Wireless Electric Vehicle Charging Market size was valued at USD 74.80 Million in 2023 and is projected to reach USD 1254.36 Million by 2030, growing at a CAGR of 49.6% from 2023 to 2030.
Wireless Electric Vehicle Charging Market Overview
In an effort to cut emissions from tailpipes, OEMs and governments place a strong emphasis on the use of electric vehicles. The demand for charging stations is anticipated to rise dramatically in the near future as electric vehicle usage rises. The on-the-go wireless electric vehicle chargers can meet the demand and offer range extension since the plug-in charging stations require longer charging times. The market for wireless electric vehicle charging is expanding because it has many applications for both personal vehicles and commercial fleets.
The market for wireless electric car charging is based on the transmission of energy without the use of wires or cables from a power source to a consumer device. Electric vehicle power and charging is made possible by a dependable, practical, and secure technology. By doing away with physical connectors and cords, it also offers advantages over conventional charging systems that are effective, affordable, and safe. The market size for wireless electric vehicle charging is anticipated to grow along with the trend and attention toward autonomous ride-sharing, making it the most practical choice for OEMs or autonomous fleet operators. The market for wireless EV charging is expected to grow as OEM use increases.
- The increasing global population and heightened consumer demands are driving market growth during the forecast period.
- Rapid worldwide adoption of newly developed technologies is significantly expanding the market.
- Advanced technology and innovative features in electric vehicles, along with a well-developed charging infrastructure, are contributing to substantial market growth.
Furthermore, wireless charging for electric vehicles utilizes energy transmission without wires or cables, employing efficient and cost-effective magnetic induction. The increasing adoption of wireless charging for electric vehicles, driven by its benefits such as emission reduction, high efficiency, low maintenance, rising fuel and oil costs, infrastructure development, and increased research and development by the automotive industry, is boosting the market and its revenue share.
Key Market Challenges
- Increased Cost: The advancement and integration of new technologies and features in wireless charging for electric vehicles may lead to higher costs, posing a challenge to market growth. The novelty of these systems initially results in higher rates.
- Charging Station Infrastructure: Inadequate development of charging station infrastructure is limiting market expansion. The need for more wireless electric vehicle charging stations is vital to propel the market further.
- Upgrades: Continuous technological advancements may necessitate updates to wireless electric vehicle charging systems. These updates can be complex and costly, potentially hindering market growth.
- Low Efficiency: Despite its growth, wireless EV charging consumes 8-12% more power and is limited by the distance over which electric power can be transmitted via magnetic induction. Efficiency and safety concerns may impede market expansion.
Key Market Opportunities
- Government Support: Increasing support from governments in various regions, combined with growing consumer demand, is promoting the development and production of wireless EV charging vehicles. Government backing is driven by benefits such as ease of use, low maintenance, high efficiency, reduced costs, smaller battery size, lighter batteries, zero carbon dioxide emissions, reduced cable clutter, and safety enhancements, all of which are contributing to the growth of the wireless EV charging market.
- Key Market Players: The involvement of key market players in introducing advanced technologies and features, along with increased investments from the automotive industry, is driving market expansion during the forecast period.
- Developing Nations: Ongoing developments and research in the automotive industry that result in emission reduction, decreased noise pollution, and cleaner air is contributing to a cleaner and greener environment in developing nations, with no harmful effects on the environment.
The market has increased significantly due to a growing population, rising market demands, and better-developed technologies. The rapid adoption of newly developed innovative technologies with increased benefits from wireless electric vehicle charging, including simplicity of use, absence of carbon dioxide emissions and improvement of the global environment, higher efficiency, low maintenance requirements, and reduced shock effects. Through the transfer of electricity from one magnetic coil to another coil, the vehicle’s battery gets charged. Electric car wireless charging uses batteries that are the same size and weight as those used in practical vehicles. These two factors together account for a significant drop in the price of electric automobiles.
They can charge the automobile wherever they have parked it with the wireless charging an electric vehicle, which charges more quickly. Growing demand and more consumer knowledge have allowed the market to expand to a greater degree. Market participants play a significant role in new inventions across regions, and ongoing research and development have helped to improve wireless electric vehicle charging with high market demand. However, the market’s expansion is anticipated to be constrained by the pricey technology required for its integration and slower charging compared to other charging technologies.
Power Supply Category Insights
The wireless electric vehicle charging market is segmented by power supply into three categories: <11 KW, 11 – 50 KW, and >50 KW. The 3 – 11 KW power supply category is experiencing the fastest growth in electric power supply. It is primarily used for small and medium-sized batteries and is the most rapidly expanding segment for household and workplace charging.
Segmentation based on application comprises home charging units and commercial charging stations. Commercial charging stations are growing at a remarkable CAGR of 45%, driven by increased developments, technologies, well-developed infrastructures, and rising demand in various locations.
The Wireless Electric Vehicle Charging market is studied across North America, Europe, Asia Pacific, Latin America and the Middle East and Africa
When it comes to the adoption of electric vehicles, Europe is the world leader. Half of the passenger cars sold in Europe are anticipated to be electrified by 2030. The primary reason for promoting the adoption of electric vehicles in Europe is the strict CO2 emission requirements for the automobile industry set forth by the European Union. Governments all around Europe are putting more wireless EV charging infrastructure into place for commercial transportation. For example, Norway was the first nation to install wireless charging systems for electric taxis operating in the city of Oslo in 2018. This eliminated the need to locate chargers and plug in to charge.
WiTricity Corporation (U.S.), Plugless Power Inc. (U.S.), Momentum Wireless Power (U.S.), Groupe Delachaux (France), ELIX Wireless (North America), Mojo Mobility, Inc. (U.S.), HEVO Inc. (U.S.), TGood Global Ltd. (Hong Kong), Continental AG (Germany), Toshiba Corporation (Japan), ZTE Corporation (China), INTIS GmbH (Germany), WAVE Inc. (U.S.), Daihen Corporation (Japan), and Electreon Inc. (Israel).
- In South Korea, WiTricity debuted innovative, patented wireless charging technology for BEVs in October 2021. Hyundai Genesis, the first electric battery vehicle introduced in 2018, will make use of wireless charging technology. The Genesis GV60 will be offered in South Korea by the year 2022.
Segments covered in the report
By Charging Type
- Dynamic wireless charging system
- Stationary wireless charging system
- Base charging pad
- Power control unit
- Vehicle charging pad
By Power Supply
- 3 – < 11 KW
- 11 – 50 KW
- >50 KW
- Commercial Charging Station
- Home Charging Unit
By Charging System
- Inductive Power Transfer
- Capacitive Power Transfer
- Magnetic Power Transfer
- North America
- Latin America
- Middle East & Africa (MEA)