Global Wireless EV Charging
Market Report
2024
Wireless EV Charging market will be worth USD 85.2 million in 2024 and expand at a compound annual growth rate (CAGR) of 49.20% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Wireless EV Charging market will be worth USD 85.2 million in 2024 and expand at a compound annual growth rate (CAGR) of 49.20% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Wireless EV Charging Market Sales Revenue 2024 | $ 85.2 Million |
Global Wireless EV Charging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 49.2% |
Middle East and Africa Wireless EV Charging Sales Revenue 2024 | $ 1.7 Million |
Middle East and Africa Wireless EV Charging Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 48.9% |
Europe Wireless EV Charging Sales Revenue 2024 | $ 25.56 Million |
Europe Wireless EV Charging Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 47.7% |
Asia Pacific Wireless EV Charging Sales Revenue 2024 | $ 19.6 Million |
Asia Pacific Wireless EV Charging Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 51.2% |
South America Wireless EV Charging Sales Revenue 2024 | $ 4.26 Million |
South America Wireless EV Charging Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 48.6% |
North America Wireless EV Charging Sales Revenue 2024 | $ 34.08 Million |
North America Wireless EV Charging Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 47.4% |
Market Split by Propulsion Type |
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Market Split by Charging System |
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Market Split by Charging Type |
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Market Split by Component |
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Market Split by Power Supply |
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Market Split by Vehicle Type |
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Market Split by Distribution Channel |
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Market Split by Charging Method |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Wireless EV Charging Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The wireless electric vehicle charging industry transmits energy wirelessly from a power source to a consumer device, eliminating the need for cables or wires. This technology is regarded as reliable, practical, and secure for powering and recharging electric cars. Eliminating physical connectors and cords provides advantages over traditional charging systems regarding effectiveness, affordability, and safety. With the increasing adoption of electric vehicles, the demand for charging stations is expected to see a significant surge in the near future. Further, the wireless electric vehicle charging market is propelled by the expanding applications of wireless charging for personal automobiles and commercial fleets.
Furthermore, government support, coupled with increased investment funds, aims to foster the development of more wireless charging electric vehicles and expand charging station infrastructure. The involvement of key market players in introducing, developing, manufacturing, and implementing advanced technologies has significantly contributed to the growth of the wireless electric vehicle charging market.
With advancements in technology and increasing adoption rates, the market for wireless EV charging is poised for substantial growth in the coming years, reshaping how we power and interact with electric vehicles.
In March 2023, WiTricity, a prominent provider of wireless electric vehicle charging solutions, announced the introduction of aftermarket wireless EV charging services in Europe. Leveraging its extensive collaboration with the Volkswagen Group (VW), ABT e-Line will commence by enhancing the VW ID.4 to facilitate wireless charging through WiTricity technology, aiming for a release in early 2024. Subsequently, the company aims to extend its offerings to encompass a wider range of EV models.
Governments across the globe are acknowledging the promise of wireless charging for electric vehicles (EVs) and are actively backing its progress. Through measures like tax breaks and financial incentives, governments are incentivizing both the uptake of EVs and the installation of wireless charging infrastructure. The benefits of wireless charging, such as improved convenience, heightened safety, and decreased dependence on charging stations, have garnered considerable interest. The growing support from governments worldwide for wireless charging electric vehicles is poised to drive up demand on a global scale significantly.
Further, Governments increasingly recognize the importance of transitioning to cleaner and more sustainable transportation options to combat climate change and reduce carbon emissions. This includes substantial support for developing and deploying wireless charging technology, which offers convenience and flexibility for electric vehicle owners. Moreover, government initiatives often include investment in research and development, pilot projects, and regulatory frameworks to facilitate the widespread adoption of wireless charging solutions.
As a result, the increasing government backing for wireless charging electric vehicles is expected to play a pivotal role in driving up demand globally, accelerating the growth of the market for wireless electric vehicle charging technology.
