Electric Vehicles Wireless Charging Market Assessment, By Vehicle Type [Commercial Automotive, Passenger Cars], By Application Type [Commercial, Residential], By Component [Base Charging Pads, Vehicle Charging Pads, Power Control Units], By Charging Type

Electric Vehicles Wireless Charging Market Assessment, By Vehicle Type [Commercial Automotive, Passenger Cars], By Application Type [Commercial, Residential], By Component [Base Charging Pads, Vehicle Charging Pads, Power Control Units], By Charging Type [Stationary Wireless Charging Systems, Dynamic Wireless Charging Systems], By Region, Opportunities and Forecast, 2017-2031F

Global electric vehicles wireless charging market is estimated to experience a CAGR of 27.9% in the forecast period 2024-2031, rising from USD 390.71 million in 2023 to USD 2797.8 million in 2031. The significant increase in demand for fast-charging infrastructure for electric vehicles, rapid government favorable initiatives, and the introduction of new and innovative features in EVs are key drivers propelling the global vehicles wireless charging market size globally.

In addition, the growing penetration of EVs with the rising focus towards e-mobility and infrastructure advancement for EV charging is projected to accelerate the need for EV wireless charging solutions. The electric vehicles' wireless charging offers different benefits including convenience, safety, less wear and tear, and others. Presently, it is projected that electric vehicles' wireless charging is still at a growing stage of innovation and development. An increase in different research and development activities, rapid technological advancements, and strict emission standards are expected to propel the growth of the global wireless charging market for vehicles across the globe.

Governments globally are offering different incentives, including subsidies, grants, and others, to businesses and single entities for the cost-effective installation of wireless charging stations for electric vehicles. Moreover, the rise in collaboration between market players and public institutions is scaling up the market's growth in the forecast period.

For instance, in February 2024, InductEV announced a partnership with Roush, Miller EV Solutions, and WB Engineers+Consultants to foster the usage of InductEV’s advanced wireless charging systems, designed for high-power, on-route charging. Alongside this, there is an aim to implement AI-driven energy management features. These collaborations stress a joint commitment to offering complete mechanical, simplifying the procedure of designing and installing InductEV’s innovative charging technology to address the rising demand of commercial fleet operators, ports, and intermodal facilities.

Increasing Adoption of Electric Vehicles is Propelling the Market

The growing population, coupled with the rising of EVs and technological advancements, has driven the market growth. The rapid adoption of innovative technologies, including wireless electric vehicle charging, brings advantages such as zero carbon emission, ease of use, and a positive impact on the global environment. According to IEA, in 2022, the sales of electric vehicles exceeded 10 million. In total sales, the share of electric cars has more than tripled in three years, from nearly 4% in 2020 to 14% in 2022. Moreover, it offers higher effectiveness, eliminates the risks linked with wires and cables, and lowers maintenance requirements, decreasing potential shock effects. In wireless EV charging, power is transferred from one magnetic coil to another, charging the vehicle’s battery. This method allows for smaller and lighter batteries compared to those used in outdated vehicles, contributing to the overall reduction in the weight of electric vehicles. These factors are increasing the adoption of electric vehicles and driving the growth of the electric vehicles wireless charging market.

For instance, the Indian Government has implemented different measures to encourage the adoption of EVs, including different initiatives and incentives. Among these is the FAME India Scheme to incentivize EV buyers through financial incentives, hence encouraging the widespread adoption of EVs across the region. The FAME India Scheme was set to terminate in 2022 although, the GOI has chosen to extend the FAME II throughout 31st March 2024 in the FY 2022-23 budget.

Ease of Charging and Setting up of Renewable Energy in Charging Stations

Numerous EV charging market players prioritize improving accessibility and convenience for users. This involves offering solutions for workplace, home, and public charging stations positioned in high-traffic places. By delivering a comprehensive network of charging options, these companies focus on addressing the different requirements of EV owners and driving wider adoption of EVs. Moreover, companies are developing user-friendly stations and mobile apps introduced to streamline the EV charging experience.

