Projected to reach $2.5 billion by 2030, the global wireless electric vehicle charging systems market is poised for substantial growth with a CAGR of 50.1% during the forecast period from 2023 to 2030.
Several factors contribute to the market’s expansion, including the growing need for fast-charging infrastructure for fleet operations in the electric vehicle sector. Additionally, the adoption of wireless charging infrastructure in European countries and the increasing prevalence of range anxiety drive the market’s upward trajectory. However, the high implementation costs associated with wireless charging infrastructure pose a constraint to market growth.
The market for wireless electric vehicle charging systems is poised for growth, thanks to the standardization of these systems and the increasing utilization of autonomous vehicles in public transportation and logistics. These trends present significant opportunities for market expansion. However, a key challenge lies in insufficient funding, which may impede overall market growth.
In terms of market segments, the static charging segment is anticipated to hold a larger market share in 2023 and is expected to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. This growth can be attributed to the favorable initiatives taken by market players to deploy static charging systems, as well as the convenience offered by wireless electric vehicle charging.
By 2023, the base pads segment is anticipated to dominate the global wireless electric vehicle charging systems market, capturing the largest market share. Nevertheless, it is the vehicle pads segment that is projected to witness the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to several factors, including the rising initiatives by automotive companies to integrate wireless electric vehicle charging capabilities into their electric vehicles, the proliferation of pilot projects involving wireless electric vehicle charging systems, and the standardization of vehicle pads to ensure interoperability.
By 2023, the global market for wireless electric vehicle charging systems is anticipated to witness significant growth, with the inductive wireless EV charging systems segment leading the market in terms of market share. Nonetheless, the capacitive wireless EV charging systems segment is projected to experience the highest compound annual growth rate (CAGR) throughout the forecast period. The surge in initiatives within the wireless electric vehicle charging sector, combined with the advantages of minimal power loss during transfer offered by capacitive technology, are expected to fuel the growth of this particular segment.By 2023, the global market for wireless electric vehicle charging systems is set to witness substantial growth, with the 11 kW to 50 kW segment emerging as the dominant player in terms of market share. This segment’s significant market share can be attributed to the rising demand for both public and private charging infrastructure, as well as the increasing installation of wireless electric vehicle charging systems worldwide.
Nevertheless, the less than 11 kW segment is expected to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. The growth of this segment is fueled by the expansion of public electric vehicle charging infrastructure and the growing collaboration among market participants to offer aftermarket wireless electric vehicle charging systems for electric vehicles. These factors are poised to support and drive the growth of the less than 11 kW segment in the wireless electric vehicle charging systems market.
By 2023, the commercial segment of wireless electric vehicle charging systems is projected to dominate the global market, capturing the largest market share. Nevertheless, it is the residential segment that is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to the comparatively lower cost of electricity for residential spaces in comparison to commercial spaces. Additionally, the increasing number of private electric vehicles and the growing adoption of electric vehicles among residential users are expected to contribute to the growth of the residential wireless electric vehicle charging systems segment.By 2023, the battery electric vehicles segment is expected to account for the largest share of the global wireless electric vehicle charging systems market. The large market share of this segment is attributed to the growing adoption of battery electric vehicles and increasing pilot projects regarding wireless electric vehicle charging.
However, the plug-in hybrid electric vehicles segment is projected to record the highest CAGR during the forecast period. Growing initiatives to demonstrate wireless electric vehicle charging for plug-in hybrid electric vehicles by key market players and the growing demand for plug-in hybrid electric vehicles are expected to support the segment growth.
By 2023, the passenger vehicles segment is expected to account for the largest share of the market.
However, the electric two-wheelers segment is projected to record the highest CAGR during the forecast period. The growing demand for public and private charging infrastructure and the increasing installation of wireless electric vehicle charging systems are expected to support the segment’s growth.
By 2023, Europe is expected to account for the largest share of the global wireless electric vehicle charging systems market. 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.
