Global Wireless Electric Vehicle Charging Market 2024–2033
Wireless Electric Vehicle Charging Systems Market Size, Trends and Insights By Power Supply (Less than 11 kW, More than 50 kW, 11 kW to 50 kW), By Type (Dynamic, Static), By Component (Base Pads, Vehicle Pads, Power Control Units, Battery Management Systems), By Technology (Capacitive Wireless EV Charging Systems, Perm…
The global wireless electric vehicle charging market was valued at USD 63 Mn in 2022 and is projected to reach USD 450 Mn by 2030, growing at a CAGR of 90%. Europe is the largest regional market and Asia-Pacific is growing fastest.
Global Wireless Electric Vehicle Charging Market 2023–2032 (By Million)
The surging demand for fast-charging infrastructure is boosting the market
According to Custom Market Insights (CMI), The Global Wireless Electric Vehicle Charging Market sizewas worth around USD 14 million in 2021 and is expected to reach USD 63 million in 2022 and is predicted to grow to around USD 450 million by 2030 with a compound annual growth rate (CAGR) of roughly 90% between 2022 and 2030.
The report analyses the Wireless Electric Vehicle Charging market’s drivers and restraints and their impact on demand throughout the projection period. In addition, the report examines global opportunities in the global Wireless Electric Vehicle Charging Systems market.
Wireless Electric Vehicle Charging Market Overview
Electric energy is transmitted to automobiles by electromagnetic induction during wireless electric vehicle charging, which helps charge the vehicle without any cables. Parking the car, positioning it close to a charging station or an inductive pad, and transferring the power require installing a second induction coil in the receiving vehicle. It is a dependable and safe technological approach for transmitting electric power. The most practical, cost-effective, and convenient solution has gained market trend by doing away with cables and connectors and improving vehicle economy.
Wireless Electric Vehicle Charging Market: COVID–19 Impact Analysis
Early in 2020, the COVID-19 outbreak had a minimal impact on the EV charging sector because of lockdowns. However, due to government incentives worldwide, the demand for EVs and related markets surged in 2021, which boosted the requirement for EV charging stations.
Globally, top EV charger producers and network providers have expanded the number of their personal and public EV chargers. For instance, Shell has over 250,000 EV charging stations worldwide as of December 2021, a massive increase from less than 50,000 in 2020. ABB also had over 400,000 EV charging stations as of December 2021, an increase of more than 100% from the prior year. In addition, all other networks and charging station makers have expanded the availability of EV charging. This market was less affected by the epidemic because of the significant drive by governments worldwide to phase out ICE automobiles.
Wireless Electric Vehicle Charging Market: Growth Drivers
Due to their effectiveness and environmental friendliness, electric vehicles are becoming increasingly popular, which has increased the need for fast-charging infrastructure. Electric cars are anticipated to be used for both long-distance and city commuting. However, most EVs today have a range of fewer than 100 miles, necessitating quick-charging technologies to guarantee smooth, uninterrupted driving. Since wireless charging can deliver up to 11 kilowatts of power, comparable to level-2 chargers, it offers a viable solution for the expanding, rapidly changing charging requirements. As a result, many wireless technology companies are investing heavily in developing fast-charging wireless power transmission technologies for electric vehicles, including WiTricity Corporation, Momentum Wireless Power, and Wave Inc.
Increased demand from consumers and the market, along with better benefits like ease of use, low maintenance, high efficiency, reduced cost, smaller battery size, light weight of the battery, zero emission of carbon dioxide, reduced storage of the wires or cables, and no shocks, have all contributed to the development and production of wireless electric vehicle charging vehicles.
Wireless Electric Vehicle Charging Market Segmentation Analysis
In our research scope, the wireless EV charging market is segmented into type, component, technology, power supply, propulsion, and application. The need for wireless electric vehicle (EV) charging systems is primarily divided into static and dynamic wireless EV charging systems based on type. During the projected period, the static wireless EV charging systems segment is anticipated to grow at the most significant CAGR.
Leading shared mobility and taxi fleet operators worldwide are increasingly adopting stationary wireless EV chargers for fleet charging applications, and numerous pilot projects are being conducted by top automobile OEMs to integrate these chargers into their electric vehicles.
The wireless electric vehicle charging market is classified into four categories based on technology: inductive wireless EV charging systems, resonant inductive wireless EV charging systems, and capacitive wireless EV charging systems. During the projection period, the sector for inductive wireless EV charging systems is anticipated to have the most significant CAGR.
Due to the inductive wireless EV charging systems' high effectiveness due to the close coupling of the primary and secondary coils, low heat buildup in the system allowing significant power transfer, and increased efforts by major automotive OEMs to incorporate wireless charging capabilities into their vehicles, this market has experienced rapid growth.