Furthermore, many companies globally integrate renewable energy sources including wind and solar into their EV charging platforms. Hence, they efficiently lessen the carbon emissions linked with charging EVs while encouraging sustainable energy practices.

For instance, in March 2023, a grant of USD 9.62 million was announced by the Government of India under the FAME India Scheme Phase II to different companies, including BPCL, IOCL, and HPCL, for establishing 7,432 fast-charging EV platforms in India.

Rise in Government Initiatives and Environmental Concerns

Governments in different regions are progressively supporting developing and introducing wireless EV charging vehicles. They are also investing in the infrastructure required for charging stations. This support aligns with the rising demand from consumers and the market for electric vehicles, driven by their improved benefits including high effectiveness, ease of use, smaller battery size, low maintenance, reduced cost, less carbon emission, managed storage of cables and wires and no potential shocks have contributed to foster the global electric vehicles wireless charging market.

For instance, in 2024, the Government of India is estimated to introduce new e-highways to accelerate the expansion of charging infrastructure, encouraging more individuals to opt for electric vehicles for their daily commutes.

Passenger Cars Segment Holds the Dominant Share in the Global Market

The passenger car segment is dominating the market due to the rising population and increase in research and development activities. Furthermore, the market players are launching new and innovative passenger cars. The revenue growth of the passenger car segment is projected to receive a significant boost from increasing consumer awareness, government incentives, and technological innovations. For instance, the European Union (EU) has set a target of having 30 million EVs on the road by 2030, accomplished by incentives such as grants, and tax incentives. These factors collectively support the projected growth in revenue for the passenger car segment in the forecast period.

Asia-Pacific Dominates the Global Electric Vehicles Wireless Charging Market

Asia-Pacific region dominates the market due to an increase in penetration of EVs, rise in disposable income, growing investment by market players for setting up new and innovative EV charging stations, and various favorable government policies. China is estimated to hold the largest market share in the Asia-Pacific electric vehicles wireless charging market because automotive manufacturers are making strategic investments to make EV adoption easier across the country. In addition, the Indian government is also making consistent efforts to promote the adoption of electric vehicles. The GOI is implementing refit incentives and cheaper road fees to address the aim of 30% electric vehicles on the road by 2030.

Furthermore, Singapore introduced a Singapore Green Plan 2030 to drive EV adoption by installing 60,000 charging points for EVs by 2030 out of which 40,000 charging points are planned in public carparks, and 20,000 will be in private buildings comprising non-landed private residences. These charging points will be both wired and wireless chargers.

Future Market Scenario (2024–2031F)

The development of extended-range and faster wireless charging is a significant driver in the global electric vehicles wireless charging market.

Electric vehicle wireless charging platforms are going through a significant development in China, Europe, and the United States and are projected to propel the growth of the global electric vehicles wireless charging market.

The increase in the number of startups in developing countries will probably lead to the growth of the industry.

The introduction of new and stringent government regulations and incentives will encourage consumers to buy EVs and is anticipated to boost the market growth.

Key Players Landscape and Outlook

Market players in the global electric vehicles wireless charging market are significantly adopting different growth strategies including partnership, new product development, joint ventures, mergers and acquisitions, and others for leading the highest market growth. In addition, WiTricity is one of the leading market players whose patented technology allows the transmission of energy at two meters distance, making it effective and appropriate for dynamic and static charging applications.

In March 2023, WiTricity and ABT e-Line announced their plans to deliver services of aftermarket wireless EV charging to Europe. ABT e-line has vast expertise collaborating with the Volkswagen Group and is set to update the VW ID.4 initially by allowing wireless charging through WiTricity, to make it accessible by early 2024. Following this, the company intends to extend its upgrades to other electric vehicle models.

In June 2023, ELectreon and GINAF announced a collaboration to integrate a wireless charging system of ELectreon on a 50-ton truck of GINAF. Both companies' essential steps contribute to the race to net-zero road transport emissions.