Wireless Electric Vehicle Charging Market Size By Vehicle Type (BEV, PHEV), Base Station (Static, Dynamic), Component (Base Charging Pad, Power Control Unit), & Region for 2024-2031.

Global Wireless Electric Vehicle Charging Market Valuation – 2024-2031

Rising demand for environmental safety is bolstering the use of electric vehicles, thereby increasing the need for charging stations. According to the analyst from Market Research, the Wireless Electric Vehicle Charging Market size was valued to be USD 21 Million in 2024, and is expected to reach USD 534 Million by 2031.

The governments across many countries and international organizations, such as the Environmental Protection Agency (EPA) are increasing the awareness to adopt electric vehicles to curb the level of pollution in the environment and decrease the carbon footprint. Thus, enabling the market witness growth at a CAGR of 45.8% during the forecast period 2024-2031.

Wireless Electric Vehicle Charging MarketDefinition/ Overview

Wireless electric charging, also known as inductive charging, is a convenient and efficient system for charging electric vehicles (EVs). It uses electromagnetic induction, consisting of two magnetic coils, to generate an alternating current that is converted into direct current by a rectifier. This direct current is used to charge the vehicle’s battery without the need for precise alignment or electric contact.

The Wireless Electric Vehicle Charging Market faces limitations such as distance and radiofrequency energy technology failures when transmitting energy over long distances. Additionally, the technology is more expensive due to the need for drive electronics and coils in both devices and chargers, increasing the complexity and cost of production. Despite these challenges, new approaches and developments in technology and network traffic are expected to reduce losses and increase speed.

Which are the Drivers Encouraging the Adoption of Wireless Electric Vehicle Charging Market?

The adoption of wireless electric vehicle (EV) charging is driven by the increasing popularity of electric vehicles, urbanization, and the need for reliable and user-friendly charging infrastructure. Wireless charging eliminates the need for physical cables and connectors, simplifying the charging process and enhancing the user experience. Urbanization and the proliferation of electric vehicles in densely populated areas also drive the demand for wireless EV charging solutions.

Advancements in wireless charging technology are expanding the feasibility and scalability of wireless EV charging systems, making them more practical and cost-effective for both residential and commercial applications. Government incentives and regulatory initiatives are playing a significant role in encouraging the adoption of wireless EV charging. Governments are implementing policies to promote the adoption of electric vehicles and expand charging infrastructure, incentivizing private investment and accelerating the adoption of wireless charging technology.

Partnerships and collaborations between automakers, technology companies, and infrastructure providers are driving innovation and accelerating the commercialization of wireless EV charging solutions. By leveraging their collective expertise and resources, industry stakeholders can overcome technical challenges, establish interoperability standards, and scale up production to meet growing market demand.

What are the Challenges in Wireless Electric Vehicle Charging Market?

Wireless EV charging systems face several challenges, including technological limitations, inefficiencies, interoperability issues, cost considerations, regulatory and permitting challenges, and public awareness. Despite advancements in wireless charging technology, they still suffer from lower efficiency compared to traditional wired charging methods, leading to longer charging times and increased energy consumption. Interoperability issues and standardization challenges also hinder the scalability and compatibility of wireless charging systems, complicating their deployment and presenting barriers to seamless integration with existing EV fleets and charging networks.

Cost considerations are another significant barrier to the widespread adoption of wireless EV charging technology. The upfront costs of installing infrastructure, including charging pads, power electronics, and communication systems, can be prohibitively high for individuals, businesses, and municipalities. Additionally, retrofitting existing vehicles with wireless charging capabilities can add to the overall expense of adopting wireless charging technology.

Regulatory and permitting challenges, such as zoning restrictions and safety regulations, can delay or impede the deployment of wireless EV charging infrastructure. Addressing these challenges and establishing streamlined permitting processes is essential for accelerating the adoption of wireless EV charging technology. Public awareness and education about the benefits and feasibility of wireless EV charging are also crucial for driving market acceptance and uptake.

Category-Wise Acumens

How will PHEV Help in Growth of the Wireless Electric Vehicle Charging Market?

According to analysis, Plug-in hybrid electric vehicles (PHEVs) are driving the growth of the wireless electric vehicle (EV) charging market by expanding the market for wireless charging solutions and addressing range anxiety concerns among EV owners. PHEVs bridge the gap between traditional internal combustion engine vehicles and fully electric vehicles, offering consumers a transitional option without fully committing to a fully electric vehicle. They feature both an internal combustion engine and an electric battery, allowing drivers to switch between electric and gasoline propulsion modes as needed. Wireless charging technology offers convenience for PHEV owners, enhancing the overall user experience and encouraging greater adoption of electric propulsion technology.

PHEVs can serve as effective ambassadors for wireless EV charging technology, driving awareness and acceptance among consumers and building momentum for broader adoption. As PHEVs gain popularity and visibility, they serve as tangible examples of the benefits of electric mobility and the feasibility of wireless charging solutions. This increased visibility can stimulate interest and demand for wireless charging infrastructure among consumers, businesses, and municipalities seeking convenient and efficient charging solutions for their PHEVs and other electric vehicles.The growing adoption of PHEVs by fleet operators and commercial vehicle fleets presents significant opportunities for the deployment of wireless charging infrastructure. Wireless charging technology can help fleet operators reduce downtime, increase vehicle utilization, and lower operating costs while supporting sustainability goals and environmental initiatives.

