Wireless EV Charging

Wireless EV Charging

Global Wireless EV Charging Market to Reach US$5.5 Billion by 2030

The global market for Wireless EV Charging estimated at US$90.8 Million in the year 2023, is expected to reach US$5.5 Billion by 2030, growing at a CAGR of 79.6% over the analysis period 2023-2030. Wireless BEV Charging, one of the segments analyzed in the report, is expected to record a 81.8% CAGR and reach US$3.9 Billion by the end of the analysis period. Growth in the Wireless PHEV Charging segment is estimated at 75.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$22.0 Million While China is Forecast to Grow at 91.6% CAGR

The Wireless EV Charging market in the U.S. is estimated at US$22.0 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 91.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 61.9% and 70.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 66.0% CAGR.

Global Wireless EV Charging Market - Key Drivers and Trends Summarized

Wireless charging technology stands out as a promising solution to enhance the convenience of electric vehicle use. This method, which eliminates the need for physical cables, allows for an effortless charging process that could be seamlessly integrated into various environments such as home garages, public parking lots, and potentially even dynamic charging lanes. Wireless EV charging system utilizes an electromagnetic field to transfer energy between two objects through electromagnetic induction. The process involves a charging station (transmitter) sending energy through an inductive coupling to an electric vehicle (receiver), which converts the energy back into electricity to charge the battery. The technology supports the growing infrastructure for electric vehicles, aiming to enhance convenience and reduce the physical wear associated with traditional charging methods.

Wireless charging eliminates the need for manual connections, reducing the time and effort involved in charging electric vehicles. This is particularly appealing in public and commercial settings, such as shopping centers or office buildings, where ease of use and efficiency are paramount. Additionally, the integration of wireless charging technology into the urban infrastructure, such as streets or public parking spots, can facilitate more frequent charging and longer electric vehicle ranges, further boosting the appeal of EVs. Another major driver is the rapid advancement of compatible infrastructure and vehicle technology. As more automakers incorporate wireless charging capabilities into their vehicles, the supporting infrastructure continues to expand. Technological advancements in terms of efficiency, reduced costs, and faster charging speeds also contribute to its adoption. Governments and private sectors are increasingly investing in the development of smart cities, where wireless EV charging can play a significant role in reducing the carbon footprint by supporting a seamless transition to electric vehicle use.

As the automotive industry moves towards greater autonomy, the ability of vehicles to charge themselves without human intervention becomes increasingly valuable. This capability is expected to enhance the operational efficiency of autonomous fleets, particularly in commercial uses like taxis and delivery services. Advancements in Vehicle-to-Grid (V2G) technology could further revolutionize this space by allowing EVs to interact with the power grid to supply electricity during peak times, potentially stabilizing energy costs and enhancing grid resilience.

Select Competitors (Total 36 Featured) -

• Bombardier
• Continental AG
• Evatran Group Inc.
• Fulton Innovation
• Integrated Device Technology, Inc.
• Powermat Technologies Ltd
• Qualcomm Inc.
• Robert Bosch GmbH
• Texas Instruments Inc.
• Toyota Motor Corporation

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