The widespread recognition of electric vehicles' various advantages, such as decreased fuel consumption (petrol, diesel, and gas) and reduced exhaust emissions, has led to a notable surge in global demand. In wireless electric vehicle charging, the battery size is smaller and lighter than those used in conventional vehicles. These factors significantly contribute to reducing the cost of electric vehicles. With faster charging enabled by wireless technology, electric vehicle owners can conveniently charge their cars wherever they park. Further, market players play a significant role in driving innovation across regions, and continuous research and development efforts, and the growing awareness among consumers, coupled with increasing demand, have contributed to the widespread adoption of wireless electric vehicle charging by meeting the market's high demands. Additionally, wireless EV charging is being considered for implementation in future electric highway lanes, particularly for vehicle types with established routes like public buses, offering significant appeal.
As consumers increasingly prioritize sustainability and environmental consciousness, there has been a notable uptick in the adoption of EVs worldwide. This heightened demand for EVs has led to a corresponding increase in the demand for associated products and services, including charging infrastructure such as wireless electric vehicle charging solutions.
The lower charging efficiency poses a significant challenge to the Wireless EV Charging market. These charging systems exhibit lower charging efficiency than their wired counterparts, resulting in power wastage and increased charging expenses. Wired charging stands out as a cost-effective choice for daily usage, boasting an efficiency typically between 90% and 95%, whereas wireless charging, particularly in motion, often falls below 80%.
Additionally, wired EV charging processes are notably quicker than wireless alternatives. In terms of cost-effectiveness, wired charging outperforms wireless options due to deployment challenges across various conditions. Furthermore, precise alignment between the charging pad and the EV's receiver coil is crucial for wireless systems; misalignment or suboptimal coil distance significantly hampers power transfer efficiency, unlike wired chargers, which offer a more dependable and consistent connection. These factors are anticipated to impede somewhat the growth of the wireless charging market for electric vehicles.
Moreover, wireless charging systems are limited by their range. RF energy technology struggles to deliver energy over long distances. The duration required for a fully electric car charge varies based on the battery size. However, there is optimism that advancements in methods and technology will reduce transfer losses and enhance charging speed.
The COVID-19 outbreak had a notable impact on the market for Wireless EV Charging. The global auto part and vehicle manufacturing sectors experienced a slowdown due to lockdown measures in various countries, which limited electric vehicle (EV) production. Consequently, the demand for EV charging infrastructure was significantly affected, leading to a pause in major investments for its installation. This pause was attributed to the impact of nationwide lockdowns and government restrictions on EV supply equipment manufacturers worldwide.
Additionally, many of these companies temporarily closed their EV production facilities and redirected their efforts toward manufacturing personal protective equipment. However, as lockdowns are gradually lifted in different countries, the demand for Electric Vehicle Supply Equipment (EVSE) has begun to show slight growth, which is expected to drive market growth.
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Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge Wireless EV charging solutions, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.
In July 2023, WiTricity, the pioneer in wireless EV charging, announced the FastTrack Integration Program for automotive OEMs that allows for an initial vehicle integration in just three months, dramatically accelerating automaker testing of wireless charging on existing and future EV platforms. Wireless charging will be fully enabled and operational on the automaker’s EV platform using the WiTricity Halo™ receiver and the WiTricity Halo™ 11kW charger.
In February 2023, HEVO Inc., a leading provider of wireless electric vehicle (EV) charging technology, and Stellantis N.V., a leading global automaker and mobility provider, are partnering to integrate wireless charging into Stellantis EVs, which will enable a superior charging experience without sacrificing safety, efficiency, or durability.
Top Companies Market Share in Wireless EV Charging Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The region's well-established presence of key players drives innovation and market penetration, positioning North America as a leading hub for wireless EV charging solutions and contributing to the region's market dominance. The emphasis on technological advancements, increasing EV adoption, and convenient and efficient EV charging options continue to rise and contribute to the market's growth.
