Wireless Electric Vehicle Charging Market Size, Share, and Trends 2024 to 2034

The global wireless electric vehicle charging market size was estimated at USD 15.9 million in the year 2022 and is expected to expand to USD 9,370.25 million by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 89.3% over the forecast time 2023 to 2032.

Key Takeaways

• By application, the home charging unit segment accounted for 68% of revenue share in 2022.
• The commercial charging station segment hit a revenue share of around 32% in 2022.
• By distribution channel, the aftermarket segment accounted revenue share of around 61% in 2022.
• By charging method, the inductive power transfer segment hit 39% revenue share in 2022.
• By propulsion type, BEV segment accounted for 42% of revenue share in 2022.
• By installation, the commercial segment hit a revenue share of 82% in 2022.
• Europe region held the highest revenue share of over 42% in 2022.

Wireless electric vehicle charging involves charging of the vehicle without any cable and transmission of the energy is done through electromagnetic induction transmission of electrical energy to the vehicles. The vehicle to be parked and placing of the vehicles near the charging stations or the inductive pad and transferring of the electric power and second induction coil is placed in the vehicles which receives the power. It is the safe method of technology for transferring of the electric power, reliable and convenient. By eliminating the usage of cables and connectors and increasing the efficiency of the vehicles and cost effective and most reliable convenient method has increased the market trend. Impact of the covid-19 on the wireless electric vehicle charging has declined the market growth due to rules and regulations imposed by the government and shutdown of the nation with the ceased transportation which hampered the supply of goods from one end to another. Moreover, spread of corona virus affected the automotive market and the electric vehicles due to underdeveloped infrastructures has challenged the market to grow.

Growth Factors

• Increasing number of populations with increased demands of the consumers increased market rate high during the forecast period.
• Increased development and rapid acceptance of the newly developed technologies across the world have increased the market to larger extent.
• Advanced developed technologies and new innovative features in the electric vehicle with rising demands of the market with developed infrastructures of charging stations have increased the market to a larger extent.

Moreover, wireless charging electric vehicle is about transmission of the energy without wire or cable magnetic induction is used for transmitting energy which is efficient, convenient, reliable, cost effective. Increased adaption of the wireless charging electric vehicles with benefits of emission free society with, higher efficiency, low maintenance, increased rates of the fuels and oils, developing infrastructure and increased research and development by the automotive industry have boost the market for increased revenue share of wireless charging electric vehicle market.

Support from the government with increased investing funds for developing more wireless charging electric vehicles and developing infrastructure of charging stations. The key market players involved in introducing, developing, manufacturing and producing with developed technologies have helped to boost the wireless electric vehicle charging market.

The pandemic effect on the wireless charging vehicle on the market led to low down the height of the market share due to less demands and manufacturing of the new integrated systems in the wireless charging vehicle technology increased investment from the market players with increased innovations hampered the manufacturing of the vehicles.  Later with improved pandemic condition in the market led to higher demands from the consumers for the electric vehicle wireless charging with benefits such as low emission of the carbon dioxide gas with increased rates of the fuel overall regions have gained the consumers attention towards the wireless charging of the vehicle.

Wireless Electric Vehicle Charging Market Scope

Wireless Electric Vehicle Charging Market Dynamics

Key Market Drivers

Increasing number of populations with increasing number of demands from the market with improved developed technology have rise the market high. Rapid acceptance of the developed innovative technologies with increased benefits from the wireless electric vehicle charging such as ease of use, zero emission of carbon dioxide and increased global environment, higher efficiency, low maintenance and no wires and cables involved for charging decreased shock effects. The battery of the vehicle is charged through transmission of power from one magnetic coil to another coil. In wireless charging of electric vehicle size of the battery is smaller and light in weight as that of used in convenient vehicles. These two are major reasons for reducing the cost of the electric vehicles. 

Faster charging of the wireless charging electric vehicle, they can charge the car wherever they have parked the vehicle. Increased awareness among the people with rising demands have extended the market to grow at a larger extent. Market players are major role players in new innovations across the regions and continuous research and development have contributed to increase the wireless electric vehicle charging with high demands and acceptance from the market.

Key Market Challenges 

• Increased costing of the wireless electric vehicle - Increased advanced developments with improved technologies and features in wireless charging electric vehicle may led to increased costing of the wireless charging electric vehicles. This developed system is initially new developed features in introducing phase therefore the rates are high which may challenge the wireless electric vehicle charging market.
• Infrastructures of charging stations - Less developed infrastructures of charging stations have challenged the market to grow at a definite height. Need to develop more stations of wireless electric vehicle charging which will boost the market of wireless electric vehicle charging market. 
• Upgrade of the wireless electric vehicle charging - Due to developed features with new technologies developed may led to update of the wireless electric vehicle charging with updated technologies which is not a simple task as it looks includes more complexations with rising cost.
• Low efficiency - Increased growth of wireless EV charging in the industry. Consumption of power is about 8-12% more in wireless electric vehicle charging and transfer of electric power through magnetic induction limited to a certain distance. Considering efficacy and safety issues may hamper the market to grow.

