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Wireless Electric Vehicle (EV) Charging Systems Market Worth $827.03 Million by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

Meticulous Market Research Pvt. Ltd.
·15 min read

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

Redding,  California, Sept. 20, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Wireless Electric Vehicle (EV) Charging Systems Market by Type (DWCS, SWCS), Component (Base Pads, Vehicle Pads, BMS, PCUs), Technology, Power Supply (<11kW, 11–50kW, >50kW), Application, Propulsion, End User, and Geography — Global Forecast to 2027” published by Meticulous Research®, the EV charging systems market is expected to grow at a CAGR of 53.1% from 2020 to 2027 to reach $827.03 million by 2027.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5178

Wireless EV charging systems use inductive power transfer technology to transfer power over the air from a pad embedded in the ground to a pad attached to the underbelly of an EV to charge its battery. These pads are either installed in the parking spaces of commercial infrastructures and private garages for charging one vehicle at a time or along a stretch on the road for charging multiple vehicles while they are on the move.

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Wireless EV charging systems have several advantages over plug-in EV charging systems as their usage is simple, convenient, and user-friendly. These charging systems help avoid plug-in problems usually faced with wired EV charging systems. Additionally, these systems can help reduce the vehicles’ battery sizes and range anxiety issues associated with electric vehicles.

The Impact of COVID-19 on the Wireless Electric Vehicle (EV) Charging Systems Market

In 2019, the global count of electric vehicles on the road (OTR) had crossed 2 million. However, the COVID-19 crisis led to disruptions in supply chains, limitations on operations and workforce, and factory closures. The economic slowdown caused a severe decline in vehicle sales, especially in the electric vehicles segment.

The demand for electric vehicle charging infrastructure has been impacted significantly. Major investments for deploying EV charging infrastructure have halted since most EVSE (Electric Vehicle Supply Equipment) manufacturers worldwide have been affected due to government restrictions and nationwide lockdowns. For instance, in the U.K., ubitricity and Pod Point halted the construction of new charging stations for the second phase of the Go Ultra Low City Scheme. Similarly, Rolec Services announced temporarily suspending the manufacture of EV charging stations in the U.K. due to COVID-19 restrictions.

The COVID-19 crisis has slightly impacted the wireless EV charging systems market. However, most governments from affected regions have turned to infrastructure rehabilitation for stimulating economic recovery. Several governments are investing in charging infrastructure either through direct investments in public charging stations or by providing subsidies for the installation of private charging stations at homes and workplaces. Additionally, wireless EV charging systems are potentially an economical and feasible solution for fleet charging requirements, and electric bus fleets are expected to increase during the forecast period since electric buses do not have tailpipe emissions, and governments across the world are expected to prioritize the adoption of electric buses post COVID-19. However, the market is expected to witness a decline, as it will take time to recover from the losses incurred during the COVID-19 pandemic.

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Insufficient funding to restrain the growth of the EV charging systems market to a certain extent

Wireless EV charging systems are a promising technology with a huge scope for deployment. Major automobile companies across the world have tested the technology for its capabilities. But the major challenge for market growth is the high cost of these systems. Electric vehicles are already expensive, and wireless charging adds USD 3,000 to USD 4,000 more on top of the cost, making the total cost of ownership very high.

This has resulted in minimum to no demand for wireless EV charging systems from consumers. Companies operating in this space rushed for fundraising in 2016, 2017, and 2018 to grow and improve their product offerings, but investors backed off since the value proposition of wireless EV charging systems was not very attractive for customers. This resulted in huge funding shortfalls for companies operating in this space, with some companies selling their electric vehicle wireless charging businesses. For instance, Qualcomm Technologies Inc. sold its electric vehicle wireless charger business, Qualcomm Halo, to WiTricity Corporation in February 2019. Similarly, Bombardier Inc. sold its transportation business, including Primove, the wireless EV charging systems business, to Alstom in January 2021.

To provide efficient analysis, Meticulous Research® has segmented this market based on type (DWCS, SWCS), component (base pads, vehicle pads, BMS, PCUs), technology (CWEVCS, PMWEVCS, IWEVCS, RIWEVCS), power supply (<11kW, 11–50kW, >50kW), application (commercial, residential), propulsion (BEVs, PHEVs), end user (mopeds & scooters, passenger vehicles, light commercial vehicles, and heavy commercial vehicles), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).

Based on type, the wireless electric vehicle (EV) charging systems market is mainly segmented into static and dynamic wireless EV charging systems. The static wireless EV charging systems segment accounted for the largest share of the overall wireless electric vehicle (EV) charging systems market in 2020. The segment is also projected to grow at the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the large number of pilot projects undertaken by leading automotive OEMs for integrating static wireless EV chargers in their electric vehicles and the increasing adoption of static wireless EV chargers by leading shared mobility and taxi fleet operators for fleet charging applications.

Based on component, the wireless electric vehicle (EV) charging systems market is mainly segmented into base pads, battery management systems, vehicle pads, and power control units. The vehicle pads segment is projected to grow at the highest CAGR during the forecast period. Electric mobility stakeholders have initiated various pilot projects worldwide to retrofit existing electric taxi and bus fleets with vehicle pads to check the feasibility of wireless charging systems in commercial spaces.

