Electric Vehicle Wireless Charging Market size was valued at USD 82.14 million in 2023 and is projected to reach USD 12.62 billion by the end of 2036, expanding at around 47.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of EV wireless charging is assessed at USD 113.22 million.
The growth of the market can be attributed to factors such as the increasing sales of electric vehicles, growing investments in the development of wireless electric vehicle charging technology, stringent rules regarding fuel emissions and the rising demand for wireless charging stations. It is evaluated that more than 2 million electric cars were sold worldwide in 2019. Moreover, high emphasis on building charging stations in commercial buildings and shopping centers in the recent years along with escalating interest of leading car manufacturers to invest more in wireless car alternatives are anticipated to provide abundant growth opportunities to the market in the coming years.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
47.3% |
|
Base Year Market Size (2023) |
USD 82.14 million |
|
Forecast Year Market Size (2036) |
USD 12.62 billion |
|
Regional Scope |
|
The market is segmented by vehicle type into plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), and commercial electric vehicles (CEV), out of which, the BEV segment is expected to hold the largest share in the electric vehicle wireless charging market. This can be accounted to the large-scale adoption of these vehicles as a result of stringent government regulations to reduce emissions, and the rising emphasis of big automotive conglomerates to offer improved car charging experience. Furthermore, based on charging type, the segment for stationary wireless charging is projected to occupy a significant market share, which can be credited to the high convenience and reliability of these systems. Along with this, stationary charging offers the ease of charging an electric vehicle effortlessly in a public place, which is another factor assessed to drive growth to this market segment in the forecast period.
Our in-depth analysis of the global market includes the following segments
|
By Vehicle Type |
|
|
By Power Supply |
|
|
By Charging Type
|
|
|
By Application
|
|
On the basis of regional analysis, the electric vehicle wireless charging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Europe industry is poised to dominate majority revenue share by 2036, led by strong presence of leading companies, and a well-developed infrastructure. In addition to these, Europe has witnessed a surge in electric vehicle purchase since the last five years, which in turn is expected to create new avenues for the innovations in wireless charging technologies in this region. Approximately 1.5 million electric vehicles were registered in Europe in 2020, growing at a rate of about 135% more than in the previous year. High levels of income in countries, namely France, United Kingdom and Germany, is also a crucial factor predicted to provide lucrative growth opportunities to the market in the near future.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?