The Asia Pacific region is witnessing an increase in the sales of Wireless EV Charging. This surge is mainly driven by the region's surge in EV adoption and supportive government initiatives. Investments in infrastructure development and advancements in technology are propelling market expansion. Rapid urbanization and burgeoning automotive markets in countries like China and India drive this growth. As Asia-Pacific becomes a global hub for innovation, the demand for Wireless EV Charging surges, fostering a dynamic market landscape.
The current report Scope analyzes Wireless EV Charging Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Wireless EV Charging market size was estimated at USD 85.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1.70 million in 2024 and will grow at a compound annual growth rate (CAGR) of 48.9% from 2024 to 2031. MEA experiences an upswing in Wireless EV Charging sales driven by a rising focus on sustainable transportation and government initiatives supporting electric vehicle adoption. The rise of commercial charging stations in the MEA region serves as a vital application. Investments in infrastructure development and collaborations between industry players are driving the deployment of commercial charging stations across the MEA region.
According to Cognitive Market Research, with a market value of USD 85.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 47.7% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 25.56 million. In Europe, stringent emissions regulations and a push towards sustainable transportation contribute to steady growth. The surge in vehicle charging pads across Europe is closely linked to the growing Wireless EV Charging market as there is growth in electric vehicle adoption and infrastructure development initiatives. Technological advancements, such as improved alignment tolerance and charging efficiency, further boost European adoption rates.
According to Cognitive Market Research, the global Wireless EV Charging market size was estimated at USD 85.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 19.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 51.2% from 2024 to 2031. The Asia Pacific region is experiencing growth due to its increasing focus on reducing air pollution and carbon emissions, which results in the adoption of electric vehicles and the deployment of charging infrastructure in APAC countries. The rising demand for Wireless EV Charging in the Asia Pacific finds a pivotal ally in the growing preference for electric vehicles. Increasingly, government initiatives promoting clean transportation and offering incentives for electric vehicle adoption further fuel the segment's expansion in this region.
According to Cognitive Market Research, the global Wireless EV Charging market size was estimated at USD 85.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 4.26 million in 2024. It will grow at a compound annual growth rate (CAGR) of 48.6% from 2024 to 2031. Wireless EV Charging sales in Latin America are experiencing growth due to the region's increasing awareness of environmental sustainability, and government initiatives promoting electric vehicle adoption drive the demand. The upswing in aftermarket category products across Latin America is closely tied to the expanding Wireless EV Charging market. Growing demand for aftermarket products such as charging accessories, upgrades, and maintenance services, catering to the evolving needs of electric vehicle owners in Latin America.
According to Cognitive Market Research, the global Wireless EV Charging market size was estimated at USD 85.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 34.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 47.4% from 2024 to 2031. Wireless EV Charging sales dominate North America, fuelled by technological advancements and key players in the region who are investing in infrastructure development. Collaboration between automakers and charging infrastructure providers further boosts market growth, positioning North America as a leading wireless EV charging technology hub. The BEV segment in North America is intricately tied to the expanding Wireless EV Charging market. There is a growing network of wireless charging infrastructure across the region, making BEVs more accessible and convenient for users, further fostering substantial market growth.
Global Wireless EV Charging Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Wireless EV Charging Industry growth. Wireless EV Charging market has been segmented with the help of its Propulsion Type, Charging System Charging Type, and others. Wireless EV Charging market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, battery electric vehicles (BEV) held a prominent market share. Battery technology advancements have increased driving ranges, faster charging times, and reduced costs, making BEVs more practical and appealing to consumers. Further, as technological advancements and supportive policies drive adoption, the BEV segment continues to grow rapidly, with forecasts indicating further expansion in the coming years.
Plug-In Hybrid Electric Vehicle (PHEV) is the fastest-growing category over the forecast period. The surge in demand is due to viable alternatives to traditional internal combustion engine vehicles, offering consumers a balance between electric and gasoline powertrains. Further, automakers are expanding their PHEV offerings, introducing new models with improved battery range and performance to meet increasing consumer demand, marking PHEV as the fastest-growing segment.
