On-Road Electric Vehicles Charging Market - Forecasts from 2024 to 2029

The on-road electric vehicle charging market is expected to grow at a CAGR of 14.03%, reaching a market size of US$60.102 billion in 2029 from US$31.176 billion in 2024.

Contactless power transfer (CPT) is a mode of passing on or feeding power to two or more electrical circuits or devices without direct electrical contact or interconnection through magnetic induction. With contactless power transfer apparatuses, electric vehicles (EVs) can be charged without any physical connections. These systems are designed into the roads in such a way that the vehicle in motion can be charged.

The auto industry has made contactless charging development a necessity for EV users in the mass market and to prepare for the future of autonomy. Dynamic contactless power transmission involves the use of power while cars are driving or stationary on roads, highways, or urban intersections. This eliminates concerns about charging cords, ensuring users' batteries stay charged. Furthermore, as developing technologies suggest, such an approach is not viable for transport vehicles such as heavy trucks and buses, which require long-range operation, as batteries tend to be expensive and bulky.

On-road electric vehicle charging market drivers

Government initiatives towards on-road charging are contributing to the On-road electric vehicles charging market growth

Increased government backing for wireless charging, along with growing investments in smart highways in several nations, including the US, Germany, and Italy, among others, will open up new business prospects. A public wireless on-road charging system enabling electric cars to charge while moving was awarded a contract by the US Governor in February 2022. In Detroit, Electron constructed an electric road system (ERS) for a pilot project for inductive vehicle charging.

The successful conclusion of the final phase of the company's ERS pilot as part of the "Arena of the Future" project was also announced by Electron in Italy. To complete the project, the company incorporated its wireless technology to charge Stellantis's Fiat Nuova 500 passenger car and an IVECO bus while driving. The initiative, funded by Ford Motor, DTE Energy, and the city of Detroit, received a $1.9 million state contribution.

On-road electric vehicle charging market geographical outlook

Asia Pacific is witnessing exponential growth during the forecast period

The growth of on-road electric vehicle charging in the Asia-Pacific region will likely skyrocket throughout the estimation period. This is because there is a growing collaboration between car makers and aftermarket technology suppliers. Furthermore, the high cost is not a limiting factor in the region due to favorable government policies such as tax waivers and other benefits for electric vehicle owners. In addition, the charging station for electric vehicles market share is highly controlled by China. Throughout the forecast period, the auxiliary electric vehicle charging station market in the Asia Pacific is expected to experience consistent growth.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
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The on-road electric vehicle charging market is analyzed into the following segments:

By Transmission Type

• Photonic Light Waves
• Electromagnetic Waves

By Type

• Capacitive Coupling
• Inductive Coupling

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• Thailand
• Taiwan
• Others