Wireless Electric Vehicle Charging Market Demand, Size, Report to 2032
The global wireless electric vehicle charging market size was exhibited at USD 34.06 million in 2022 and is projected to hit around USD 21,216.79 million by 2032, growing at a CAGR of 90.3% during the forecast period 2023 to 2032
Key Pointers:
The wireless electric vehicle charging market is based on the transmission of energy from a power source to a consuming device without wires or cables. It is a reliable, convenient, and safe technology to power and charge electric vehicles. In addition, it provides efficient, cost-effective, and safe advantages over the traditional charging systems by eliminating the use of physical connectors and cables. With the rise in trend and focus toward autonomous ride sharing, the wireless electric vehicle charging market size is expected to increase and will be the most viable option for the OEMs segment or the autonomous fleet operators.
Wireless Electric Vehicle Charging Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 64.82 Million |
| Market Size by 2032 | USD 21,216.79 Million |
| Growth Rate From 2023 to 2032 | CAGR of 90.3% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Power Supply, Vehicle, Application, Components, Charging Type, Distribution Channel, Propulsion Type, Charging System and Geography |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | 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. |
Market Dynamics:
Driver: Advantages of wireless charging over wired charging
EVs are zero-emission, sustainable, and efficient vehicles, which are also the future of the automotive industry. The methodology of charging an electric vehicle is through the plug-in and wireless power transfer. In the plug-in method, the charging station charges the battery of an electric vehicle via a cord/plug. However, in the wireless charging method, the battery of an electric vehicle is charged through wireless power transfer. The wireless charging system has several advantages over wired charging. The major advantage of the wireless charging method is the elimination of carrying and storing cables. This typically avoids the risk associated with wires pertaining to wear and tear over time.
The wireless charging system could potentially reduce the size of the battery (with the concept of dynamic wireless charging) that is typically incorporated in the electric vehicle. Batteries currently being used in electric vehicles are large in size. However, by deploying wireless technology in electric vehicles, batteries of respective vehicles are likely to be smaller as well as lighter. These two specifications will, in turn, lower the overall costs of electric vehicles. Considering these advantages, automotive OEMs, such as Nissan, Hyundai, and Tesla, are heavily investing in wireless technology for electric vehicles, and few companies have incorporated wireless technology in their models. All these aforementioned parameters are expected to bolster the revenue growth of the wireless charging market for electric vehicles in the foreseeable future.
Restraint: High cost of upgrading to wireless charging technology
The wireless charging technology for electric vehicles requires transmitter and receiver coils for power transfer with a power control unit (PCU). The transmitter coil is installed in the base charging pad (BCP), and the receiver coil is installed underneath the vehicle charging pad (VCP). The complete aftermarket wireless charging system for home installation costs around USD 2,500–3,000. The implementation of wireless charging technology in an electric vehicle adds to the cost of the vehicle. Hence, this makes wireless electric vehicle charging more expensive.
The increasing demand for wireless charging and the mass production of electric vehicles will help lower the cost of wireless charging technology. Wireless charging technology is new to the electric vehicle market and is still in the introduction phase. However, this technology is expected to be incorporated by most of the automotive OEMs in their respective car models in the future. Hence, considering the economic environment and induced economies of scale, it can be inferred that the high cost of upgrading to wireless charging technology is a restraint.
Opportunity: Increasing support from governments for wireless charging
Government support and incentives for electric vehicles in many countries now extend to the development of wireless charging. The key advantages of wireless charging are full autonomy, no need for a charging station, reduced chance of the driver getting an electric shock during wired charging, and smaller battery units. Full autonomy helps in increasing the productive hours of the general public as they need not wait till the vehicle is charged. This increase in productive hours further helps in increasing the GDP of a nation. The other key aspect that favors the installation of wireless charging in urban areas, where space is a premium, is the reduced or no need for a charging station for dynamic charging.
In July 2022, the UK government granted approximately USD 50.5 million for 12 projects to enhance the experience of electric car owners/drivers. The government awarded USD 4.01 million to a company called char.gy to deploy wireless charging technology on residential streets. In December 2022, the first trial of wireless technology was successfully conducted in Marlow, Buckinghamshire.
In 2022, Sweden successfully tested a wireless charging road in order to revolutionize transportation activities as well as accelerate the switch towards electric mobility. Recently, ElectReon, a company based in Israel, completed the deployment of a dynamic wireless charging system on a 1.65-kilometer public road in Gotland, Sweden. A fully electric truck was charged on this smart road. The US state of Michigan has also finalized an agreement to build the first wireless charging road system in Detroit. ElectReon will deploy this dynamic charging technology to charge battery-powered cars and trucks in real-time in Detroit. The project is scheduled to be operational in 2023.
Challenge: Minimizing loss of efficiency
Wireless charging technology has witnessed high growth in the electric vehicle industry. In this technology, the electric vehicle can be charged by simply parking it above the base panel without any manual connection. However, wireless charging technology has some limitations. Power loss is about 7–12% higher in wireless charging technology compared to wired power transmission. In addition, the transmission range of a wireless charger through electromagnetic induction and/or magnetic resonance is limited to a certain distance. This limitation of range poses a serious challenge for manufacturers, especially in the case of LCVs and SUVs with high ground clearance. The efficiency of power is inversely proportional to the distance between the transmitter and the receiver. As strong electromagnetic fields can harm the biological environment, the issue of safety during vehicle charging is another concern in the wireless charging market for electric vehicles. Safety and efficiency issues have thus become a hurdle for manufacturers in this market.
Segmental insights
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.
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.
Asia Pacific is expected to be the fastest-growing market in 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. Rapid technological advancements in Japan and South Korea, which form the hub of electronic equipment manufacturing, are expected to reduce the cost of the wireless charging system used in electric vehicles. Reduced cost, in turn, is expected to drive the growth of the wireless charging market for electric vehicles in the region. The presence of some of the leading players in the market is also expected to support the growth of the Asia Pacific market. Some of the market players operating in this region are ZTE Corporation, Toshiba Corporation, Toyota Motor Corporation, and Mitsubishi Electric.
Recent developments
Some of the prominent players in the Wireless Electric Vehicle Charging Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Wireless Electric Vehicle Charging market.
By Power Supply
By Vehicle
By Application
By Components
By Charging Type
By Distribution Channel
By Propulsion Type
By Charging System
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers