Westford, US, Dec. 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global wireless electric vehicle (EV) charging market will attain a value of USD 995.8 Million by 2031, with a CAGR of 55.5% during the forecast period (2024-2031). The demand for wireless charging for electric vehicles technology globally is increasing due to the rising emphasis towards V2G power transfer and growing penetration of electric vehicles. Furthermore, increasing government support towards wireless EV charging is also boosting the wireless electric vehicle (EV) charging market growth.
The growing demand for convenient EV charging and advanced charging infrastructure among consumers is also increasing the growth of the market. Development in inductive charging technology has also created efficient and safe charging solutions for EVs. The inductive coupling has successfully increased the efficiency of power transfer, enabling faster charging times compared to conventional plug-in process. Improved safety features like foreign object identification and interaction among vehicles and charging pad, ensures that the charging procedure is secure.
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Wireless Electric Vehicle (EV) Charging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 25.5 Million |
| Estimated Value by 2031 | USD 995.8 Million |
| Growth Rate | Poised to grow at a CAGR of 55.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Charging Type, Component, Charging Systems, Power Supply Range, Vehicle Type, Propulsion, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa |
| Report Highlights | Rapid advancement of fast-charging infrastructure for electric vehicles |
| Key Market Opportunities | Better advantages of wireless charging over wired charging |
| Key Market Drivers | Increasing support from governments for wireless charging |
Increasing Initiatives to Integrate Wireless Charging System in Vehicles to Increase Popularity of Passenger Car
The passenger car segment is expected to have significant growth opportunities for EVs during the wireless electric vehicle (EV) charging market forecast period. This growth is due to the rising initiatives of the automotive OEMs for integrating wireless charging systems in vehicles. For instance, Hyundai Motor Company (South Korea) provides wireless charging as an option on the GV60 and FAW’s HongQi electric vehicles. Volvo Car Corporation (Sweden) provides wireless charging as an option on their XC40 recharge electric SUV. Furthermore, increasing environmental concern among consumers is also increasing the popularity of eco-friendly travel, which is increasing the demand for passenger cars. Many government bodies are also taking initiatives to reduce carbon footprint, resulting in the rising popularity of passenger EV cars.
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Growing Demand for Charging Public Transportations to Increase Requirement of Commercial Charging Stations
As per, wireless electric vehicle (EV) charging market analysis, the commercial charging stations segment is anticipated to dominate. With the increasing use of autonomous electric vehicles, the possibility of utilizing these vehicles for ridesharing is expected to increase significantly. Therefore, the demand for wireless commercial charging stations will increase to meet the rising trend. Commercial outlets also have great potential where there is an increase in the demand for charging public transportations. Wireless electric vehicle charging market growth are primarily propelled by rising commercial EV sales along with the rapid demand for safe, convenient & faster wireless charging systems. Moreover, the market is further projected to witness significant growth with the increase in R&D activities by prominent automotive giants such as BMW, Nissan, and Chevrolet.
Rapid Increasing in Electric Vehicle Sales Across Region to Boost Market Growth in Europe
Europe is dominating the wireless electric vehicle (EV) charging industry with highest revenue share. Due to advancement in wireless charging devices technology across the region, Europe is expected to experience high growth rate during the forecast period. Technological advancement in wireless charging devices is expected to hold a high growth rate in the market during the forecast period. The European electronics market is experiencing rapid development as the demand for fuel-efficient and long-lasting charging systems for electronic products, such as power tools and portable gadgets, has increased. The market growth is likely to be supplemented with an increase in EV sales across Germany, Netherlands, France, Denmark, Sweden and other countries with higher-than-average growth.
Wireless Electric Vehicle (EV) Market Insights
Driver
- Rapidly increasing sales of electric vehicles.
- Growing demand for energy-efficient sources as an alternative to fuel.
- Increasing research and development in far-field wireless charging technologies.
Restraints
- High expense of integrating advanced technology into charging systems.
- High expense of upgrading the conventional pumps to wireless charging station.
- Restricted range and positioning constraints.
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Key Players Operating in Wireless Electric Vehicle (EV) Charging Market
- WiTricity Corporation (US)
- InductEV, Inc. (US)
- Hevo Inc. (US)
- Electreon (Israel)
- Plugless Power Inc. (US)
- Wave Charging (US)
- Intis Integrated Infrastructure Solutions GmbH (Germany)
- ENRX (Norway)
- Mojo Mobility Inc. (US)
- Shenzhen VMAX New Energy Co., Ltd. (China)
Key Questions Answered in Wireless Electric Vehicle (EV) Charging Market
- Who are the major players operating in the market?
- What are the primary factors driving the growth of the market?
- What are the factors restraining the market growth?
This report provides the following insights:
Analysis of key drivers (rapidly increasing sales of electric vehicles, growing demand for energy-efficient sources as an alternative to fuel), restraints (high expense of integrating advanced technology, high expense of upgrading the conventional pumps to wireless charging station), opportunities (increasing research and development in far-field wireless charging technologies), and challenges (restricted range and positioning constraints) influencing the growth of wireless electric vehicle (EV) charging market
- Market Penetration: Comprehensive information on the product offered by the top players in the wireless electric vehicle (EV) charging market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the wireless electric vehicle (EV) charging market.
- Market Development: Comprehensive information on emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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