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
Report ID: 39424|No. of Pages: 202
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
Wireless Electric Vehicle Charging Valuation – 2024-2031
The widespread adoption of wireless electric vehicle (EV) charging technologies has significantly fueled the growth of the market. Wireless charging is increasingly recognized for its convenience, eliminating the need for physical cables, and enhancing the user experience, especially for urban drivers. This trend has driven market growth, with the wireless EV charging market surpassing USD 23.66 Million in 2024, and projected to reach a valuation of USD 327.5 Million by 2031.
Wireless charging technologies are also valued for their ability to charge vehicles seamlessly without the need for traditional plug-in methods, making them ideal for both private and public charging infrastructure. This reliability and ease of use have contributed to their increasing adoption in the automotive sector. The wireless EV charging market is expected to grow at a compound annual growth rate (CAGR) of 45.40% from 2024 to 2031.
Wireless Electric Vehicle Charging Market: Definition/ Overview
Wireless Electric Vehicle (EV) Charging is the technology segment that enables electric vehicles to charge without needing physical connectors or cables. This technology typically uses electromagnetic fields through inductive or resonant coupling to transfer energy between a charging pad on the ground and a receiver installed in the vehicle.
Wireless EV charging is used to enhance convenience and efficiency in charging electric vehicles. It eliminates the need for plugging in cables, which can wear out over time and become cumbersome for users. This technology also promises to improve user experience by automating the charging process, allowing EVs to charge simply by parking over a charging pad, potentially making charging stations more accessible in public and private spaces.
The future of wireless EV charging looks promising as automakers and governments push for broader adoption of electric vehicles. Advances in technology are expected to improve charging speed, efficiency, and range. There is also potential for dynamic charging, where vehicles can charge while in motion, further boosting EV adoption and reducing range anxiety.
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How Is the Increasing Adoption of Electric Vehicles (EVs) Driving the Growth of the Wireless Electric Vehicle Charging Market?
According to the International Energy Agency (IEA), global electric car sales doubled in 2021 to reach 6.6 million units, representing nearly 9% of the global car market. This growing EV fleet creates a direct demand for more convenient charging solutions. The increasing adoption of electric vehicles (EVs) is a significant driver for the growth of the wireless electric vehicle charging market. As consumers become more environmentally conscious and governments implement stricter emissions regulations, the demand for EVs continues to rise. This growing EV market necessitates efficient and user-friendly charging solutions to alleviate concerns about range anxiety and charging infrastructure. Wireless charging technology offers a convenient alternative to traditional charging methods, allowing EV owners to charge their vehicles without plugging in cables.
The integration of wireless charging systems in public and commercial spaces supports the expansion of EV usage. As automakers invest in developing EV models and collaborate with charging solution providers, the availability and adoption of wireless charging technology are expected to increase.
This synergy between the rise of EVs and wireless charging solutions fosters a more sustainable transportation ecosystem, driving investments and innovations within the market. The growing popularity of EVs will lead to increased demand for wireless charging infrastructure, propelling the market’s growth in the coming years.
What Impact Does the High Infrastructure Cost Have on the Adoption of Wireless Electric Vehicle Charging?
The high infrastructure cost is a significant barrier to the widespread adoption of wireless electric vehicle (EV) charging. Establishing a comprehensive wireless charging network involves substantial investments in both the charging stations and the necessary technology integrated into EVs. For municipalities and private companies, these costs can be daunting, especially when compared to traditional plug-in charging stations, which have a lower entry cost and can be deployed more rapidly. This high upfront investment may lead to slower infrastructure development, resulting in limited charging options for consumers.
Potential EV buyers may hesitate to purchase electric vehicles if they perceive that charging infrastructure is inadequate or overly expensive to implement. This hesitation can stifle market growth and innovation in the EV sector. Without a robust charging network, existing EV owners may find it challenging to find convenient charging locations, further discouraging the transition from conventional vehicles to electric ones. Addressing the infrastructure cost is crucial for promoting wider acceptance and adoption of wireless EV charging technology, ensuring that it becomes a viable option for consumers and contributing to the overall growth of the electric vehicle market.
Category-Wise Acumens
What Specific Benefits Do Battery Electric Vehicles (BEVs) Offer in Terms of Sustainability Compared to Other Electric Vehicle Segments?
Battery Electric Vehicles (BEVs) segment significantly dominates in the wireless electric vehicle charging market, propelled by the growing emphasis on sustainability and zero-emission transportation. As cities worldwide adopt stricter environmental regulations, BEVs offer a compelling solution by eliminating tailpipe emissions, making them an attractive choice for environmentally conscious consumers. The convenience of wireless charging technology further enhances the appeal of BEVs, allowing for seamless charging without the hassle of plugging in.
Advancements in battery technology have improved the driving range and efficiency of BEVs, addressing previous consumer concerns about performance and range anxiety. The expanding charging infrastructure, including wireless charging stations, significantly supports the adoption of BEVs by ensuring accessibility for drivers.
The government incentives and subsidies for electric vehicle purchases bolster the growth of BEVs, making them more affordable for consumers. With major automotive manufacturers increasingly investing in electric vehicle technology and committing to electrification, the market for BEVs is expected to expand significantly. The combination of environmental benefits, technological advancements, and supportive policies positions BEVs as a leading segment in the wireless electric vehicle charging market’s future landscape.
