Wireless EV Charging Market by Component (Base Charging Pad, Power Control Unit, and Vehicle Charging Pad), by Charging Mechanism (Inductive Power Transfer (IPT), Magnetic Gear Wireless Power Transfer (MGWPT), and Capacitive Wireless Power Transfer (CWPT

Wireless EV Charging Market by Component (Base Charging Pad, Power Control Unit, and Vehicle Charging Pad), by Charging Mechanism (Inductive Power Transfer (IPT), Magnetic Gear Wireless Power Transfer (MGWPT), and Capacitive Wireless Power Transfer (CWPT)), by Charging Type (Stationary Wireless Charging System and Dynamic Wireless Charging System), by Application (Home Charging Unit and Commercial Charging Station), by Power Source (3–10 KW, 11–50 KW, and >50 KW), by Vehicle Type (Passenger Car and Commercial Vehicle), by EV Powertrain (BEV and PHEV), and by Distribution Channel (OEM and Aftermarket) – Global Opportunity Analysis and Industry Forecast, 2023–2030

Meta Title: Wireless EV Charging (WEVC) Market Size and Share | Statistics - 2030
Meta Des: Wireless EV charging market was valued at USD 13.1 Mn in 2022, and is slated to reach USD 567.7 Mn by 2030, due to the advancements in WEVC technology.

Wireless EV Charging Market
Domain- Automotive & Transportation
Sub Domain- Automotive

The wireless EV charging market size was valued at USD 13.1 million in 2022, and is expected to reach USD 567.7 million by 2030, with a CAGR of 55.6% from 2023 to 2030. In terms of volume, the market comprised 3,626 units in 2022, and is anticipated to escalate to 231,693 units by 2030, registering a substantial CAGR of 63.1% from 2023 to 2030.

Wireless electric vehicle charging (WEVC) represents a cutting-edge technological breakthrough, enabling EVs to recharge their batteries without the constraints of conventional cables and plugs. This pioneering approach leverages the principles of electromagnetic induction or resonant magnetic coupling, facilitating the seamless wireless transfer of energy from a dedicated charging pad to the EV. Consequently, this innovation provides EV owners with a streamlined and efficient means of battery replenishment. By eliminating the requirement for manually inserting and removing plugs, this system offers a convenient and highly efficient charging experience. This efficiency, in turn, plays a pivotal role in fostering the widespread adoption of EVs. The wireless EV charging infrastructure comprises a strategically positioned ground-based charging pad or coil, thoughtfully deployed by charging infrastructure providers within the dedicated parking spaces for these eco-friendly vehicles.

Upon positioning an EV with a compatible receiver pad above the designated charging pad, an intricate interplay of magnetic fields ensues. This magnetic interaction orchestrates the seamless transmission of energy from the ground pad to the vehicle's receiver pad, effectively initiating the charging process. This process takes place without the need for any physical wire or cable connections.

The surge in EV demand, driven by the rising fuel costs and a strong environmental focus, is propelling the growth of the wireless EV charging market. According to the latest report published by the Center for Sustainable Energy, over 3.67 million plug-in hybrid and battery electric vehicles (BEVs) have been sold in the U.S. from 2010 to 2022. Moreover, the growing government initiatives such as grants and tax credits to promote the adoption of EVs and the construction of charging infrastructure are further boosting the growth of the WEVC market. For instance, the government of the U.K. announced substantial funding of USD 21 million under the ChargePoint scheme in August 2022. This funding initiative aims to address the increasing demand for EV chargers by enabling the installation of over 1,000 new EV charge points across the country. Moreover, the rapid progress in wireless charging technology coupled with growing collaboration among top players to develop advanced wireless charging technologies are further driving the growth of the wireless EV charging market. For instance, in March 2023, Israeli wireless charging tech firm Electreon joined forces with Toyota Motor and Denso to develop advanced wireless charging solutions. This partnership aligns with their shared mission for carbon neutrality in the automotive sector. It is also aimed to accelerate the adoption of EVs and drive a more eco-friendly and sustainable transportation landscape.

However, the adoption of wireless EV charging is impeded by the challenges such as high initial costs and slower charging rates. These factors pose substantial restraints in the global wireless EV charging market growth. The substantial investment required for developing and deploying wireless charging infrastructure and the slower charging speeds compared to traditional wired charging present barriers to widespread acceptance, particularly for budget-conscious consumers and commercial fleet operators.