Key Market Opportunities

• Government Support - Increased support from the governments from various regions for developing and producing wireless EV charging vehicle with developing infrastructures of charging stations with increased demands from the consumers and market with improved benefits such as ease of use, low maintenance, high efficiency, reduced costing, smaller battery size, light weight of the battery, zero emission of the carbon dioxide, reduced storage of the wires or cables and no shocks have helped to boost the wireless EV charging market to a larger extent. 
• The Key Market Players - The key market players involved in introducing newly developed technologies and features and increased investment from the automotive industry to manufacture and produce wireless EV charging with increased demands have expanded the market to grow high during the forecast period. 
• Developing Nations - Increasing developments and more research and technology in the automotive industry with no emissions and decreased noise pollution with clean air no air contaminants have helped to the environment to be clean and green with nonharmful effects on the environment.

Power Supply Insights

Segmentation of wireless electric vehicle charging based on the power supply it is divided in to 3 - <11 KW, 11 - 50 KW, >50 KW. The power supply of 3 -11 KW is the fastest expanding in electric supply of power it is used in small batteries and medium size batteries. It is the widest growing segment in household charging and at working place.

Propulsion Insights

Segmentation of wireless electric vehicle charging based on the basis of propulsion it involves BEV and PHEV. BEV is the highest growing sector to increase the market to a greater extent during the forecast period. In BEVs wireless charging is increased than in PHEVs. Source of energy and electric power is battery. BEV segment to enhance the market more than PHEV during the forecast period.

Vehicle Insights

Segmentation of wireless electric vehicle charging based on the basis of vehicle includes such as commercial vehicles and passenger cars. Passenger car to hold the highest position in the increased market revenue share an commercial vehicles to increase the market during the forecast period.

Segmentation of wireless electric vehicle charging includes various segments involves based on distribution channel includes aftermarket, OE market. Based on component includes base charging pad, power control unit, vehicle charging pad. Based on charging type such as Dynamic wireless charging system, stationary wireless charging system.  Based on charging system includes magnetic power transfer, capacitive power transfer, inductive power transfer.

Application Insights

Segmentation of wireless electric vehicle charging based on the basis of application involves such as home charging unit and commercial charging station. Commercial charging station cover the rate at a CAGR of 45% with increased developments and technologies with developed infrastructures in various places with increased demand.

Home charging station involves medium and smaller size batteries with light weight with higher CAGR with enhanced utilization and increased market during the forecast period.

Wireless Electric Vehicle Charging Market Share, By Region, 2022 (%)

Geography Insights

Segmentation of wireless electric vehicle charging based on the basis of geography Asia Pacific region to be highest region to contribute to enhance the increased market revenue share with increasing demands from the market and consumers due to developed technologies. Other regions contributing for the increasing the market growth such as North America, Europe, Latin America, Middle East and Africa are also in process to increase the market to grow to a larger extent.

Recent Developments

• In the year 2021 May, HEVO developed ground-based pad and started manufacturing and production in Flex contract manufacturing facility in Austin, Texas. Which is estimated to give 200 units order received in the first quarter of 2021.
• In the year 2021 December, Toyota Motor Corporation working on developing the new technology such as wireless electric power transfer system that charge the vehicle even while driving the vehicle. In this system it involves systems integrated in roads on highways to charge, or city intersections.
• In the year 2021 October, WiTricity introduced new patented technology wireless charging for BEVs in South Korea. Hyundai Genesis will use wireless charging technology which is the first electric battery vehicle launched in the year 2018. By the year 2022, the genesis GV60 will be available in South Korea. 

Wireless Electric Vehicle Charging Market Companies

• Toyota Motor Corporation
• Toshiba Corporation
• TGOOD Global Ltd
• Momentum Dynamis Corporation
• Tesla
• Robert Bosch GmbH
• Coninental AG
• ZTE Corporation
• HELLA GmbH & Co. KGaA
• WiTricity Corporation
• Qualcomm Technologies
• Powermat Technologies
• Renesas electronics
• Nidec mobility corporation
• Evatran group

Segments covered in the report

By Power Supply

• 3 - < 11 KW
• 11 - 50 KW
• >50 KW

By Vehicle

• Commercial Vehicles
• Passenger Cars

By Application 

• Commercial Charging Station
• Home Charging Unit

By Components

• Base charging pad
• Power control unit
• Vehicle charging pad

By Charging Type

• Dynamic wireless charging system
• Stationary wireless charging system

By Distribution Channel

• Aftermarket
• OE Market

By Propulsion Type

• BEV 
• PHEV
• CEV

By Charging System

• Inductive Power Transfer
• Capacitive Power Transfer
• Magnetic Power Transfer

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)