and extend their product offerings, companies in this industry scurried to seek financing, but investors turned them down because the wireless EV charging systems' value proposition did not appeal to consumers.

Market Dynamics:

 Market Drivers:

Growth in Electric Vehicle (EV) Sales

• The demand for electric cars (EVs) has skyrocketed globally due to its many benefits, which include reduced exhaust emissions and fuel usage (gas, diesel, and gasoline). That means that over the forecast period, there will likely be a rise in demand for wireless charging solutions for electric or plug-in hybrid cars.
• Prominent firms operating in the wireless electric car sector are also executing several strategic endeavors to optimize economic prospects. These include joint ventures and product development, such as the strategic alliance between Qualcomm & Nichicon Corporation. In keeping with the agreement, Nichicon Corporation will focus on commercializing Qualcomm Halo wirelessly electric vehicle charging (WEVC) technology for hybrid and electric vehicles, as well as incorporating the technology into its product line. In addition, an electric car and an inductive device that charges wirelessly are used in the demonstration at Satory Versailles in France. Electric vehicles may have their batteries recharged while they are in motion thanks to a high-power charging system included into Ground Pad. These most recent modifications are expected to stimulate the market for wireless charging of electric vehicles in the near future.

A Growing Demand in Energy-Efficient Sources to Replace Fuel

• The primary means of ignition for cars is refined crude oil, which is processed to make gasoline and diesel. Over the past three decades, there has been an alarming growth in oil expenses, making travel more expensive for middle-class and lower-class consumers. People are choosing more energy-efficient options as a result of rising oil prices, which lowers the cost per mile overall. This is expected to accelerate the growth of the electric vehicle charging systems market by increasing the demand for electric vehicles relative to fuel-powered vehicles.
• To solve charging difficulties including demand charging and the need for larger batteries, the Dutch government announced intentions to construct 20,000 regular chargers and 100 rapid chargers by 2018. It is therefore expected that as demand for electric vehicles increases in these regions, the market for electric car charging infrastructure would grow.

Market Trends:

Increasing Adoption of Electric Vehicles (EVs)​

• The global usage of electric vehicles is rising, which is driving the market for wireless EV charging solutions. Governments, corporations, and consumers are embracing electric vehicles as a competitive alternative to conventional internal combustion engine vehicles as concerns about environmental sustainability and the shift towards greener transportation alternatives grow. A number of variables, including government incentives, tighter emissions restrictions, falling battery costs, and improved EV infrastructure, are driving this increase in the use of electric vehicles. With the growing market for EVs and the increasing demand for efficient and fast charging solutions, wirelessly EV charging systems are growing more and more common. By eliminating the need for physical plugs or wires and providing hassle-free charging, these systems improve customer satisfaction and help increase the number of people who own electric cars.

Advancements in Wireless Charging Technology

• The continuous advancements in wireless charging technologies are driving the demand for wireless systems for charging electric vehicles. Electric car high-power and efficiency wireless charging is made possible by advancements in resonant and electromagnetic induction technologies. The improvements result in faster charging rates, more efficiency, and enhanced alignment tolerance for wireless EV charging systems, all while enhancing their performance and dependability. Research and development initiatives also focus on standardizing portable charging protocols, optimizing charging infrastructure, and increasing charging efficiency to ensure compatibility & interoperability among different automobile makes and models. The developing and cost-effectiveness of mobile charging technology, which drives market expansion and facilitates the transition to electric vehicles, makes the broad deployment of EV charging infrastructure conceivable.

Market Restraining Factors:​

High Technology Integration & Slower Charging

• The slower charging rate and more expensive technological integration when compared to traditional cable chargers are the primary obstacles impeding the growth of the wireless electric car charging market. There is a range restriction on wireless charging equipment as well. RF energy technology is ineffective when energy delivery over long distances is required. Depending on the battery size, different electric cars require different amounts of time to fully charge. Devices require more time to charge, even while using the same power source. Furthermore, the process is more costly because inductive charging requires drive electronics and coils in the charger as well as the device, which raises the cost and complexity of manufacture. It is hoped, therefore, that improved techniques and technology advancements would reduce transmission losses and increase speed.