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According to Cognitive Market Research, Inductive Power Transfer (IPT) holds a prominent market share. Technological advancements, including improvements in efficiency and charging speeds, have made IPT systems more appealing to electric vehicle owners. Further, government incentives, support for electric vehicle adoption, charging infrastructure development, and demand for efficient and reliable wireless charging solutions have bolstered the IPT segment's growth.
The Magnetic Power Transfer (MPT) segment is the fastest-growing category over the forecast period. Magnetic Power Transfer technology utilizes magnetic fields to transfer energy wirelessly between a charging pad and a receiver in the vehicle. As electric vehicle adoption continues to rise globally and demand for wireless charging infrastructure increases, Magnetic Power Transfer technology is expected to see significant growth and adoption in the market.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Wireless EV Charging market report 2024 Edition by contacting our team.
According to Cognitive Market Research, stationary wireless charging systems hold a prominent market share. Since it involves charging pads or plates installed in fixed locations, such as parking spaces or designated charging stations, where electric vehicles can park and charge wirelessly, this offers convenience and efficiency for electric vehicle owners, allowing for seamless charging experiences without needing physical connectors or cables.
Dynamic wireless charging systems are the fastest-growing category over the forecast period. It involves charging infrastructure embedded in roads or highways to enable continuous charging while the vehicle is in motion, showing promising potential for future applications. Further, technological advancements, government support, increasing adoption in public transportation, infrastructure development, and collaborations drive market expansion in the electric vehicle charging industry, further propelling the growth of this segment.
According to Cognitive Market Research, vehicle charging Pads hold a prominent market share. The surge in demand is due to the convenience and ease of use provided by vehicle charging pads, which offer electric vehicle owners a hassle-free charging experience. With the increasing adoption of electric vehicles globally, there is a growing demand for efficient and user-friendly charging solutions, further propelling the expansion of this segment.
Base charging pad is the fastest-growing category over the forecast period. It serves as the primary component of the charging system, providing the interface for transferring power wirelessly to the vehicle's charging pad. and ornamental plants. Further, technological advancements in wireless charging technology have enhanced the efficiency and reliability of base charging pads, making them more attractive to consumers.
According to Cognitive Market Research, 11-50KW hold a prominent market share. Chargers with power ratings between 11-50KW exhibit improved efficiency and significantly reduced charging times compared to those between 3-11KW. Further, as electric vehicle adoption rates increase and charging infrastructure expands to meet growing demand, the 11-50 kW charger segment continues to grow.
Less than 50KW is the fastest-growing category over the forecast period since they encompass a range of charging solutions suitable for various applications, including residential, commercial, and public charging. Chargers in the Less than 50 kW category offer flexibility and versatility, appealing to many users and driving their rapid growth in the electric vehicle charging market.
According to Cognitive Market Research, passenger cars hold a prominent market share. Ongoing advancements in electric vehicle technology, particularly battery technology, have significantly improved electric passenger cars' range, performance, and affordability. Further, various government incentives and regulations promoting sustainable transportation have played a crucial role in driving the adoption of electric passenger cars.
Commercial vehicles are the fastest-growing category over the forecast period as businesses progressively recognize the operational cost savings and potential for increased efficiency associated with electric commercial vehicles. Further, technological advancements, regulatory support, infrastructure development, and shifting market dynamics converge to accelerate the adoption of electric commercial vehicles, which are expected to result in continued growth in this segment.
Senior Research Analyst at Cognitive Market Research
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
According to Cognitive Market Research, inductive power transfer (IPT) holds a prominent market share, including technological advancements improving charging efficiency and convenience. Government incentives and regulations promoting clean energy adoption have boosted demand for IPT systems. Further, partnerships and collaborations among industry players have driven innovation and expanded the IPT segment's market reach, indicating a promising outlook for continued growth.