On the contrary, wireless EV charging market players are developing dynamic wireless charging infrastructure for EVs that allow these vehicles to charge while in motion. This factor is expected to create ample opportunities for the market in the coming years.

Segment Overview
The wireless EV charging market is segmented on the basis of component, charging mechanism, charging type, application, power source, vehicle type, EV powertrain, distribution channel, and geography.
 Based on component, the market is segmented into base charging pads, power control units, and vehicle charging pads.
 Based on the charging mechanism, the market is classified into Inductive Power Transfer (IPT), Magnetic Gear Wireless Power Transfer (MGWPT), and Capacitive Wireless Power Transfer (CWPT).
 Based on charging type, the market is divided into stationary wireless charging system and dynamic wireless charging system.
 Based on application, the market is classified into home charging unit and commercial charging station
 Based on the power source, the market is classified into 3–10 KW, 11–50 KW, and >50 KW.
 Based on vehicle type, the market is segmented into passenger cars and commercial vehicles.
 Based on EV Powertrain, the market is classified into BEV and PHEV.
 Based on distribution channels, the market is classified into OEM and aftermarket.
 Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

The Asia-Pacific market is projected to hold a dominant share by 2030
The wireless EV charging market in the Asia-Pacific region is experiencing a dynamic surge, fueled by a convergence of factors that underscore the region's commitment to sustainable mobility. Government initiatives play a pivotal role, with countries such as China, Japan, and South Korea taking proactive measures to accelerate the EV adoption. For instance, China, the world's largest EV market, aims to reach EV sales at 30% of the total car sales by 2030. On the other hand, Japan has set a target to achieve carbon neutrality by 2050, driving substantial investments in EVs and charging infrastructure. Favorable policies and incentives reinforce these efforts. According to the International Energy Agency (IEA), as of 2021, Asia-Pacific had the largest share of the global electric vehicle stock at 46%, reflecting a growing market that encourages wireless charging innovations.

The growing urbanization and congestion in the region also contribute significantly to the demand for wireless EV charging. Major cities such as Mumbai, Tokyo, and Beijing grapple with traffic congestion and air pollution. This factor led to an increased focus on sustainable transportation solutions. Moreover, the region's prowess in technological innovation with advancements such as bidirectional energy flow systems further propels the market growth. As governments and private enterprises invest heavily in charging infrastructure, the Asia-Pacific region is poised to continue its trajectory as a global leader in wireless EV charging technology and sustainable transportation solutions.

Key Market Players
The key players in the wireless EV charging market include:
• WiTricity Corporation
• HEVO, Inc.
• Electreon Wireless Ltd.
• WAVE Charging Llc.
• Plugless Power, Inc.
• InductEV
• Qingdao TGOOD Electric Co. Ltd.
• ENRX
• Easelink GmbH
• Integrated Roadways

Recent Developments
July 2023
WiTricity Corporation launched the FastTrack Integration Program to accelerate automakers' adoption of wireless EV charging technology. This program is designed to provide automakers with comprehensive support and tools to seamlessly integrate WiTricity's wireless EV charging solutions into their vehicle platforms. This, in turn, will make wireless charging more accessible and convenient for EV owners than before.

July 2023
Electreon partnered with VINCI Highways to implement wireless EV charging technology on a public road project in Germany. This will mark as a significant milestone in the advancement of sustainable transportation. The collaboration aims to revolutionize EV charging infrastructure in Germany and foster greener mobility solutions.

May 2023
InductEV acquired four U.S. patents, representing significant advancements in wireless inductive charging methods and systems for EVs. By securing these patents, InductEV strengthens its intellectual property portfolio, allowing the continued development and deployment of cutting-edge wireless charging solutions.

February 2023
HEVO partnered strategically with one of the global automotive leaders Stellantis to develop wireless EV charging technology. This partnership aims to advance the adoption of EVs by providing efficient and convenient wireless charging options, paving the way for a greener and more sustainable future of e-mobility.

July 2022
Integrated Roadways partnered with Cisco to revolutionize wireless EV charging infrastructure. Through this strategic collaboration, two companies aim to integrate wireless charging technology into roadways and highways. It will create a seamless charging experience for EVs on the move.

KEY BENEFITS
• The wireless EV charging market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises an extensive analysis of the wireless EV charging market trends, including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the wireless EV charging market is provided in the report.
• The competitive analysis of the market players along with their market share in the wireless EV charging market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.