Key Industry Developments:

• In October 2022, A wireless electric taxi charger created in Australia is being tested in the UK by Lumen Freedom as of last week. The gadget employs power that is transmitted through the air to an automobile (OTA).
• In august 2022, With the release of the new Mild Hybrid Kits, Continental is broadening the scope of its hybrid drive offerings, which presently encompass almost all pertinent vehicle applications on the European market.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Wireless Electric Vehicle Charging Systems Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Wireless Electric Vehicle Charging Systems Market Players Analysis:

• 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.

Wireless Electric Vehicle Charging Systems Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Wireless Electric Vehicle Charging Systems Market Segmentation Analysis:

By Type

• Static Wireless EV Charging Systems
• Dynamic Wireless EV Charging Systems

By Component

• Base Pads
• Power Control Units
• Vehicle Pads
• Battery Management Systems

By Technology

• Capacitive Wireless EV Charging Systems
• Inductive Wireless EV Charging Systems
• Permanent Magnet Gear Wireless EV Charging Systems
• Resonant Inductive Wireless EV Charging Systems

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
• Passenger Vehicles
• Mopeds & Scooters

The report also helps in understanding Global Wireless Electric Vehicle Charging Systems Market dynamics, structure by analyzing the market segments, and project the Global Wireless Electric Vehicle Charging Systems Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Wireless Electric Vehicle Charging Systems Market make the report investor’s guide.

Segmentation Analysis:

The market is divided into segments based on By Type, By Component, By Technology, By Propulsion Type, By Application, By End-user.

By Type

Based on the Type of the market is Categorised into Static Wireless EV Charging Systems, Dynamic Wireless EV Charging Systems.

The market for static wireless EV charging systems is anticipated to grow at the fastest CAGR over the course of the projected period. A number of factors are driving the growth of the segment, including the numerous pilot projects that top automakers are conducting to integrate static wireless EV chargers into their electric vehicles and the growing fleet charging applications of shared mobility as well as taxi fleet operators across the globe.

However, the car wirelessly receives power from the road while it is moving, thanks to adjacent solar and wind resources. The market for dynamic wireless EV charging systems is expected to develop over the estimated timeframe. Numerous uses for the technology could aid in the transition to emission-free mobility. To recharge their batteries, trucks and buses, for instance, may use their long-distance work cycles rather than going to a specific charging station. Automobiles that are charged while traveling, as opposed to being plugged in at times of peak power usage, like the early evening when people go home from work, also help the electrical system.

By Application

Based on the Application of the market is Segmented into Commercial Wireless EV Charging Systems, Residential Wireless EV Charging Systems.

The industry with the fastest predicted growth rate during the projection period is likely to be commercial wireless EV charging systems. It is possible to attribute the segment's high growth to the following factors: the growing need for public charging infrastructure; the high proliferation of business wireless EV charging systems as middle-class and lower-middle-class Europeans buy more electric cars without the option of charging them at home; and the high demand for commercial wireless EV charging systems in China due to the country's abundance of large commercial garage parking spaces.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The increased use of electric vehicles throughout the region, numerous pilot programs implementing wireless EV charging technology throughout Europe, and open initiatives examining the viability of wireless charging technology for electric vehicles have all contributed to the proliferation of wireless EV charging systems throughout Europe. A sustainable road transportation infrastructure that can charge electric vehicles while they are moving, so removing range anxiety, is being built by electric mobility stakeholders across Europe through the launch of new initiatives.

Asia Pacific is expected to be among the most profitable regions in terms of income. This increase is due to government actions to assist the development of charging infrastructure and the adoption of cutting-edge technologies by electric car manufacturers. In addition, increased car manufacturing, an increase in the usage of EVs, and advancements in driving technology are all predicted to increase demand for the product in North America.

Wireless Electric Vehicle Charging Systems Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Wireless Electric Vehicle Charging Systems market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Wireless Electric Vehicle Charging Systems market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Wireless Electric Vehicle Charging Systems market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Wireless Electric Vehicle Charging Systems Market:

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million