Global Wireless Electric Vehicle Charging Market Worth USD 229 million by 2030 | CAGR of 36.4%

Introduction

The wireless electric vehicle charging industry is based on transmitting energy without wires or connections from a power source to a consuming device. It provides a dependable, convenient, and secure method for charging and powering electric automobiles. In addition, eliminating physical connectors and wires delivers efficient, cost-effective, and secure advantages over conventional charging methods. In the near future, the need for charging stations is anticipated to expand due to the rising popularity of electric vehicles. As plug-in charging stations require longer charging times, on-the-go wireless electric car chargers can meet the need and extend the vehicle's range. Wireless charging offers numerous applications for automobiles and commercial fleets, boosting the wireless electric vehicle charging market.

Market Dynamics

Increase in Sales of Electric Vehicles (EVs) to Drive the Global Wireless Electric Vehicle Charging Market

EVs offer various advantages, such as reduced fuel (petrol, diesel, and gas) consumption and lower exhaust emissions, significantly increasing global demand. Consequently, the need for wireless charging for electric or plug-in hybrid vehicles is anticipated to increase during the forecast period.

In addition, leading companies in the wireless electric vehicle market are using a variety of strategic measures, such as product development and collaboration, to capitalize on the market opportunity. Nichicon Corporation and Qualcomm, for instance, agreed to a strategic alliance. Nichicon Corporation is anticipated to include Qualcomm Halo wireless electric vehicle charging (WEVC) technology in its product range and to focus on commercializing Qualcomm Halo wireless electric car charging WEVC technology for hybrid and electric vehicles based on the agreement.

In addition, the demonstration is conducted on an electric vehicle in Satory Versailles, France, using an inductive device that is wirelessly charged. GroundPad is fitted with a powerful electric vehicle charging technology that allows electric automobiles to charge their batteries while in motion. In the near future, the expansion of the wireless electric car charging market is anticipated to be driven by these most recent trends.

Excessive Research in Far-Field Wireless Charging Technologies to Provide Opportunities for the Global Wireless Electric Vehicle Charging Market

Many technologies are incapable of long-distance transmission. This can be circumvented by employing cutting-edge laser and microwave energy transmission methods. These techniques are classified as far-field wireless charging. The laser beam is a coherent light beam that can transmit exceptionally high amounts of energy along a line of sight. Companies like Nokia, Google, and others are pursuing research to produce Qi-compatible wireless charging solutions that utilize microwave or laser beam technologies. These technological breakthroughs in wirelessly charging electric vehicles are anticipated to stimulate market expansion. Thus, extensive research in far-field wireless charging technologies is expected to create a potential market expansion opportunity.

Regional Insights

Region-wise, the global wireless electric vehicle charging market is bifurcated between North America, Europe, Asia-Pacific, and LAMEA.

Europe was the highest revenue contributor, accounting, and is estimated to grow at a CAGR of 35.9%. The European market is evaluated for the United Kingdom, Germany, France, Italy, and the rest of Europe. Due to the region's technological breakthroughs in wireless charging devices, Europe is predicted to experience a rapid growth rate throughout the projection period. Due to a surge in demand for fuel-efficient and long-lasting charging solutions for electronic products such as power tools and portable devices, the European electronics market is developing rapidly. Increasing sales of electric vehicles in Germany, the Netherlands, France, Denmark, and Sweden, as well as countries with above-average growth, are anticipated to contribute to market expansion.

Asia-Pacific is the second largest region. It is estimated to reach an expected value of USD 55 million by 2030, registering a CAGR of 38%. Due to the rapid increase in electric vehicles in China and Japan, the Asia-Pacific region has substantial development potential. The expansion of the EV chargers market in this area is anticipated to be bolstered by several government efforts to construct electric car charging infrastructure. The Automotive Research Association of India (ARAI) intended to install over 200 EV charging stations around India. Together, these elements are predicted to propel market expansion significantly.

North America is the third largest region. North America encompasses the U.S., Canada, and Mexico. The expansion of this region's wireless electric car charging market has been fueled by increased demand for portable and wireless gadgets and technological improvements throughout the industry. Demand for wireless charging systems is anticipated to expand in North America, primarily due to the expansion of the electronics sector and the rise in sales of electric vehicles. Moreover, growth in environmental consciousness in the North American automobile market has led to an increase in the sale of electric vehicles equipped with fuel-efficient and environmentally friendly wireless charging equipment.

Key Highlights

• The global wireless EV charging market was valued at USD 14 million in 2021 and is estimated to reach an expected value of USD 229 million by 2030, registering a CAGR of 36.4% during the forecast period (2022 – 2030).
• By power source, the global wireless electric vehicle charging market is segmented into 3–<11 kW, 11–50 kW, and >50 kW. The 11–50 kW segment was the highest contributor to the market and is estimated to grow at a CAGR of 36.4% during the forecast period.
• Based on charging methods, the global wireless electric vehicle charging market is segmented into capacitive wireless power transfer (CWPT), magnetic gear wireless power transfer (MGWPT), resonant inductive power transfer (RIPT), and inductive power transfer (IPT). The IPT segment was the highest contributor to the market and is estimated to grow at a CAGR of 37.3% during the forecast period. 
• By installation type, the global wireless electric vehicle charging market is segmented into the home and commercial installations. The commercial segment was the highest contributor to the market and is estimated to grow at a CAGR of 36.2% during the forecast period. 
• Depending on the distribution channel, the global wireless electric vehicle charging market is bifurcated into OEMs and aftermarkets. The aftermarket segment was the highest contributor to the market and is estimated to grow at a CAGR of 36.0% during the forecast period.  
• By vehicle type, the global wireless electric vehicle charging market is bifurcated into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and commercial electric vehicles. The commercial EV segment was the highest contributor to the market and is estimated to grow at a CAGR of 34.7% during the forecast period. 

Competitive Players

Competitive Landscape

The key players in the global wireless electric vehicle charging market include Continental AG, Robert Bosch GmbH, Qualcomm Inc., Toyota Motor Corporation, Powermat Technologies Ltd, Texas Instruments Inc., Witricity Corporation., Toshiba Corporation., Elix Wireless, Evatran Group Inc., and EVATRAN GROUP (plug less power).

Recent Developments

Market News

• August 2022 - With the new Mild Hybrid Kits, Continental is expanding its range in the field of hybrid drives and now covers virtually all relevant vehicle applications on the European market.
• August 2022- Continental will employ INOVYN's BIOVYNTM bio-attributed PVC to manufacture technical and ornamental surface materials for the automobile industry. The partnership will assist the company in reducing its carbon footprint and satisfying customer demand for sustainable bio-based products.

Segmentation

Global Wireless Electric Vehicle Charging Market: Segmentation

By Power Source

• 3–<11 kW
• 11–50 kW
• >50 kW

By Installation

• Home
• Commercial

By Vehicle Type

• Battery Electric Vehicles (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV),
• Commercial EV

By Charging Method 

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

By Distribution Channel

• OEMs
• Aftermarket

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA