Wireless Electric Vehicle Charging Market

The global market for wireless electric vehicle charging was valued at $6,857.80 thousand in 2020 and is projected to reach $207,415.10 thousand by 2030, exhibiting a CAGR of 41.4% from 2023 to 2030.

The increasing emphasis by OEMs and governments on electric vehicle usage to reduce tailpipe emissions is driving the demand for charging stations. As the demand for electric vehicles grows, the need for efficient charging infrastructure is expected to increase significantly. Wireless electric vehicle chargers offer the advantage of on-the-go charging, providing range extension without the need for plug-in charging stations. This technology has applications in both individual cars and commercial fleets, thereby fostering the growth of the wireless electric vehicle charging market.

The COVID-19 pandemic has presented unprecedented challenges across the globe, impacting various industries including automotive. Lockdown measures and restrictions have significantly affected the requirement for electric vehicle charging infrastructure. The wireless electric vehicle charging industry has also faced unexpected challenges due to the pandemic. OEMs and other stakeholders are adopting innovative business models in response to the post-COVID-19 scenario.

Wireless electric vehicle charging is a technology that enables the transmission of energy from a power source to an electric vehicle without the use of wires or cables. It offers reliability, convenience, and safety for powering and charging electric vehicles. Compared to traditional charging systems, wireless charging provides efficiency, cost-effectiveness, and safety advantages by eliminating the need for physical connectors and cables. With the growing trend towards autonomous ride-sharing, the wireless electric vehicle charging market is expected to expand and become a preferred option for OEMs and autonomous fleet operators.

The market growth is anticipated to be boosted by higher adoption from OEMs. However, challenges such as the integration cost of the technology and slower charging compared to other charging technologies may hinder market growth.

The wireless electric vehicle charging market is segmented based on power source, charging methods, installation, distribution channel, vehicle type, and region. Power source segmentation includes 3–<11 kW, 11–50 kW, and >50 kW based on power output requirements. Charging methods are categorized as capacitive wireless power transfer (CWPT), magnetic gear wireless power transfer (MGWPT), resonant inductive power transfer (RIPT), and inductive power transfer (IPT). Installation types include home and commercial installations. The distribution channel is divided into OEMs and aftermarket. Vehicle types encompass battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and commercial electric vehicles. The market analysis covers North America, Europe, Asia-Pacific, and LAMEA regions.

Major market players profiled in the report on the wireless electric vehicle charging market include IPT technology inc., Continental AG, Evatran group (plugless), Nidec mobility corporation, Renesas electronics, Powermat technologies, Qualcomm technologies, Robert Bosch GmbH, Texas instruments, Toyota motor corporation, and Witricity. The report provides a competitive analysis and profiles of these key market players.

Increase in Sales of Electric Vehicles (EVs)

The growing demand for wireless connected devices and low-maintenance vehicles among consumers has led to increased awareness and interest in electric vehicles. This surge in awareness and demand has resulted in a significant increase in the production of electric vehicles. According to a report by the IEA organization in 2022, global electric vehicle sales reached 6.7 million units in 2023, an increase of 3.7 million units compared to 2020, accounting for a 4.1% market share. Battery electric vehicles (BEVs) accounted for two-thirds of new electric vehicle registrations in 2020 and two-thirds of all vehicles. Europe holds the largest share of electric vehicles with 2.3 million units, while China experienced the highest annual increase in 2023, reaching 3.4 million units.

Additionally, according to a 2023 report by the International Council on Clean Transportation (ICCT), the electric automobile industry in the United States has seen significant growth, with sales increasing from thousands of vehicles in 2010 to over 315,000 vehicles sold between 2018 and 2020. In 2020, electric vehicles accounted for about 2.4% of total vehicle sales, up from about 2% in 2019. This rise in electric vehicle production contributes to the growth of the wireless electric vehicle charging market during the forecast period.

Expensive Integration of Technology and Slower Charging

The wireless electric vehicle charging market faces challenges due to the slower charging rate and higher integration costs compared to traditional cable chargers. For example, the wireless charging technology offered by Robert Bosch GmbH for electric vehicles costs between $3000 and $4000, providing 3.6 kW power output. In addition, wireless charging devices have limitations in terms of distance.

RF energy technology is not effective for transferring energy over long distances, which poses a challenge for electric vehicles that require longer charging times based on battery capacity. Devices take longer to charge when the power supplied remains the same. Furthermore, the technology is more expensive as inductive charging requires drive electronics and coils in both the devices and chargers, adding complexity and manufacturing costs. However, advancements in technology are expected to reduce transfer losses and improve charging speed.

Key Benefits for Stakeholders

• This report offers a quantitative analysis of market segments, current trends, estimations, and dynamics in the wireless electric vehicle charging market from 2020 to 2030, identifying prevailing opportunities.
• It provides market research along with information on key drivers, restraints, and opportunities.
• Porter's five forces analysis helps stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network by assessing the potency of buyers and suppliers.
• In-depth analysis of market segmentation assists in determining prevailing market opportunities.
• Major countries in each region are mapped based on their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the current market position of key players.
• The report includes analysis of regional and global wireless electric vehicle charging market trends, key players, market segments, application areas, and market growth strategies.

Wireless Electric Vehicle Charging Market Segmentation

By Distribution Channel

• OEMS
• AFTERMARKET

By Charging Method

• CWPT
• MGWPT
• RIPT
• IPT

By Installation

• Home
• Commercial

By Vehicle Type

• BEV
• PHEV
• CEV

By Power Source

• 3≤11 KW
• 11–50 KW
• >50 KW

By Region

• North America  (U.S., Canada, Mexico)
• Europe  (U.K., Germany, France, Netherlands, Norway, Rest of Europe)
• Asia-Pacific  (China, Japan, India, South Korea, Rest Of Asia Pacific)
• LAMEA  (Latin America, Middle East, Africa)