How Does the Base Charging Pad Contribute to the Efficiency of Wireless Electric Vehicle Charging Systems?
The base charging pad segment dominates the wireless electric vehicle charging market, driven by the growing need for convenient and efficient charging solutions. As electric vehicles (EVs) gain popularity, consumers seek seamless charging experiences that eliminate the need for traditional plug-in methods. Base Charging Pads offer a user-friendly solution by allowing drivers to simply park their vehicles over the charging pad to initiate charging, thus enhancing convenience.
Advancements in technology have improved the efficiency and speed of Base Charging Pads, making them more attractive to both consumers and manufacturers. These pads are designed to accommodate various vehicle sizes and weights, ensuring compatibility across different electric vehicle models. The integration of smart features, such as real-time monitoring and notifications, enhances the overall user experience and encourages widespread adoption.
As the market for electric vehicles continues to expand, the demand for effective charging infrastructure, including Base Charging Pads, is expected to grow significantly. With ongoing innovations and an increasing focus on sustainability, Base Charging Pads are well-positioned to become a vital component in the future of the wireless electric vehicle charging market.
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Country/Region-wise Acumens
What Factors are Driving the Growth of the Wireless Electric Vehicle Charging Market in North America?
North America significantly dominates the wireless electric vehicle (EV) charging market and it is expected to maintain throughout the forecast period driven by increasing consumer demand for electric vehicles and advancements in charging technology. The U.S. Department of Energy has allocated $5 billion over five years (2022-2026) for the National Electric Vehicle Infrastructure (NEVI) Formula Program to create a nationwide network of EV chargers. This type of investment encourages innovation in charging technologies, including wireless solutions. As more consumers recognize the benefits of EVs, such as reduced greenhouse gas emissions and lower fuel costs, the demand for convenient charging solutions has surged. Wireless charging systems offer a seamless user experience, eliminating the need for physical plugs and cables, which enhances the appeal of EVs.
Significant investments from both the public and private sectors in EV infrastructure are fostering market growth. Government incentives and initiatives aimed at promoting electric mobility are further encouraging consumers to transition to EVs. The rise in environmental awareness among consumers also plays a crucial role, as many individuals prefer sustainable transportation options.
Technological advancements, including improved efficiency and reduced costs of wireless charging systems, are making these solutions more accessible. As major automakers invest in developing compatible EV models, the adoption of wireless charging technology is expected to accelerate, positioning North America as a leader in the wireless EV charging market.
How is the Asia-Pacific Region Contributing to the Growth of the Wireless Electric Vehicle Charging Market?
The Asia-Pacific region is anticipated to experience the fastest growth in the wireless electric vehicle (EV) charging market. Countries like China, Japan, and South Korea are investing heavily in EV infrastructure and technology, aiming to become global leaders in the electric vehicle sector. Government initiatives promoting clean energy and sustainability are also boosting the adoption of electric vehicles, leading to increased demand for efficient charging solutions.
The rise in urbanization and the need for convenient charging solutions are propelling the popularity of wireless charging systems. In dense urban environments, wireless charging offers a practical solution to eliminate the hassles of plug-in charging, enhancing user convenience.
Technological advancements in wireless charging, including improved charging efficiency and safety features, are further attracting investments from both established automotive players and startups in the region. The collaborations between automotive manufacturers and tech companies are paving the way for innovative charging solutions tailored to the needs of the Asia-Pacific market. The region is expected to witness substantial growth in the wireless EV charging market in the coming years.
Competitive Landscape
The competitive landscape of the Wireless Electric Vehicle Charging Market is dynamic and constantly evolving. New players are entering the market, and existing players are investing in research and development to maintain their competitive edge. The market is characterized by intense competition, rapid technological advancements, and a growing demand for innovative and efficient solutions.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. 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
Wireless Electric Vehicle Charging Latest Developments
- In August 2022, Continental broadened the scope of its hybrid drive offering by introducing new Mild Hybrid Kits, effectively addressing all pertinent vehicle applications in 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 had created with SAIC Motor Corporation Ltd.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~45.40% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Million |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Plugless Power, WiTricity, Nission, Qualcomm, Inc., ZTE Corporation, ELIX Wireless, HEVO power, Continental AG, Toshiba Corporation, BMW |
| Customization | Report customization along with purchase available upon request |
Wireless Electric Vehicle Charging Market, By Category
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
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• 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
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET, BY VEHICLE TYPE
5.1 Overview
5.2 BEV
5.3 PHEV
5.4 Commercial EV
6 GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET, BY BASE STATION
6.1 Overview
6.2 Static
6.3 Dynamic
7 GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET, BY COMPONENT
7.1 Overview
7.2 Base Charging Pad
7.3 Power Control Unit
7.4 Vehicle Charging Pad
8 GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East & Africa
9 GLOBAL WIRELESS ELECTRIC VEHICLE CHARGING MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Qualcomm Inc.
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Robert Bosch GmbH
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Continental AG
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 WiTricity Corporation
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Bombardier
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Toyota Motor Corporation
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Toshiba Corporation
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Texas Instruments Inc.
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Fulton Innovation
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Integrated Device Technology Inc.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 Appendix
11.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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