The Wireless Electric Vehicle Charging Systems Market is projected to reach $2.5 billion by 2030, at a CAGR of 50.1% during the forecast period of 2023–2030. The growth of the wireless electric vehicle charging systems market is driven by the rising demand for electric vehicle fast-charging infrastructure for fleet operations globally, the increasing implementation of wireless charging infrastructure in European countries, and the increasing prevalence of range anxiety. However, the high cost of implementing wireless charging infrastructure restrains the growth of this market.The standardization of wireless electric vehicle 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. However, insufficient funding is a challenge to the growth of the overall market.
The Increasing Implementation of Wireless Charging Infrastructure in European Countries is Expected to Drive Wireless Electric Vehicle Charging Systems Market Growth
Europe is the global leader in terms of electric vehicle adoption. By 2030, half of the passenger vehicles sold in Europe are expected to be electric. The European Union’s stringent CO2 emission regulations for the automotive industry are the major factor encouraging the adoption of electric vehicles in Europe. For instance, Germany aims to become greenhouse gas neutral by 2045. Such ambitious GHG emissions goals by Europe have created a demand for charging infrastructure, resulting in increased investment in charging infrastructure. For instance, in October 2022, the German government approved a plan to spend USD 6.74 billion to rapidly scale up the number of charging stations nationwide as a part of its push to net zero emissions. The German government’s adaptive approach toward infrastructure development also includes implementing wireless electric vehicle charging systems for commercial transportation. In February 2021, a consortium led by Volkswagen AG (Germany) received USD 2.2 million (EUR 1.9 million) in funding from the German government to deploy a pilot project, eCharge, which will enable electric vehicles to charge while driving. Volkswagen AG (Germany) and ELECTREON WIRELESS LTD. (Israel) plan to jointly develop economical and functional solutions for wireless road charging.
Additionally, in March 2022, Volvo Car Corporation (Sweden) integrated and tested a new wireless charging technology in a live city environment to evaluate its potential for future electric cars. 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, and charged wirelessly at stations in Gothenburg, Sweden. The growing pilot projects in Europe will showcase the viability of wireless electric vehicle charging, further creating substantial demand for wireless electric vehicle charging systems across other regions.
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Key Findings in the Wireless Electric Vehicle Charging Systems Market Study:
In 2023, the Static Segment is Expected to Dominate the Wireless Electric Vehicle Charging Systems Market
Based on type, the global wireless electric vehicle charging systems market is segmented into static and dynamic. In 2023, the static segment is expected to account for the largest share of the global wireless electric vehicle charging systems market.
Static wireless electric vehicle charging systems are designed to charge electric vehicles when they are stationary and parked in garages or public parking spaces. These systems benefit private electric vehicles, which may remain stationary for hours. The large market share of this segment is attributed to the favorable initiatives to deploy static charging systems by market players and the convenience offered by wireless electric vehicle charging.
The Vehicle Pads Segment is Projected to Record the Fastest Growth Rate During the Forecast Period
Based on components, the global wireless electric vehicle charging systems market is segmented into base pads, vehicle pads, power control units, and battery management systems. In 2023, the base pads segment is expected to account for the largest share of the global wireless electric vehicle charging systems market. However, the vehicle pads segment is projected to record the highest CAGR during the forecast period. Increasing initiatives by automotive companies to incorporate wireless electric vehicle charging capabilities in electric vehicles, increasing pilot projects of wireless electric vehicle charging systems, and standardization of vehicles pad for interoperability are expected to support the segment growth.
Europe: Largest Regional Market
The wireless electric vehicle charging systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global wireless electric vehicle charging systems market. The large share of this market is attributed to the increasing number of wireless electric vehicle charging pilot projects throughout Europe, the increasing adoption of electric vehicles in Europe, and supportive government initiatives are driving the growth of the wireless electric vehicle charging systems market in Europe.
In addition, electric mobility stakeholders across Europe are launching new initiatives to develop a sustainable road transport infrastructure that can charge electric vehicles while driving to minimize the range anxiety associated with electric vehicles. For instance, in October 2022, Nottingham City Council launched a new initiative to enable the wireless charging of electric taxis. This initiative will be delivered through Wireless Charging of Electric Taxis (WiCET), a USD 3.5 million (EUR 3.4 million) project funded by the council for zero-emission vehicles through Innovate UK to assess the viability of deploying wireless charging for electric hackney cabs.
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), 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).
Scope of the report:
Wireless Electric Vehicle Charging Systems, by Type
Wireless Electric Vehicle Charging Systems, by Component
- Base Pads
- Vehicle Pads
- Power Control Units
- Battery Management Systems
Wireless Electric Vehicle Charging Systems, by Technology
- Resonant inductive Wireless Electric Vehicle Charging Systems
- Permanent Magnet Gear Wireless Electric Vehicle Charging Systems
- Capacitive Wireless Electric Vehicle Charging Systems
- Inductive Wireless Electric Vehicle Charging Systems
Wireless Electric Vehicle Charging Systems, by Power Supply
- Less Than 11 kW
- More Than 50 kW
- 11 kW to 50 kW
Wireless Electric Vehicle Charging Systems, by End Use
- Commercial Wireless Electric Vehicle (EV) Charging Systems
- Residential Wireless Electric Vehicle (EV) Charging Systems
Wireless Electric Vehicle Charging Systems, by Vehicle Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
Wireless Electric Vehicle Charging Systems, by Application
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Passenger Vehicles
- Electric Two-wheelers
Static Wireless Electric Vehicle Charging Systems, by Distribution Channel
Wireless Electric Vehicle Charging Systems, by Geography
- North America
- Europe
- Germany
- Sweden
- UK
- France
- Norway
- Italy
- Spain
- Switzerland
- Netherlands
- Denmark
- Portugal
- Rest of Europe
- Asia-Pacific
- China
- South Korea
- Japan
- India
- Australia
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Key questions answered in the report: