The global wireless charging market for electric vehicles size is projected to grow from USD 80 Million in 2023 to USD 1279 Million by 2030, at a CAGR of 48.4%. The demand for wireless charging solutions for electric vehicles is anticipated to increase owing to the development of fast-charging infrastructure for electric vehicles across the globe. Also, anticipated rise in sales of electric vehicles paired with advantages of wireless charging over wired charging are expected to bolster the revenue growth of the wireless charging market for electric vehicles.
The PHEVs segment is expected to have significant opportunities during the forecast period
The PHEVs segment of the wireless charging market for electric vehicles is expected to have significant opportunities in Europe during the forecast period. The market growth in Europe in wireless charging can be attributed to leading players in the wireless charging market, such as INTIS Integrated Infrastructure Solutions GmbH (Germany) and ENRX (Norway). These players offer wireless charging technology for plug-in hybrid electric vehicles as well as battery electric vehicles. An increasing number of projects related to smart roads in Germany, UK, Sweden, and Norway is also expected to bolster revenues for the PHEVs segment in Europe during the forecast period. In April 2023, ENRX partnered with Central Florida Expressway Authority (CFX) and ASPIRE Engineering Research Center for an initiative to build a one-mile electrified roadway in Florida. Such projects will encourage OEMs to offer OE-fitted wireless charging systems to the PHEVs segment. All these factors are expected to boost the revenue growth of the wireless charging market for electric vehicles.
Power control unit segment is likely have noticeable grow in the wireless charging market for electric vehicles during the forecast period
The power control unit segment Europe is expected to register a noticeable growth with CAGR of 47.1% during the forecast period. UK and Germany are the hubs of electronic component manufacturing in the region and are expected to drive market growth in the European region.
Overall, the incorporation of wireless charging technologies in vehicles by automotive manufacturers, such as Tesla, Inc. (US), Hyundai (South Korea), and BMW Group (Germany), and increasing focus on stationary and dynamic charging technologies are some of the key factors anticipated to support the growth of the overall wireless charging market for electric vehicles. The PCU plays an important role in ensuring the safety and efficiency of wireless charging for EVs. The PCU regulates the power flow between the transmitter and receiver coils. This helps to prevent overheating, arcing, and other potential hazards. The PCU also helps to maximize the efficiency of the charging process, which can help to extend the battery life of the EV.
Europe shows high growth potential for wireless charging market for electric vehicles
Europe region is expected to register the highest growth in the wireless charging market for electric vehicles during the forecast period. This is owing to the increasing sales of EVs equipped with wireless charging systems. An increase in electric vehicle sales and a large number of charging stations would drive the growth of the wireless charging market for electric vehicles in Spain, Norway, Sweden, Austria, and UK, among others. In April 2023, WiTricity Corporation and ABT e-Line announced to bring wireless EV charging to the streets of Europe. With demonstrated experience working with the Volkswagen Group (VW), ABT e-Line (Germany) will initially upgrade the VW ID.4 model by early 2024 to support wireless charging technology offered by WiTricity Corporation. In January 2021, ElectReon completed the deployment of 1.65 km of a dynamic wireless charging system on a public road in Gotland, Sweden..
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the wireless charging market for electric vehicles. The break-up of the primaries is as follows:
- By Company Type: OEMs – 30%, Tier 1 –62% and others – 8%,
- By Designation: C Level Executives – 30%, Manager – 55%, and Executives – 15%
- By Region: North America – 36%, Europe – 42%, Asia Pacific – 19%, Rest of World – 3%
Research Coverage:
The study covers the wireless charging market for electric vehicles across various segments. It aims at estimating the market size and future growth potential of this market across different segments such as application, component, charging system, charging type, power supply range, propulsion, vehicle type, and region. The study also includes an in-depth competitive analysis of key market players, their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
This research report categorizes wireless charging market for electric vehicles by Application (Commercial Charging Stations and Home Charging Units), Component (Base Charging Pads, Power Control Units, and Vehicle Charging Pads), Charging Type (Stationary Wireless Charging Systems and Dynamic Wireless Charging Systems), Propulsion (BEVs and PHEVs), Vehicle Type (Passenger Cars, and Commercial Vehicles), Power Supply Range (Up to 3.7 kW, Above 3.7–7.7 kW, Above 7.7–11 kW, and Above 11 kW), Charging System (Magnetic Resonance Charging, Inductive Charging, and Capacitive Charging), and Region (Asia Pacific, Europe, North America and Rest of the World).
The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the wireless charging market for electric vehicles. A detailed analysis of the key industry players provides insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the wireless charging market for electric vehicles. Competitive analysis of SMEs/startups in the wireless charging market for electric vehicles ecosystem is covered in this report.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall wireless charging market for electric vehicles and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Increasing penetration of electric vehicles worldwide, focus toward wireless V2G energy transfer, rapid development of fast-charging infrastructure for electric vehicles, advantages of wireless charging over wired charging, strong government support for emission-free electric vehicles and wireless charging solutions), restraints (High cost of upgrading to wireless charging technology, lower charging efficiency than wired charging), opportunities (Increasing demand for semi-autonomous vehicles, reduced ev prices, increasing support from governments for wireless charging, increasing investments for dynamic wireless charging technology), and challenges (Minimizing loss of efficiency, high investment in infrastructure for dynamic charging) influencing the growth of the wireless charging market for electric vehicles
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the wireless charging market for electric vehicles
- Market Development: Comprehensive information about lucrative markets – the report analyses the wireless charging market for electric vehicles across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the wireless charging market for electric vehicles
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like WiTricity Corporation (US), InductEV Inc. (US), Plugless Power Inc. (US), Electreon (Israel), and HEVO Inc. (US), among others in the wireless charging market for electric vehicles.
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