Global Wireless Electric Vehicle Charging Market Share Is Likely To Reach At A CAGR Value Of Around 90.1% By 2030

22-Feb-2023 | Facts and Factors

According to Facts and Factors, the global wireless electric vehicle charging market size was worth around USD 15 million in 2021 and is predicted to grow to around USD 500 million by 2030 with a compound annual growth rate (CAGR) of roughly 90.1% between 2022 and 2030.

Electric vehicles (EVs) have gained high popularity within a few years of their commercial availability and so have the associated technologies or infrastructure. The wireless EV charging system is a prime example signifying the changing technological growth in the EV sector. The global industry works on energy transmission without using cables or traditional wired ways of energy transfer. EVs can be charged wirelessly without having to use a connector as a bridge between the vehicle and the power source. The technology is extremely secure, practical, and dependable and can efficiently charge electric vehicles. The concept used in the wireless electric vehicle charging systems is the same as the principle behind transformer production.

Browse the full “Wireless Electric Vehicle Charging Market Size, Share, Growth Analysis Report By Application (Home Charging Unit and Commercial Charging Station), By Charging Method (Resonant Inductive Power Transfer (RIPT), Capacitive Wireless Power Transfer (CWPT), Inductive Power Transfer (IPT), and Magnetic Gear Wireless Power Transfer (MGWPT)), By Power Supply (More than 50 KW, 11 to 50 KW, and 3 to less than 11 KW), By Propulsion (Battery Electric Vehicle (BEV), Commercial Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Crew Exploration Vehicle), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/wireless-electric-vehicle-charging-market

Furthermore, the zero requirements of chords or physical connecting systems offer various advantages and convenience as compared to the conventional wired way of charging. As the demand for electric vehicles is reaching new heights every year, the global market is anticipated to register significant growth during the projection period.

The global wireless electric vehicle charging market is projected to grow owing to the increasing investment in the EV industry directed toward the production and sale of electric vehicles necessitating the need for supportive infrastructure to keep the market running. Furthermore, the changing preference of consumers along with a rising emphasis on the development of fuel-efficient automobiles either for commercial or noncommercial purposes could drive the global market growth.

Currently, the primary source of ignition used for running automobiles is crude oil which undergoes a refining process to produce gasoline or diesel. Apart from a nonrenewable source of energy, the constantly increasing prices of fuels have led to more consumers opting for alternative vehicles, especially electric automobiles.

As per reports submitted by the French Ministry of Foreign Affairs and International Development, Japan, Europe, and the US are expected to emerge as the leading markets for the EV sector. This trend can be attributed to increasing technological growth with the adoption and emergence of new systems and innovative features.

One of the key growth restraints in the wireless electric vehicle charging industry is the high cost associated with technology integration as compared to traditional wired charging technology. Wireless technology is an advanced version of communication systems and requires the assistance of specially designed software, a signal receiver, and a sender along with an exclusive storage structure.

The currently available wireless electric vehicle charging technology cannot deliver performance over a long range which means that the vehicle has to be in proximity of the charging source, a factor that does not affect wired charging to a certain extent. The growing research may provide growth opportunities whereas the lack of supportive infrastructure could challenge market expansion.

Segmental Overview

The global wireless electric vehicle charging market is segmented based on application, vehicle, power supply, propulsion, and region

Based on application, the global market is divided into home charging units and commercial charging station

By charging method, the global market is segmented into resonant inductive power transfer (RIPT), capacitive wireless power transfer (CWPT), inductive power transfer (IPT), and magnetic gear wireless power transfer (MGWPT).

• In 2021, the wireless electric vehicle charging industry was dominated by the IPT segment and is projected to register a CAGR of 37.31% during the forecast period
• For operational purposes, the systems involved in the IPT method utilize coupling between two circuits which means that IPT can be considered as a transformer in two-parts
• The main transformer works with the power source whereas the other transformer works with the batteries installed in the system
• Both the transformer, in most cases, are in the form of coils

Based on power supply, the global market segments are more than 50 KW, 11 to 50 KW, and 3 to less than 11 KW.

Based on propulsion, the global market is segmented into battery electric vehicle (BEV), commercial electric vehicle, plug-in hybrid electric vehicle, and crew exploration vehicle

• The wireless electric vehicle charging industry witnessed the highest growth in the commercial electric vehicle segment and is currently expected to grow at a CAGR of 34.75% 
• This segment includes transport automobiles like trucks and buses along with companies operating in the pick-up drop car services
• Major EV players in the market are investing in developing large EVs meant for public transport which could be a resulting growth factor

Regional Overview

Europe is projected to register the highest growth in the wireless electric vehicle charging market mainly driven by the growing presence of the EV sector. Germany could become the leading regional market contributor propelled by the rising investments for technological growth in the automobile segment along with the government initiatives to adopt fuel-efficient vehicles for public transport. Asia-Pacific is projected to grow at a CAGR of 38.1% with Japan and China leading with the highest revenue mainly encouraged by government expenditure on infrastructure development. Recently the Automotive Research Association of India (ARAI) announced its plan to roll out almost 200 EV charging units across the country.

Report Scope

Competitive Landscape

The global wireless electric vehicle charging market is led by players like Tesla, Toshiba Corporation, Toyota Motor Corporation, Qualcomm Technologies, Momentum Dynamis, Renesas electronics, WiTricity Corporation, Robert Bosch Gmbh, Evatran group, IPT group, Integrated Device Technology, Continental Ag, Texas Instruments Inc, Nidec Mobility Corporation, Elix Wireless, Nission, ZTE Corporation, Plugless Power, HEVO power, BMW, INTIS GmbH, TGood Global Ltd., Daihen Corporation, WAVE Inc., Groupe Delachaux, Electreon Inc., Mojo Mobility, Inc. HEVO Inc., and Powermat Technologies.

Recent Developments:

• In June 2022, Siemens, a multinational conglomerate corporation announced that it will invest USD 25 million in WiTricity, also acquiring a minority stake. The latter is a company operating in the wireless charging segment and the investment will be directed toward developing wireless charging technology for EVs
• In March 2022, Volvo Cars stated that it was investing in testing out new wireless charging systems for EVs in the live-city environment. The charging station was installed in Gothenburg, Sweden

The global wireless electric vehicle charging market is segmented as follows:

By Application

• Home Charging Unit
• Commercial Charging Station

By Charging Method

• Resonant Inductive Power Transfer (RIPT)
• Capacitive Wireless Power Transfer (CWPT)
• Inductive Power Transfer (IPT)
• Magnetic Gear Wireless Power Transfer (MGWPT)

By Power Supply

• More than 50 KW
• 11 to 50 KW
• 3 to less than 11 KW

By Propulsion

• Battery Electric Vehicle (BEV)
• Commercial Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Crew Exploration Vehicle

By RegionNorth America

• The U.S.
• Canada
• Mexico

• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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