Wireless Electric Vehicle Charging Market

Market Overview

The global wireless EV charging market size 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).

The wireless electric vehicle charging industry is based on transmitting energy without wires or cables from a power source to a consumer device. It is a dependable, practical, and secure technology to run and recharge electric cars. Doing away with physical connectors and cords also offers advantages over conventional charging systems that are effective, affordable, and safe. The demand for charging stations is anticipated to rise dramatically in the near future as electric vehicle usage increases.

The on-the-go wireless electric vehicle chargers can meet the need and offer range extension since the plug-in charging stations require longer charging times. The market for wireless electric vehicle charging is being stimulated by the rising applications of wireless charging for automobiles and commercial fleets.

Market Dynamics

Global Wireless Electric Vehicle Charging Market Drivers

• Increase in Sales of Electric Vehicles (EVs)

EVs' numerous benefits, including lower fuel (petrol, diesel, and gas) consumption and reduced exhaust emissions, have significantly increased demand worldwide. Consequently, it is anticipated that demand for wireless charging for electric or plug-in hybrid vehicles will increase during the projection period.

Significant companies in the wireless electric vehicle market are also implementing several strategic initiatives to maximize economic potential, including product development and collaboration—for instance, a strategic partnership between Qualcomm and Nichicon Corporation. According to the agreement, Nichicon Corporation is anticipated to include Qualcomm Halo wireless electric vehicle charging (WEVC) technology into its product line and concentrate on commercializing Qualcomm Halo WEVC technology for hybrid and electric vehicles.

Additionally, many EV manufacturers include wireless charging technology in their products. For instance, BMW debuted its wireless electric vehicle charging system in Germany on May 28. With this technique, cars can park over an inductive charging station and press the start/stop button to start charging. The system automatically turns off when the battery is fully charged. GroundPad is a wireless charging solution created by Qualcomm, Renault, and French mobility. This device can be mounted outside or in a garage, and it uses a magnetic field to connect to the vehicle's charging system over a distance of eight centimeters.

Additionally, the demonstration is conducted at Satory Versailles, France, using an electric vehicle and a wirelessly charged inductive gadget. A high-power electric vehicle charging system built into GroundPad enables electric automobiles to recharge their batteries while driving. In the near future, these most recent changes are anticipated to fuel the market for wireless electric vehicle charging.

• Increase in Demand for Energy-Efficient Sources as an Alternative to Fuel

The primary ignition source in automobiles is crude oil extracted and refined to produce diesel and gasoline. Oil costs have increased alarmingly over the last three decades, making it expensive for low- and middle-class consumers to travel. Oil price increases have pushed people to choose energy-efficient alternatives, which lower the cost per mile overall. This is predicted to increase demand for electric vehicles relative to fuel-powered vehicles, accelerating the market growth for electric vehicle charging systems.

According to the French Ministry of Foreign Affairs and International Development, the U.S., Europe, and Japan are the top three markets for electric vehicles. Compared to the same period in 2012, when 15,503 electric vehicles were sold in Europe, 18,939 were sold in the first half of 2013. Compared to only 6,000 in Japan, 30,000 electric vehicles were sold in the U.S. during the same year.

The Dutch government announced plans to build 20,000 standard chargers and 100 rapid chargers by 2015 to address charging issues like demand charging and the requirement for larger batteries. As a result, the market for electric car charging systems is anticipated to develop as electric vehicle demand rises in these areas.

Global Wireless Electric Vehicle Charging Market Restraint

• Expensive Integration of Technology and Slower Charging

The main barriers preventing the market for wireless electric car charging from expanding are the slower charging rate and the more expensive integration of technology compared to conventional cable chargers. Wireless charging equipment also has a range restriction. When energy must be delivered over a great distance, RF energy technology fails. The time needed to charge an electric car fully varies depending on the battery size. Even with the same power supply, devices take longer to charge. Additionally, the method is more expensive because inductive charging necessitates drive electronics and coils in both the device and the charger, increasing manufacturing complexity and expense. However, it is hoped that new methods and technological developments would lessen transfer losses and boost speed.

Global Wireless Electric Vehicle Charging Market Opportunities

• Excessive Research in Far-Field Wireless Charging Technologies

Many technologies are unable to deliver long-distance transmission. The newest laser and microwave energy transfer technologies can be used to overcome this. These techniques fall under the category of far-field wireless charging. Coherent light beams like a laser effectively exploit a line of sight to convey high energy. The development of wireless charging systems that use microwave or laser beam technology for charging Qi-compatible devices is currently being researched by firms like Nokia, Google, and others. The wireless electric car charging market is anticipated to rise due to technological developments. Thus, excessive research in far-field wireless charging technologies is projected to provide a lucrative opportunity for market expansion.

