The global wireless charging market for electric vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%. Factors such as rising penetration of the electric vehicles around the world, along with the increasing focus of automotive OEMs towards autonomous vehicles will boost the demand for the wireless charging market for electric vehicles. However, the high cost of upgrading to wireless charging technology may restrain the growth of the market. Increasing investments for dynamic wireless charging technology, paired increasing support from several governments for wireless charging is likely to create lucrative opportunities for wireless charging market for electric vehicles.
“>50 KW segment is expected to grow at a significant rate during the forecast period, by power supply range.”
The >50 kW segment of the wireless charging for electric vehicle market is projected to grow at the noticeable rate during the forecast period. The increasing adoption of electric buses and rising investment in the dynamic wireless charging system for electric vehicles by several countries such as the US, Italy, Germany, and Sweden, are also expected to augment revenues for the >50 kW power supply segment in the wireless charging market for electric vehicles during the forecast period.
“Asia Pacific is expected to be the fastest-growing market during the forecast period.”
The Asia Pacific region comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. In recent years, the region has emerged as a hub for automobile production. The increased purchasing power of the population and growing concerns about the environment have triggered the demand for electric vehicles in the Asia Pacific region. The concept of reducing carbon emission by electrifying transportation has caught the attention of local and national governments. Hence, the use of electric vehicles has become popular in the region. Governments are focusing on providing extensive charging infrastructure to promote the use of electric vehicles.
Governments in the Asia Pacific region are also focusing on the standardizing wireless charging technology and providing subsidies to promote EV sales. In 2020, China set a national standard GB/T 38775 for wireless charging of electric vehicles based on WiTricity technology. The Standardization Administration of the People’s Republic of China (SAC) ratified and published the first four national standards for wireless charging of electric vehicles. GB/T 38775.1, GB/T 38775.2, GB/T 38775.3, and GB/T 38775.4 are the national standards that provide a framework for Tier 1 suppliers, carmakers, and infrastructure suppliers to develop as well as commercialize wireless charging systems for electric vehicles that meet guidelines of performance and safety. This effort of standardizing the wireless charging technology would augment the revenue growth of the wireless charging market in China in the coming years. In 2020, the Indian government announced National Electric Mobility Mission Plan (NEMMP) 2020 to place India’s EV mission on a faster track.
“Europe to estimated be the largest region in the wireless charging market for electric vehicles during the forecast period”
Europe is estimated to account for 66% of the global wireless charging market for electric vehicles in 2022 by volume. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of economical batteries and increasing range. The charging infrastructure in Europe is expected to become more widespread due to favorable policies and government support. The sales of electric vehicles in the European region increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.
The demand for electric vehicles has increased significantly due to the focus on zero- or low-emission vehicles in the region. For instance, the UK announced plans to phase out petrol/diesel-based vehicles by 2030 and encourage the growth of EVs. According to a report by the European Environmental Agency in November 2021, in Europe, 11.41% of all new vehicle registrations have been EVs. In 2020, EV registrations increased drastically in top European markets. Norway had 75%, Iceland had 46%, Sweden had 33%, and the Netherlands had 28% of new EV registrations. Ongoing projects related to dynamic wireless charging systems in Germany, Italy, and Sweden, among others, are expected to support the market growth in this region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: OEMs - 24%, Tier I - 67%, and Others - 9%
- By Designation: C Level Executives - 33%, Managers - 52%, and Others - 15%
- By Region: North America - 41%, Europe - 23%, Asia Pacific - 32%, and RoW - 4%
The wireless charging market for electric vehicles is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc. (US), Efacec (Portugal), and HEVO Inc. (US). They develop products/systems for the electric vehicle ecosystem. They have initiated partnerships to develop their wireless EV charging technology and provide finished products to their respective customers.
The report covers the wireless charging market for electric vehicles, in terms of Power Supply Range (3–<11 Kw, 11–50 Kw, and >50 kW), Application (Home Charging Units, and Commercial Charging Unit), Distribution Channel (Aftermarket and OE), Component (Base Charging Pad, Power Control Unit, and Vehicle Charging Pad), Charging System (Inductive Power Transfer, Capacitive Power Transfer, and Magnetic Power Transfer), Charging Type (Dynamic and Stationary), Propulsion Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)), Vehicle Type (Passenger Cars and Commercial Vehicle), and Region (Asia Pacific, Europe, North America, and Row). It covers the competitive landscape and company profiles of the major players in the wireless charging market for electric vehicles ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall wireless charging market for electric vehicles and its subsegments.
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- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.