Based on technology, the wireless electric vehicle (EV) charging systems market is segmented into resonant inductive, permanent magnet gear, capacitive, and inductive wireless EV charging systems. The resonant inductive wireless EV charging systems segment accounted for the largest share of the wireless electric vehicle (EV) charging systems market in 2020. However, the inductive wireless EV charging systems segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the fast-charging capabilities provided by inductive wireless EV charging systems, their high effectiveness due to the close coupling of primary and secondary coils, low heat buildup in the system allowing significant power-transfer, and increased efforts by major automotive OEMs to integrate wireless charging capabilities into their vehicles.

Based on power supply, the global wireless EV charging systems market is segmented into less than 11kW, 11 to 50 kW, and more than 50kW charging systems. The 11 kW to 50 kW segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising adoption of EVs with high battery capacities and power requirements.

Based on application, the wireless electric vehicle (EV) charging systems market is segmented into commercial and residential wireless EV charging systems. The commercial wireless EV charging systems segment is projected to record the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing need to develop charging infrastructure at public places, high proliferation of commercial wireless EV charging systems in Europe, and high demand for commercial wireless EV charging systems in China due to the presence of large commercial garage parking spaces and densely populated urban areas.

Based on propulsion type, the global wireless EV charging systems market is segmented into battery electric vehicles and plug-in hybrid electric vehicles. The plug-in hybrid electric vehicles segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing need to reduce dependence on fossil fuel-powered vehicles.

Based on end user, the wireless EV charging systems market is segmented into mopeds & scooters, passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment is projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the rapid adoption of electric passenger vehicles for private & commercial use.

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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

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Geographically, the global wireless EV charging systems market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region accounted for the largest share of the wireless EV charging systems market in 2020, followed by Europe, North America, the Middle East & Africa, and Latin America. However, Europe is expected to record the highest CAGR of 57.5% during the forecast period. The factors contributing to the high growth of this regional market are the increasing adoption of electric vehicles, implementation of numerous pilot projects for wireless EV charging technology, and government initiatives for testing the feasibility of wireless charging technology for electric vehicles.

In Europe, Germany accounted for the largest share of the wireless EV charging systems market in 2020. The market growth is mainly attributed to the extensive government support and expansion in charging infrastructure. Also, stakeholders in Germany are extensively focused on research & development in the wireless EV charging space.

Germany is one of the leading countries in Europe in terms of electric mobility adoption. In 2016, the German government partnered with leading vehicle OEMs to release EV incentive schemes worth EUR 1 billion. In 2017, EV sales in Germany increased by 23%. Additionally, approximately EUR 300 million in investment will be required by 2030 to build the charging infrastructure required for electric vehicles in Germany. The use of wireless EV charging systems carries a huge potential for growth in Germany since major automotive OEMs have started announcing the integration of wireless EV charging capabilities into their luxury cars from the EV segment. For instance, Mercedes-Benz announced wireless charging capabilities for its S550e plug-in hybrid (PHEV) luxury sedan. The vehicle was launched in 2018, and it uses a version of Qualcomm Halo’s technology.

Stakeholders in Germany are extensively focused on research & development in the wireless EV charging space. In 2020, the Electric Mobility Act and the German Charging Station Provision released a legal framework and standardization roadmap for electric mobility. Some of the major standards recommended in the electric vehicle mobility act for wireless power transfer in electric vehicles were ISO 19363, which defines the coil's position in the parking space and possible positions of the coil in the vehicle for efficient energy transmission by magnetic induction: IEC 61980-1, -2, -3, which define infrastructure requirements for charging systems and safety requirements for wireless charging systems: and ISO 15118-1, -2, -8, which define corresponding communication protocols and requirements.

Moreover, the German government has approved the eCharge project worth EUR 1.9 million for implementing wireless dynamic charging technology on the roads of Braunschweig, Germany. Israel’s Electreon, in collaboration with Volkswagen and Eurovia, will deliver the wireless in-road charging technology. The strip will be built at DuraBASt, the German national road test facility near Cologne.

The global wireless EV charging systems market is dominated by the top five players, namely, WiTricity Corporation (U.S.), WAVE Inc. (U.S.), Momentum Wireless Power (U.S.), Mojo Mobility, Inc. (U.S.), and HEVO Inc. (U.S.). These players continuously focus on new product development and launches, acquisitions, and expansions to increase their respective market shares.

The other key players operating in the global wireless EV charging systems market are Plugless Power Inc. (U.S.), Groupe Delachaux (France), ELIX Wireless (Canada), TGood Global Ltd. (Hong Kong), Continental AG (Germany), Toshiba Corporation (Japan), ZTE Corporation (China), INTIS GmbH (Germany), Daihen Corporation (Japan), and Electreon Inc. (Israel).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/wireless-electric-vehicle-charging-systems-market-5178

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)

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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

Key Questions Answered in the Report-

  • Which are the high-growth market segments in terms of type, component, technology, power supply, propulsion type, application, end user, and geography?

  • What is the historical market size for the wireless electric vehicle (EV) charging systems market globally?

  • What are the market forecasts and estimates for the period 2020–2027?

  • What are the major drivers, restraints, opportunities, and challenges in the wireless electric vehicle (EV) charging systems market?

  • Who are the major players in the market, and what are their market shares?

  • Who are the major players in various countries, and what are their market shares?

  • How is the competitive landscape for the wireless electric vehicle (EV) charging systems market?

  • What are the recent developments in the wireless electric vehicle (EV) charging systems market?

  • What are the different strategies adopted by the major players in this market?

  • What are the key geographic trends, and which are the high-growth countries?

  • Who are the local emerging players in the wireless electric vehicle (EV) charging systems market, and how do they compete with other players?

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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