Regional Analysis

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 analyzed across the UK, Germany, France, Italy, and the rest of Europe. Europe is anticipated to witness a high growth rate during the forecast period due to technological advancements in wireless charging devices across the region. The pace of development in the European electronics market is high due to the rise in demand for fuel-efficient and durable charging systems for electronic products such as power tools and portable gadgets. An increase in EV sales in Germany, the Netherlands, France, Denmark, Sweden, and countries with above-average growth is expected to supplement the market growth.

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%. Asia-Pacific possesses high growth potential, owing to the rapid upsurge in the number of electric vehicles in countries such as China and Japan. Several government initiatives to develop electric vehicle charging infrastructure are expected to boost the growth of the EV chargers market in this region. For instance, the Automotive Research Association of India (ARAI) planned to deploy more than 200 EV charging stations across India. All these factors together are anticipated to drive the market's growth significantly.

North America is the third largest region. North America includes the U.S., Canada, and Mexico. The market for wireless electric car charging in this region has expanded due to rising demand for portable and wireless gadgets and technical developments in the entire economy. North America is projected to witness an increase in demand for wireless charging systems, primarily driven by the expansion of the electronics market and the rise in EV sales. Furthermore, the rise in environmental awareness in the North American automotive market has increased EV sales utilizing fuel-efficient and eco-friendly wireless charging devices.

Segmental Analysis

The market segmentation is based on the power source, charging methods, installation, distribution channel, vehicle type, and region.

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. 11–50 kW chargers have enhanced efficiency and require much less charging time than the 3≤11 kW. These power source chargers have the maximum potential, as they are used in homes and commercial/public outlets. These chargers are costlier as compared to 3–<11 kW power source wireless chargers. 11–50 kW chargers provide a faster-charging option, as they can be easily installed for on-the-go charging, home charging solutions, and commercial applications Key players offering The aftermarket segment wireless solutions can target the 11–50 kW power source chargers, as they show maximum potential in different verticals.

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. In the inductive power transfer method, the system uses the coupling between the two circuits as the basis of its operation. The IPS system can be considered a two-part transformer. The primary transformer is integrated within the power sourcing element, and the secondary transformer is in the vehicle to charge the onboard batteries. Generally, the primary and the secondary coupled circuits are in the form of coils to increase the magnetic field of the circuits. In 1996, General Motors (GM), an American multinational corporation headquartered in Detroit that designs, manufactures, markets, and distributes vehicles and vehicle parts, and sells financial services, introduced the Chevrolet S10 EV, which was charged by the magne-charge IPT (J1773) system to provide level 2 (6.6 kW) slow and level 3 (50 kW) fast charges. Further, the IPT charging method has been tested and utilized in a wide variety of areas, which ranges from a few milliwatts to certain kilowatts to transfer contactless power from the source to the receiver with medium to high power output. Thereby driving the growth of the market.

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. With the trend of autonomous electric vehicles rising, the possibility of using these vehicles for ride-sharing is expected to increase considerably. Thus, wireless charging stations are expected to be in high demand to meet the rising trend. Moreover, commercial outlets have huge potential due to the surge in need for charging public transits. The growth of the wireless electric vehicle charging market is driven by increased commercial EV sales and demand for safer, convenient, and faster wireless charging systems. An increase in R&D activities by leading automotive giants such as BMW, Nissan, and Chevrolet is further expected to boost the market's growth.

Based 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. With the rise in demand for electric and commercial electric vehicles, the need for charging stations is expected to be increased. As the primary concern for charging stations is the required time, the on-the-go charging feature is expected to meet the high requirement of the consumers and fleet operators. As OEM-centric charging stations are fewer, the potential gaps are filled by the aftermarket segment services offered by the players to meet the rise in demand for EV charging.

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. Commercial electric vehicles include buses and trucks, which are now transformed into electric vehicles. Manufacturers like Tesla have introduced the Tesla Semi, an electric truck. Several countries, such as China, are heavily investing in electric buses for their public transits, which is expected to drive the demand for wireless electric vehicle charging systems, thereby boosting the market growth.

Recent Developments

• 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 produce its technical and ornamental surface materials for its automotive clients using INOVYN's BIOVYNTM, a bio-attributed PVC. The arrangement will assist in lowering its carbon footprint and supplying customers with the sustainable bio-based goods they demand.