Wireless Electric Vehicle Charging Market Size, Share | 2031

Report Description

The global wireless electric vehicle charging market size is anticipated to expand at a CAGR of 36.4% and is projected to reach USD 114.8 million during the forecast period, between 2021 and 2028. The growing awareness for sustainable mobility solutions and increasing government initiatives and support towards the adoption of wireless electric vehicle charging is driving the market.

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Electric vehicle chargers are equipment that supplies power to electric vehicles. Its main function is to supply direct current or recharge the battery of an electric vehicle to keep the vehicle in motion. An electric vehicle charger required a converter to provide direct current (DC) power to the battery. Wireless electric vehicle charging is any method of charging the batteries of electric vehicles without using cables or device-specific AC adapters. When an electric vehicle is required to charge, a conductive charging pad is plugged into a socket.

Several benefits are offered by wireless electric vehicle charging such as the convenience to use the charger and the user not require carrying bulky charging cables in the car. For instance, Governor Gretchen Whitmer announced the pilot initiative to develop the wireless charging infrastructure on a public road in the US. This charging system allows electric vehicles to charge while in motion and stationary.

Market Trends, Drivers, Restraints, and Opportunities:

• Growing concerns related to the environment increase the demand for emission-free and safe electric vehicles among consumers. Thus, driving the market.
• Increasing demand for electric vehicles among consumer increases the requirement for electric charging stations. Hence, boosting the market. 
• Rise in the development of fast-charging infrastructure for electric vehicles is fueling the market.
• The slower charging rate and high cost of deployment & up-gradation of wireless charging technology are hampering the market.
• The dynamic charging incurred huge investment and reduction in the vehicles efficiencies are restricting the market.     
• Ongoing changes in the technologies and increasing investment and focus on research activities to develop sustainable solutions are creating opportunities in the market. 
• Increasing initiatives and support from the government towards the adoption of wireless charging. Hence, creating opportunities in the market.  

Scope of Wireless Electric Vehicle Charging Report:

The market report includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Wireless Electric Vehicle Charging Market Segment Insights:

Passenger cars segment to grow during the anticipated period

In terms of vehicles types, the global wireless electric vehicle charging market is segmented into commercial vehicles and passenger cars. The passenger cars segment is expected to hold a significant market share during the forecast period, due to the growing sales of passenger vehicles worldwide. The growth of the passenger cars segment is attributed to the growing adoption of electric passenger vehicles for commercial and private use, which is anticipated to propel the segment during the forecast period.

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Stationary segment to grow in the forecasted period

On the basis of charging types, the global wireless electric vehicle charging market is segregated into dynamic and stationary. The stationary segment is expected to hold a significant share of the market during the forecast period attributed to reliable, safe, and convenient charging. The stationary charging technology offers interpretable charging benefits to the drivers. It allows the drivers to charge their vehicles with any wireless charging system in the parking spot and public places. Moreover, the growth in the stationary wireless charging system expanded the charging network for electric vehicles. 

Vehicle charging pad segment to grow at a significant pace in the near future

Based on components, the wireless electric vehicle charging market is fragmented into base charging pad, power control unit, and vehicle charging pad. The vehicle charging pad segment is expected to hold a significant share of the market during the forecast period, attributed to the increasing initiatives and focus by the manufacturers towards various pilot projects worldwide. These pilot projects include retrofitting of existing electric taxi and bus fleet with vehicle pads. Moreover, the vehicle charging pad is used to check the feasibility of a wireless charging system in commercial spaces.

Battery electric vehicle (BEV) segment estimated to grow in the near future

In terms of propulsions, the wireless electric vehicle charging market is categorized as battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV). The battery-electric vehicle (BEV) segment is expected to hold a significant share of the market during the forecast period, due to the rising environmental concerns and stringent rules and regulations imposed by the government to reduce carbon emission. The growing sales of battery electric vehicles (BEVs) are boosting the market. Moreover, increasing focus by the manufacturers towards the adoption of battery electric vehicles (BEVs) in BMW, Tesla, and Nissan Leaf. However, rising demand for lithium-ion batteries is expected to support the growth of the segment during the forecast period.

11-50kw segment is likely hold a substantial market share in the coming years

On the basis of supply ranges, the wireless electric vehicle charging market is divided into 3-11kw, 11-50kw, and less than 50kw. The 11-50kw segment constituted a significant market share and is projected to expand at a rapid rate during the forecast period. The growth of the 11-50kw segment is attributed to the growing requirement of power increasing the adoption of electric vehicles. Moreover, the rising demand for high-capacity batteries among consumers is anticipated to promote the segment to grow in the coming years. 

Resonant inductive power transfer (RIPT) segment estimated to grow in the near future

Based on charging systems, the wireless electric vehicle charging market is segregated into magnetic gear wireless power transfer (MGWPT), capacitive wireless power transfer (CWPT), inductive power transfer, and resonant inductive power transfer (RIPT). The resonant inductive power transfer (RIPT) segment held a considerable share of the market in 2020, owing to the low heat buildup in the system allowing significant power transfer to the vehicle. Moreover, the growing resonant inductive power transfer (RIPT) system is associated with the fast charging capability provided by the resonant inductive power transfer (RIPT) charging system. Additionally, the resonant inductive power transfer (RIPT) system made the closing the vehicle’s primary and secondary coils that offer high effectiveness and increase charging capabilities in vehicles. 

OE market segment to grow at a significant pace in the near future

In terms of distribution channels, the wireless electric vehicle charging market is fragmented into aftermarket and OE markets. The original equipment market segment is expected to hold a significant share of the market during the forecast period. The government and leading OE marketers are partnering for releasing electric vehicle incentive schemes to attract more customers. Moreover, the rising demand for luxury cars influences the OE marketers to integrate wireless electric vehicle charging capabilities into luxury cars is anticipated to promote the segment to grow in the coming years. 

Public/commercial charging station segment to grow in the forecasted period

On the basis of applications, the global wireless electric vehicle charging market is classified as public/commercial charging stations and home charging units. The public/commercial charging station segment is expected to hold a significant share of the market during the forecast period attributed to the high demand for commercial wireless vehicle charging systems. Moreover, the growing need to develop charging infrastructure at public places and the presence of large commercial garage parking spaces is boosting the market. However, rising demand for public/commercial wireless electric vehicle charging stations in Europe and China. 

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Europe dominates the global market

In terms of regions, the global wireless electric vehicle charging market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe constituted a significant share of the market in 2020, due to the presence of key players such as Continental AG, Robert Bosch GmbH, and HELLA KGaA Hueck & Co. Moreover, increasing the sale of electric vehicles and developing a large number of charging stations are driving the market. However, the availability of well-developed infrastructure for wireless charging is propelling the market in Europe.

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