Report Scope
Feature of the Report
Details
Market Size in 2021
USD 14 Million
Projected Market Size in 2030
USD 450 Million
Market Size in 2022
USD 63 Million
CAGR Growth Rate
90% CAGR
Base Year
2023
Forecast Period
2024-2033
Prominent Players
Toyota Motor Corporation, TGOOD Global Ltd, Toshiba Corporation, Momentum Dynamics Corporation, Robert Bosch GmbH, Tesla, Continental AG, HELLA GmbH & Co. KGaA, ZTE Corporation, WiTricity Corporation, Qualcomm Technologies, Renesas electronics, Powermat Technologies, Nidec mobility corporation, Evatran group, and Others
Key Segment
By Power Supply, Type, Component, Technology, Propulsion, Application, and Region
Report Coverage
Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options
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Key Insights:
As per the analysis shared by our research analyst, the Wireless Electric Vehicle Charging market is estimated to grow annually at a CAGR of around 90% over the forecast period (2022-2030).
In terms of revenue, the Wireless Electric Vehicle Charging market size was valued at around USD 14 million in 2021 and is projected to reach USD 450 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on type segmentation, the static wireless EV charging systems segment was estimated to hold the maximum market share in 2021.
Based on application segmentation, the commercial wireless EV charging systems segment was the top revenue-generating category in 2021.
Based on technology segmentation, the inductive wireless EV charging systems segment is expected to grow at a high CAGR from 2022 to 2030.
Based on geography/region, the Europe region was the leading revenue generator in 2021.
Recent Development
May 2021: In the Austin, Texas, Flex contract manufacturing plant, HEVO developed a ground-based pad and began manufacture and production. 200 units are expected to be ordered, according to estimates, in the first quarter of 2021.
December00202021: The Toyota Motor Corporation plans to create cutting-edge technologies, such as a wireless electric power transfer system that allows a car to be charged even as it is being driven. In this system, charging mechanisms for roads on highways or city crossings are involved.
Regional Landscape
In 2021, Europe led the wireless electric vehicle charging market. The widespread use of wireless EV charging systems in Europe is primarily attributed to the region's growing electric vehicle adoption, numerous wireless EV charging technology pilot projects throughout Europe, and government initiatives to examine the viability of wireless EV charging technology. In addition, to lessen range anxiety related to electric vehicles, electric mobility stakeholders across Europe are initiating new projects to create a sustainable road transportation infrastructure that can charge electric cars on the move.
Competitive Landscape
The industry participants constantly attempt to improve their current product portfolios and develop new products. As a result, these players favor partnerships with other EV producers for strategic growth.
Prominent Players:
Toyota Motor Corporation
TGOOD Global Ltd
Toshiba Corporation
Momentum Dynamics Corporation
Robert Bosch GmbH
Tesla
Continental AG
HELLA GmbH & Co. KGaA
ZTE Corporation
WiTricity Corporation
Qualcomm Technologies
Renesas electronics
Powermat Technologies
Nidec mobility corporation
Evatran Group
The global Wireless Electric Vehicle Charging market is segmented as follows:
By Power Supply
Less than 11 kW
More than 50 kW
11 kW to 50 kW
By Type
Dynamic
Static
By Component
Base Pads
Vehicle Pads
Power Control Units
Battery Management Systems
By Technology
Capacitive Wireless EV Charging Systems
Permanent Magnet Gear Wireless EV Charging Systems
Which region will dominate the global Wireless Electric Vehicle Charging Systems market?
"Europe" region will lead the global Wireless Electric Vehicle Charging Systems market during the forecast period 2022 to 2030.
Which are the driving factors of the Wireless Electric Vehicle Charging Systems market?
The key factors driving the market are Increasing electrification of vehicles, increasing focus on R&D activities, and rapid technological changes to propel the Wireless Electric Vehicle (EV) Charging market growth.
Who are the top players operating in the Wireless Electric Vehicle Charging Systems market?
The key players operating in the Wireless Electric Vehicle Charging Systems market are Toyota Motor Corporation, TGOOD Global Ltd, Toshiba Corporation, Momentum Dynamics Corporation, Robert Bosch GmbH, Tesla, Continental AG, HELLA GmbH & Co. KGaA, ZTE Corporation, WiTricity Corporation, Qualcomm Technologies, Renesas electronics, Powermat Technologies, Nidec mobility corporation, Evatran group.
What will be the CAGR of global Wireless Electric Vehicle Charging Systems market?
The global Wireless Electric Vehicle Charging Systems market is expanding growth with a CAGR of approximately 90% during the forecast period (2022 to 2030).
What is the existing size of Wireless Electric Vehicle Charging Systems market?
The global Wireless Electric Vehicle Charging Systems market size was valued at USD 14 Million in 2021 and it is projected to reach around USD 450 Million by 2030.
Ayush Kadam is a Senior Market Research Analyst at Custom Market Insights, with over seven years of experience in syndicated and custom market research. He specializes in market sizing, competitive intelligence, industry trends, forecasting, and strategic insights, helping clients turn complex data into actionable business decisions.