Resonant inductive power transfer (RIPT) is the fastest-growing category over the forecast period. As electric vehicle adoption continues to rise, the demand for faster and more convenient charging solutions drives the growth of RIPT technology in the wireless power transfer market. Further, RIPT offers advantages such as increased charging distances, improved alignment tolerance, and higher power transfer efficiency, propelling the growth of this segment.
Disclaimer:
Propulsion Type | Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Commercial EV |
Charging System | Magnetic Power Transfer, Inductive Power Transfer, Capacitive Power Transfer |
Charging Type | Dynamic Wireless Charging System, Stationary Wireless Charging System |
Component | Base Charging Pad, Power Control Unit, Vehicle Charging Pad, Battery Management Systems |
Power Supply | 3-11KW, 11-50KW, Less than 50KW |
Vehicle Type | Passenger Vehicles, Passenger Cars, Commercial Vehicle, Heavy Commercial Vehicles, Others, Electric Two-wheelers |
Distribution Channel | Aftermarket, OEM |
Charging Method | Capacitive Wireless Power Transfer (CWPT), Magnetic Gear Wireless Power Transfer (MGWPT), Resonant Inductive Power Transfer (RIPT), Inductive Power Transfer (IPT) |
Application | Commercial Charging Stations, Home Charging Unit |
List of Competitors | Witricity Corporation (U.S.) , Mojo Mobility Inc. (U.S.) , HEVO Inc. (U.S.) , WAVE LLC (U.S.) , Continental AG (Germany) , DAIHEN Corporation (Japan) , Toshiba Corporation (Japan) , ZTE Corporation (China) , ElectReon Wireless Ltd. (Israel) , Conductix-Wampfler GmbH (Germany) , Integrated Infrastructure Solutions GmbH (Germany) , Plugless Power LLC (U.S.) , TGOOD Global Ltd. (China) , InductEV Inc. (U.S.) , Lumen Pty Ltd (Australia) |
This chapter will help you gain GLOBAL Market Analysis of Wireless EV Charging. Further deep in this chapter, you will be able to review Global Wireless EV Charging Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Wireless EV Charging Market Trends North America Wireless EV Charging Technological Road Map North America Wireless EV Charging Market Drivers North America Wireless EV Charging Market Restraints North America Wireless EV Charging Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Propulsion Type Analysis 2019 -2031, will provide market size split by Propulsion Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Propulsion Type Analysis 2019 -2031
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Chapter 11 Market Split by Charging System Analysis 2019 -2031
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Chapter 12 Market Split by Charging Type Analysis 2019 -2031
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Chapter 13 Market Split by Component Analysis 2019 -2031
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Chapter 14 Market Split by Power Supply Analysis 2019 -2031
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Chapter 15 Market Split by Vehicle Type Analysis 2019 -2031
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Chapter 16 Market Split by Distribution Channel Analysis 2019 -2031
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Chapter 17 Market Split by Charging Method Analysis 2019 -2031
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Chapter 18 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Wireless EV Charging market
Chapter 19 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Battery Electric Vehicle (BEV) have a significant impact on Wireless EV Charging market? |
What are the key factors affecting the Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV) of Wireless EV Charging Market? |
What is the CAGR/Growth Rate of Magnetic Power Transfer during the forecast period? |
By type, which segment accounted for largest share of the global Wireless EV Charging Market? |
Which region is expected to dominate the global Wireless EV Charging Market within the forecast period? |
According to Cognitive Market Research, inductive power transfer (IPT) holds a prominent market share, including technological advancements improving charging efficiency and convenience. Government incentives and regulations promoting clean energy adoption have boosted demand for IPT systems. Further, partnerships and collaborations among industry players have driven innovation and expanded the IPT segment's market reach, indicating a promising outlook for continued growth.
Resonant inductive power transfer (RIPT) is the fastest-growing category over the forecast period. As electric vehicle adoption continues to rise, the demand for faster and more convenient charging solutions drives the growth of RIPT technology in the wireless power transfer market. Further, RIPT offers advantages such as increased charging distances, improved alignment tolerance, and higher power transfer efficiency, propelling the growth of this segment.
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