Wireless Electric Vehicle Charging Market expected to attain USD 2.3 Billion by 2034, owing to an exceptional CAGR of 29.2% - Transparency Market Research, Inc.

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Jul 09, 2024, 10:20 ET

Physical connections required for electric vehicles might be avoided with the use of wireless charging, which can improve the efficiency and user-friendliness of charging setups. The mobility of vehicles as well as drivers is increased, owing to the adoption of wireless charging setups for EVs.

WILMINGTON, Del., July 9, 2024 /PRNewswire/ -- Owing to an astonishing development through the forecast period, the wireless electric vehicle charging market is likely to reach USD 2.3 billion by 2034. The last recorded valuation of the industry was USD 125.8 million in 2023. This leap in the valuation of the market is attributed to an overwhelming CAGR of 29.2% through the forecast period.

Pertaining to curbing carbon footprints, governments of various countries have been focusing on promoting the electric vehicle segment. This transformation is expected to proliferate the growth of EVs. Owing to such advancements, better prospects can be generated for the ecosystem, driving the competitive space.

Spurring investments in the wireless electric vehicle charging market is another fueling force that upholds sales of charging systems for EVs. Governments have been investing in the sector, bolstering the competitive landscape, which might create lucrative opportunities for key players in the industry to progress.

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Technological innovations in the ecosystem upscale the applicability of wireless EV charging. Integrating charging units with roads in the United States is shaping the ecosystem by developing new horizons for the sector.

Pertaining to the growing demand for maintaining sustainability standards, key players in the wireless electric vehicle charging industry are aiming to integrate green energy sources to reduce carbon emissions. This factor is driving attention toward the EV segment.

The aim to curb the use of conventional fuels is spurring the production as well as demand for EVs, subsequently driving the demand for charging units. A surge in efficient charging system has been observed, which elevates the demand for wireless charging setups.

Wireless Electric Vehicle Charging Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020–2022
Size in 2023	US$ 125.8 Mn
Forecast (Value) in 2034	US$ 2.3 Bn
Growth Rate (CAGR)	29.2 %
No. of Pages	150 Pages
Segments covered	By Charging Type, ByCharging Technology, By Component, By Power Supply Range, By Application, By Vehicle Type, By Electric Vehicle Type.

Key Findings from the Market Report:

The worldwide wireless electric vehicle charging market can be classified into different key segments based on several key parameters. Based on the charging type segment, the dynamic charging category is expected to yield high returns, owing to the growing investments in enhancing the mobility of vehicles.
Depending on the type of charging technology, the magnetic resonance wireless charging category is likely to provide better outcome. The speed of charging can be enhanced effectively using such techniques, driving the demand for the segment.
The power control unit category, a key part of the component segment, is expected to generate more revenue due to the growing demand for controlling power fluctuations in different regions.
Based on the application segment, residential wireless charging is likely to create popularity, owing to the growing demand for convenient charging setups.

Regional Profile:

Owing to the development of the automobile sector in Asia-Pacific, the demand for the electric vehicle segment is likely to increase. This creates prospects for wireless electric vehicle charging units in the region.
The growing demand for sustainable alternatives for traditional goods in Europe is expected to drive various sectors in the region, including the wireless electric vehicle charging market.
Technological infrastructure in North America is likely to govern the demand for wireless electric vehicle charging in the region. Key players in the region might capitalize on different lucrative opportunities created due to this driver.

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Competitive Landscape:

Different key players in the wireless electric vehicle charging industry expand by using several strategies, including acquisitions, mergers, collaborations, and so on. Product launches can also help organizations gain a significant competitive advantage over new entrants.

WiTricity Corporation is an important player offering Wall Box, Vehicle Receiver, and Charging Pads.
Qualcomm Incorporated offers solutions in various verticals, including mobiles, wearable electronics, cameras, and many more.
PLUGLESS POWER INC. is a leading business in manufacturing solutions for EVs, drones, autonomy, and many more. The firm also operates in several key allied sectors.

Key Players:

WiTricity Corporation
Qualcomm Incorporated
PLUGLESS POWER INC.
InductEV Inc.
Continental AG
ZTE Corporation
TOSHIBA CORPORATION
HEVO INC.
Mojo Mobility Inc.
WIRELESS ADVANCED VEHICLE ELECTRIFICATION, LLC (WAVE Charging)
Robert Bosch GmbH
OLEV
Energous Corporation
Nissan Motor Co. Ltd.
Hyundai Motor Company
TOYOTA MOTOR CORPORATION

Key Developments in the Wireless Electric Vehicle Charging Market:

In January 2024, WiTricity Corporation launched ICON EV, which is the first wirelessly charged electric golf car in the world. This product launch is likely to augment the product portfolio of the organization.
In May 2024, Qualcomm Incorporated developed Copilot+ PCs, integrated with Snapdragon Dev Kit. The product launch bolstered the position of the firm in the market.

Market Segmentation:

By Charging Type

Dynamic Wireless Charging Systems
Stationary Wireless Charging Systems

By Charging Technology

Magnetic Resonance Wireless Charging
Inductive Wireless Charging
Radio Frequency (RF) Wireless Charging
Microwave Wireless Charging

By Component

Charging Pads/Mats
Power Control Units (PCUs)
Vehicle Receiver Units
Communication Modules
Infrastructure Integration Components

By Power Supply Range

Up to 3.7 kW
3.7 to 7.7 kW
7.8 to 11 kW
Above 11 kW

By Application

Residential Wireless Charging
Public Wireless Charging Stations
Workplace Wireless Charging
Fleet Charging Solutions

By Vehicle Type

Two/Three Wheelers
Passenger Cars
- Hatchbacks
- Sedans
- SUVs
Light Commercial Vehicles
Heavy Duty Trucks
Buses and Coaches
Off-road Vehicles

By Electric Vehicle Type

Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)

By Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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Have a Look at More Valuable Insights of Automotive:

Automotive Oil Pump Market: The global automotive oil pump market is projected to reach USD 27.7 Bn by the end of 2031 from USD 17.6 Bn in 2021 according to research conducted by TMR.
Smart Fleet Management Market: The smart fleet management market was estimated to have acquired US$ 362.8 billion in 2021. It is anticipated to register a 10.2% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 962.6 billion.
Electric Vehicle Charging Station Market: The global electric vehicle charging station market is expected to reach the value of US$ 727.06 Bn by the end of 2031.
Electric Vehicle Market: Electric Vehicle Market is estimated to grow at a CAGR of 29.5% and reach US$ 1.9 Trn by the end of 2031

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