Market Size of Wireless Charging For Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 152.30 Million |
| Market Size (2029) | USD 762.5 Million |
| CAGR (2024 - 2029) | 38.40 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wireless Charging For Electric Vehicle Market Analysis
The Wireless Charging For Electric Vehicle Market size is estimated at USD 152.30 million in 2024, and is expected to reach USD 762.5 million by 2029, growing at a CAGR of 38.40% during the forecast period (2024-2029).
Wireless electric vehicle (EV) charging is an innovative technology that enables EVs to be charged without needing a physical connection between the vehicle and the charging station. Wireless EV charging has several advantages over traditional wired charging. Firstly, it eliminates the need for cables and connectors, which can be inconvenient and time-consuming to handle. Secondly, it reduces the risk of electric shock or fire hazards caused by damaged cables or improper connections. Finally, it offers a more streamlined and user-friendly charging experience, as drivers can simply park their vehicle over the charging pad, and the charging process begins automatically.
• Wireless vehicle charging is one of the latest technologies that is being significantly developed, and it is also likely to boost the electric car industry.
• Setting up a charging station and chargers often increases land availability challenges in urban areas. With the inception of wireless charging, the challenges have been eased, and thus, charger operators have witnessed improved sales bars.
• Even though wireless charging is a must-have for electric vehicles, a few drawbacks need to be considered, like energy loss while charging, lack of availability of proper charging infrastructure, and high cost.
• The increase in the sale of electric vehicles across the globe is anticipated to drive the demand for wireless charging stations. Governments across the world, in countries like the United Kingdom, Norway, Japan, and the United States, as well as in developing countries like China, are providing purchasers with incentives.
• A limited number of countries are working on wireless charging for electric vehicles. For instance, in September 2022, a Japanese construction company announced the joining of cooperation with Denso Corporation to help build road pavement offering wireless EV charging points by the end of 2025. This came after realizing the necessity of constructing a proper station that includes the land.
Wireless Charging For Electric Vehicle Industry Segmentation
Wireless electric vehicle (EV) charging is an innovative technology that enables EVs to be charged without needing a physical connection between the vehicle and the charging station. The Wireless Charging for Electric Vehicle Market covers the latest wireless charging demand trends, technological development, government policies, manufacturers' development, etc. It also covers the market share of major wireless charging providers across the world.
The report covers the future scope of wireless charging for electric vehicles, and the market is segmented by vehicle type (Passenger cars and commercial vehicles), application type (Residential and commercial vehicles), and geography. The report offers market size forecasts for the wireless electric vehicle (EV) charging market in value (USD) for all the above segments.
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Application Type | |
| Residential | |
| Commercial |
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| Rest of the World |
Wireless Charging For Electric Vehicle Market Size Summary
The wireless electric vehicle (EV) charging market is poised for significant growth, driven by the increasing adoption of electric vehicles and the need for more efficient charging solutions. This innovative technology allows EVs to be charged without physical connections, offering advantages such as eliminating the hassle of cables, reducing safety risks, and providing a more user-friendly experience. As urban areas face challenges in land availability for traditional charging stations, wireless charging presents a viable solution, potentially boosting sales for charger operators. Despite some drawbacks like energy loss and high costs, the demand for wireless charging stations is expected to rise, supported by government incentives in various countries and advancements in infrastructure development.
The global shift towards electric vehicles, fueled by environmental concerns and rising fuel prices, has led to increased investments in EV research and development by automakers. This shift is reflected in the growing sales of electric cars, which have reached significant milestones, creating a promising market for both electric vehicles and their charging infrastructure. Europe is anticipated to be the largest market for wireless charging stations, with countries like Germany, the United Kingdom, and France leading the way due to their robust automotive industries and supportive infrastructures. Major players in the market, such as Qualcomm and WiTricity, are actively expanding their presence through partnerships and new product launches, further solidifying the market's growth trajectory.
Wireless Charging For Electric Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increased Adoption Of Electric Vehicles
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1.1.2 Government Support And Incentives
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1.2 Market Restraints
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1.2.1 Higher Cost May hinder the Market Growth
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 By Application Type
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2.2.1 Residential
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2.2.2 Commercial
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 Australia
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2.3.3.4 Rest of Asia-Pacific
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2.3.4 Rest of the World
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Wireless Charging For Electric Vehicle Market Size FAQs
How big is the Wireless Charging For Electric Vehicle Market?
The Wireless Charging For Electric Vehicle Market size is expected to reach USD 152.30 million in 2024 and grow at a CAGR of 38.40% to reach USD 762.5 million by 2029.
What is the current Wireless Charging For Electric Vehicle Market size?
In 2024, the Wireless Charging For Electric Vehicle Market size is expected to reach USD 152.30 million.
