Electric Vehicle Wireless Charging Market Forecasts to 2028 – Global Analysis By Component (Power Control Unit, Base Charging Pad), Vehicle Type (Commercial Vehicle, Passenger Car), and By Geography

Electric Vehicle Wireless Charging Market Forecasts to 2028 – Global Analysis By Component (Power Control Unit, Base Charging Pad), Vehicle Type (Commercial Vehicle, Passenger Car), and By Geography

According to Stratistics MRC, the Global Electric Vehicle Wireless Charging Market is accounted for $18.61 million in 2021 and is expected to reach $200.16 million by 2028 growing at a CAGR of 40.4% during the forecast period. Wireless electric vehicle charging is the method of charging vehicles without the use of any wires while they are in motion or are fixed at the charging stations. It is a reliable, convenient, and safe technology to power and charges electric vehicles.

Market Dynamics:

Driver:

Advantages of wireless charging

Electric vehicles are zero-emission, sustainable, and efficient vehicles, which are also the future of the automotive industry. In the wireless charging method, the battery of an electric vehicle is charged through wireless power transfer. The wireless charging system has many advantages over wired charging. The main advantage of the wireless charging process 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 decrease the size of the battery that is normally built-in in the electric vehicle. By deploying wireless technology in electric vehicles, batteries of respective vehicles are likely to be smaller as well as lighter. These two conditions will, in turn, lower the overall costs of electric vehicles. All these abovementioned parameters are likely to drive the growth of the EV wireless charging market.

Restraint:

High cost

The wireless charging technology for electric vehicles needs transmitter and receiver coils for power transfer with a power control unit. The complete aftermarket wireless charging system for home installation costs more. The implementation of wireless charging technology in an electric vehicle adds to the cost of the vehicle. Therefore, this makes wireless electric vehicle charging more expensive. Wireless charging technology is new to the electric vehicle market and is still in the beginning phase. By 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:

Government support for wireless charging

Support and incentives from the government for electric vehicles in many countries extend to the improvement of wireless charging. The main 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 of electric vehicles helps in increasing the productive hours of the general public as they need not wait till the vehicle is charged. The other main 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.

Threat:

Minimizing loss of efficiency

In wireless charging technology, the electric vehicle can be charged by just parking it above the base panel without any manual connection. But, power loss is about 7–12% higher in wireless charging technology compared to wired power transmission. Moreover, 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. The efficiency of power is inversely proportional to the distance between the transmitter and the receiver. Safety and efficiency issues have thus become a hurdle for manufacturers in this market.

The stationary wireless charging system segment is expected to be the largest during the forecast period

The stationary wireless charging system segment is estimated to have a lucrative growth as the stationary wireless charging system is convenient, safe and reliable. This technology is interoperable as drivers can charge any wireless charging system on their vehicles. Many companies have introduced stationary wireless charging systems because of the expansion of charging networks for electric vehicles.

The battery electric vehicles (BEV) segment is expected to have the highest CAGR during the forecast period

The battery electric vehicles (BEV) segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the adoption of wireless charging systems being higher in BEVs. Increasing investments by various countries to incorporate wireless charging technology for battery electric vehicles are likely to create favorable opportunities for the BEV segment in the electric vehicle wireless charging market.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period due to the presence of leading automotive companies that use wireless charging technology, increasing sales of BEVs in Europe, coupled with legislation targets. The use of wireless charging by leading players would encourage other key players in the automotive industry to adopt the wireless charging technology for BEVs.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the increased purchasing power of the population, growing concerns about the environment, governments focusing on providing extensive charging infrastructure to promote the use of electric vehicles and rapid technological advancements in Japan and South Korea. The presence of some of the leading players in the electric vehicle wireless charging market is also expected to support the growth of the Asia Pacific market.

Key players in the market

Some of the key players profiled in the Electric Vehicle Wireless Charging Market include Witricity Corporation, Toyota Motor Corporation, Evatran Group Inc., Plugless Power Inc., Robert Bosch GmbH, Qualcomm, Powermat Technologies Ltd., Nidec Mobility Corporation, Momentum Dynamic Corporation, IPT group, Integrated Device Technology, HEVO Inc., Texas Instruments, Efacec, Continental AG and Toshiba Corporation.

Key Developments:

In Oct 2021, Witricity Corporation announced that its patented technology is seeing its first availability as factory-installed equipment in a fully electric vehicle (BEV). Hyundai unveiled the Genesis GV60 in a series of videos and announcements featuring wireless charging.

In May 2020, HEVO Inc designed a ground-mounted pad that beams electricity up to a car-mounted receiver to wirelessly charge it. The product is about to enter low-volume production at the Flex contract manufacturing facility in Austin, Texas.

Components Covered:
• Vehicle Charging Pad
• Power Control Unit
• Base Charging Pad

Charging Types Covered:
• Stationary Wireless Charging System
• Dynamic Wireless Charging System

Propulsion Types Covered:
• Battery Electric Vehicles (BEV)
• Plug-in Hybrid Electric Vehicles (PHEV)
• City Electric Vehicle (CEV)

Vehicle Types Covered:
• Commercial Vehicle
• Passenger Car

Power Supply Ranges Covered:
• Level 1 (3.3 kW to <7.7KW)
• Level 2 (7.7 KW to < 11KW)
• Level 3 (11KW to < 20KW)
• Level 4 (20KW to < 50 KW)
• Level 5 (50 KW and above)

Distribution Channels Covered:
• Original Equipment Market
• Aftermarket

Charging Methods Covered:
• Resonant Inductive Power Transfer (RIPT)
• Magnetic Gear Wireless Power Transfer (MGWPT)
• Inductive Power Transfer (IPT)
• Capacitive Wireless Power Transfer (CWPT)

Applications Covered:
• Commercial Charging Station
• Home Charging Unit

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances