London, May 11, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads), Technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), Power Supply (<11, 11–50kW), Application (Commercial, Residential), Propulsion, and End User—Global Forecast to 2027”, published by Meticulous Research®, the Wireless Electric Vehicle (EV) charging systems market is expected to grow at a CAGR of 53.1% from 2020 to reach $827.03 million by 2027.
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The growth of the wireless EV charging systems market is mainly attributed to factors such as the rising demand for electric vehicle (EV) fast-charging infrastructure globally, the increasing implementation of wireless charging infrastructure in the European countries, and the increasing prevalence of range anxiety issues associated with electric vehicles. However, the high cost of implementing wireless charging infrastructure is likely to hinder the market’s growth. The standardization of wireless EV charging systems and the growing use of autonomous vehicles for public transport and logistics are projected to provide significant growth opportunities for vendors operating in this market.
The Asia-Pacific region is projected to hold the largest market share of the overall wireless EV charging systems market during the forecast period. The large share of the Asia-Pacific region is mainly attributed to the elevated demand for electric vehicles in the region, high demand for fast-charging infrastructure in China, Japan, and South Korea, and the increasing adoption of electric vehicles and growing infrastructural development in emerging economies such as India and Southeast Asian countries.
The global wireless EV charging systems market is segmented based on type, component, technology, power supply, propulsion type, application, end user, and geography.
Based on type, the overall wireless EV charging systems market is segmented into static wireless EV charging systems and dynamic wireless EV charging systems. In 2020, the static wireless EV charging systems segment commanded the largest share of the overall wireless EV charging systems market. The large share of this segment is mainly attributed to the systems’ convenience, the large number of pilot projects undertaken by leading automotive OEMs, and the implementation of static wireless EV chargers for fleet charging applications.
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Based on component, the wireless EV charging systems market is segmented into base pads, vehicle pads, battery management systems, and power control units. In 2020, the base pads segment commanded the largest share of the overall wireless EV charging systems market. It is primarily attributed to increasing deployments of wireless EV charging systems in public places and across industries to wirelessly charge taxis, buses, and industrial vehicles; the standardization of wireless charging pads for allowing interoperability; and the presence of a large number of use cases and pilot projects supporting the adoption of static wireless EV charging systems.
Based on technology, the wireless EV charging systems market is segmented into resonant inductive wireless EV charging systems, permanent magnet gear wireless EV charging systems, inductive wireless EV charging systems, and capacitive wireless EV charging systems. In 2020, the resonant inductive wireless EV charging systems segment accounted for the largest share of the overall wireless EV charging systems market. The large share of this segment is majorly attributed to rising sales of electric vehicles, the increasing implementation of pilot projects for resonant inductive power transfer technology, and the growing integration of resonant inductive power transfer technology by leading electric vehicle OEMs in their EV charging systems.
Based on power supply, the wireless EV charging systems market is segmented into less than 11kW, 11kW to 50 kW, and more than 50 kW. In 2020, the less than 11kW segment accounted for the largest share of the overall wireless EV charging systems market. The large share of this segment is majorly attributed to the standardization of wireless EV charging systems of up to 11kW power supply, resulting in huge investments by automotive OEMs in this segment and the increasing adoption of electric vehicles across Europe and North America.
Based on propulsion type, the wireless EV charging systems market is segmented into battery electric vehicles and plug-in hybrid electric vehicles. In 2020, the battery electric vehicles segment held the largest share of the overall wireless EV charging systems market. The large share of this segment is majorly attributed to the increasing adoption of battery electric vehicles worldwide, government regulations to phase out fossil fuel-powered vehicles, increasing government initiatives for transitioning to electric mobility, and increasing use of battery electric vehicles for autonomous delivery and driving applications.
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Based on application, the wireless EV charging systems market is segmented into residential wireless EV charging systems and commercial wireless EV charging systems. In 2020, the commercial wireless EV charging systems segment held the largest share of the overall wireless EV charging systems market. The large share of this segment is majorly attributed to the rising adoption of electric buses and taxis across North America, Europe, and Asia-Pacific, and the growing adoption of EVs by various consumer segments, highlighting the need for increasing public wireless charging infrastructure.
On the basis of end-user, the wireless EV charging systems market is segmented into light commercial vehicles, heavy commercial vehicles, passenger vehicles, and mopeds & scooters. In 2020, the light commercial vehicles segment commanded the largest share of the overall wireless EV charging systems market. The large share of this segment is majorly attributed to the increasing adoption of electric light commercial vehicles to control pollution and carbon emissions.
Geographically, the global wireless EV charging systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Asia-Pacific region commanded the largest share of the global wireless EV charging systems market, followed by Europe and North America. The large share of this region is mainly attributed to the increased adoption of electric vehicles in the region, high demand for fast charging infrastructure, and growing infrastructural development in emerging economies of the region.
However, Europe is expected to register the highest CAGR from 2020 to 2027. The high growth is primarily attributed to the increasing adoption of electric vehicles in Europe, implementation of numerous pilot projects for wireless EV charging across Europe, and government initiatives for testing the feasibility of wireless charging for electric vehicles.
Some of the key players operating in the global wireless EV charging systems market are WiTricity Corporation (U.S.), Plugless Power Inc. (U.S.), Momentum Wireless Power (U.S.), Groupe Delachaux (France), ELIX Wireless (North America), Mojo Mobility, Inc. (U.S.), HEVO Inc. (U.S.), TGood Global Ltd. (Hong Kong), Continental AG (Germany), Toshiba Corporation (Japan), ZTE Corporation (China), INTIS GmbH (Germany), WAVE Inc. (U.S.), Daihen Corporation (Japan), and Electreon Inc. (Israel).
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Scope of the Report
Wireless EV Charging Systems Market, by Type
- Static Wireless EV Charging Systems
- Dynamic Wireless EV Charging Systems
Wireless EV Charging Systems Market, by Component
- Base Pads
- Power Control Units
- Vehicle Pads
- Battery Management Systems
Wireless EV Charging Systems Market, by Technology
- Capacitive Wireless EV Charging Systems
- Inductive Wireless EV Charging Systems
- Permanent Magnet Gear Wireless EV Charging Systems
- Resonant Inductive Wireless EV Charging Systems
Wireless EV Charging Systems Market, by Power Supply
- Less than 11 kW
- More than 50 kW
- 11 kW to 50 kW
Wireless EV Charging Systems Market, by Propulsion Type
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
Wireless EV Charging Systems Market, by Application
- Commercial Wireless EV Charging Systems
- Residential Wireless EV Charging Systems
Wireless EV Charging Systems Market, by End User
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Passenger Vehicles
- Mopeds & Scooters
Wireless EV Charging Systems Market, by Geography
- Asia-Pacific (APAC)
- China
- South Korea
- Japan
- India
- Australia
- Singapore
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- Sweden
- U.K.
- France
- Norway
- Italy
- Spain
- Switzerland
- Netherlands
- Denmark
- Portugal
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Rest of the World
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
- UAE (United Arab Emirates)
- Israel
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa (RoMEA)
- Latin America
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