Which Factors are Influencing the Growth of Wireless Electric Vehicle Charging Market in Power Control Unit?

The wireless electric vehicle (EV) charging market in the Power Control Unit (PCU) segment is growing due to advancements in power control unit technology, which improves the efficiency and reliability of wireless charging systems. The power control unit manages the flow of electricity between the grid, charging infrastructure, and the vehicle’s battery, ensuring safe and reliable power transfer. Innovations in power electronics, such as higher power densities, improved thermal management, and enhanced communication capabilities, enable the development of more compact, efficient, and intelligent PCUs that support wireless charging systems.

The integration of power control units into wireless charging systems enhances their interoperability and compatibility with different vehicle makes and models, driving market adoption. Standardized communication protocols and interoperability standards ensure efficient power transfer and maximize charging performance, fostering greater confidence among consumers and encouraging wider adoption of wireless EV charging technology.

The increasing adoption of electric vehicles and the expansion of charging infrastructure are driving the demand for power control units in wireless charging systems. Government initiatives and incentives aimed at promoting electric vehicle adoption and expanding charging infrastructure are spurring investment in wireless EV charging technology, including power control units.

 Gain Access into Report Wireless Electric Vehicle Charging Market Methodology

Country/Region-wise Acumens

Which Region has Most Potential for Growth of Wireless Electric Vehicle Charging Market?

The wireless electric vehicle (EV) charging market’s growth is largely driven by factors such as infrastructure development, government policies, consumer adoption rates, and technological advancements. Europe is a region with significant potential due to its commitment to electric mobility, investing in charging infrastructure, and ambitious targets for reducing carbon emissions and promoting sustainable transportation. The densely populated cities in Europe also demand efficient and space-saving charging solutions, which wireless EV charging addresses by eliminating the need for physical cables.

European automotive manufacturers and technology companies are investing in the development of wireless charging solutions, with collaborations between automakers, infrastructure providers, and technology firms driving innovation and accelerating the commercialization of wireless EV charging technology. Europe’s commitment to renewable energy and grid modernization aligns with the requirements of wireless EV charging systems, with countries like Germany and the Netherlands leading the adoption of wireless EV charging technology.

The supportive regulatory environment and incentives for electric vehicle adoption in this region contribute to market growth, with subsidies, tax incentives, and grants for EV purchasers and charging infrastructure developers incentivizing investment in wireless charging technology. These government policies create a favorable ecosystem for market players, encouraging innovation and competition in the wireless EV charging market.

Which Regions is Projected to Exhibit Rapid Growth in Wireless Electric Vehicle Charging Market?

The Asia Pacific region is experiencing rapid growth in the wireless electric vehicle (EV) charging market, driven by technological innovation, government incentives, and a growing consumer base. Leading economies like China, Japan, and South Korea are investing heavily in EV infrastructure and technology, thereby helping the market witness growth in the region. Also, the government initiatives supporting technological advancements and urbanization are helping improve infrastructure and urban mobility, propelling the market.

In addition to this, the growing environmental concerns is propelling the development of smart cities as well as expanding electric vehicle market. Thus, government is focusing on provide subsidies, grants, and favorable policies to promote EV adoption, while technology companies like WiTricity and Chinese startups are developing innovative wireless charging solutions. These financial gains are creating lucrative growth opportunities for the wireless electric vehicle charging market.

Moreover, environmental concerns also prompt governments and consumers to adopt cleaner transportation solutions, making wireless EV charging an attractive option. The growing middle class and increasing awareness of EV benefits further boost EV adoption in the Asia Pacific region.

Competitive Landscape

The competitive landscape in the wireless electric vehicle charging market ’s dynamic and evolving, driven by changing customer preferences, technological advancements, and market dynamics. Providers continue to innovate and differentiate their offerings to stay competitive and capture market share in this rapidly growing industry.

Some of the prominent players operating in the wireless electric vehicle charging market  include

• Plugless Power
• WiTricity
• Nission
• Qualcomm, Inc.
• ZTE Corporation
• ELIX Wireless HEVO power
• Continental AG
• Toshiba Corporation
• BMW

Latest Developments

• In August 2022, with the introduction of the new Mild Hybrid Kits, Continental is broadening the scope of its hybrid drive offering and now effectively addresses all pertinent vehicle applications on the European market.
• In January 2022, Alibaba Group Holding, a Chinese e-commerce company, introduced an electric vehicle with wireless charging under the joint venture name IM (intelligence in motion), which it created with SAIC Motor Corporation Ltd.

Report Scope

Global Wireless Electric Vehicle Charging Market, by Category

The Global Wireless Electric Vehicle Charging Market is segmented on the basis of Vehicle Type, Base Station, Component, and Geography.

Vehicle Type

• BEV
• PHEV
• Commercial EV

Base Station

• Static
• Dynamic

Component

• Base Charging Pad
• Power Control Unit
• Vehicle Charging Pad

Region

• North America
• Europe
• Asia Pacific
• Rest of the world

Research Methodology of Market Research

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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