Wireless EV Chargers Market Size, Share, Growth, And Industry Analysis By Type (Base Charging Pad, Power Control Unit, Vehicle Charging Pad) By Application (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Wireless EV Chargers Market Report Overview

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The global wireless EV chargers market size was USD 31 million in 2022 and is expected to reach USD 504.71 million in 2031, exhibiting a CAGR of 36.1% during the forecast period.

One of the most recent technologies being researched for EVs is wireless EV charging, which will eventually replace the traditional method of connecting the car to a power source. Electric cars (EVs) may eventually be able to function similarly to conventional internal combustion engine (ICE) vehicles thanks to wireless or inductive charging. These in-roadway chargers provide continuous EV charging, removing the need for high battery sizes and the range anxiety problem. The market is anticipated to be driven by increasing plug-in electric vehicle (PEV) demand, wireless technology R&D, and the implementation of fast-charging infrastructure during the projected period.

COVID-19 Impact: Market Growth Declined In Light Of Tight Restrictions

The global COVID-19 pandemic has been unprecedented and staggering, with Wireless EV Chargers Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The number of electric vehicles operating on the road (OTR) worldwide surpassed 2 million in 2019. However, the COVID-19 crisis resulted in global industrial closures, constraints on operations and manpower, and disruptions in supply chains. Vehicle sales were drastically down, particularly in the market for electric vehicles, as a result of the economic slump. Significant changes have been made to the demand for electric vehicle charging infrastructure. These factors have limited the market potential amid COVID-19.

Latest Trends

"Technological Advancements Will Fuel The Market Growth"

In terms of vehicle propulsion, the battery electric vehicle (BEV) and plug-in hybrid electric vehicle segments make up the wireless EV charging market (PHEV). In terms of the two, the BEV category is anticipated to experience faster market growth during the projection period. The sale of BEVs is anticipated to rise in the next years as a result of the establishment of strict emission standards by governments in numerous countries, along with official assistance for EV acceptance in the form of grants and subsidies. This would make it possible for EV original equipment manufacturers (OEMs) to produce cars that support wireless charging. Compared to PHEVs, BEVs are more technologically advanced, but they also completely rely on the infrastructure for charging. PHEVs can run on electricity and gasoline or diesel. In the event that the battery runs out, they have a backup plan to move the vehicle. In the event that the battery is discharged, they have a backup method of propulsion. BEVs, meanwhile, are totally reliant on EV charging facilities. As a result, it is anticipated that the BEV category will increase more quickly between 2020 and 2030.

Wireless EV Chargers Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Base Charging Pad, Power Control Unit, and Vehicle Charging Pad. [mention the leading segment from the link provided]. Note: don’t disclose the % share of the segment.

• By Application Analysis

Based on application, the market can be divided into Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle. [mention dominating segment from the link provided]. Note: don’t disclose the % share of the segment.

Driving Factors

"Demand For Energy-Efficient Sources To Replace Fuels Is Growing"

Crude oil, which is extracted and refined to create diesel and gasoline, serves as the main ignition source in automobiles. Over the past three decades, the price of oil has dramatically risen, making travel more expensive for low- and middle-class consumers. People are now choosing energy-efficient options as a result of rising oil prices, which lowers the overall cost per mile. As a result, the market growth for electric car charging systems is expected to pick up speed. This is expected to raise demand for electric vehicles relative to fuel-powered vehicles.

"Infrastructure For Fast Charging Electric Vehicles Is Being Developed Quickly"

The market for wireless EV charging has experienced tremendous growth, which is mostly due to the expansion of the EV sector. Governments all over the world are supporting the use of EVs and the building of charging stations by offering subsidies, incentives, and tax breaks. The need for fast charging is rising along with the sales of EVs. Several manufacturers of charging stations are funding wireless technology R&D in order to do this. Electric vehicles (EVs) may charge while being driven thanks to dynamic wireless charging systems. This will solve the problem of consumer range concern. Due to the use of a charging connection, this method is also more user-friendly. These elements are accelerating the global adoption of this technology.

Restraining Factors

"Slow Charging and High Cost Could Limit Market Development "

The slower charging rate and more expensive technological integration compared to traditional cable chargers are the key obstacles limiting the market for wireless electric car charging from growing. The range of wireless charging technology is likewise limited. RF energy technology fails when energy must be sent over a long distance. The size of the battery affects how long it takes to fully charge an electric vehicle. Devices take longer to charge even with the same power source. Inductive charging requires coils and drive electronics in both the device and the charger, which increases manufacturing complexity and costs, making the approach more expensive as a result. The expectation is that new approaches and technology advancements would reduce transfer losses and increase speed.

Wireless EV Chargers Market Regional Insights

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"Asia Pacific region will propel the market growth during forecast period"

Geographically, it is predicted that Asia-Pacific (APAC) will account for the greatest portion of the wireless EV charging market by 2030. The region contains both developed nations like Japan and growing economies like China and India. There are enormous prospects with inductive charging system technology, and China is the country with the fastest-growing EV market globally. Since a few years ago, China has actively participated in the introduction of inductive chargers. These factors are stimulating the local market for wireless EV chargers.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Continental AG (Germany)
• Robert Bosch GmbH (Germany)
• Qualcomm, Inc. (U.S.)
• Toyota Motor Corporation (Japan)
• Bombardier Inc. (Canada)
• Witricity Corporation (U.S.)
• Hella KGaA Hueck & Co. (Germany)
• Evatran Group Inc. (U.S.)
• Toshiba Corporation (Japan)
• ZTE Corporation (China)
• Elix Wireless (Canada)
• HEVO Power (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.