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Wireless Charging Market for Electric Vehicles is Booming: Explore Opportunities!

Wireless Charging Market for Electric Vehicles is Booming: Explore Opportunities!

"Wireless Charging Market for Electric Vehicles by Power Supply Range (3-<11, 11-50 & >50 KW), Application (Home & Commercial), Distribution Channel (Aftermarket & OE), Component, Charging System, Propulsion, Vehicle Type & Region”, Published by MarketsandMarkets™, The global Wireless Charging Market for Electric Vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%. 

Factors such as rising sales of electric vehicles around the world, along with the increasing inclination toward autonomous driving technology by automotive OEMs will boost the demand for the Wireless Charging Market for Electric Vehicles. Increasing investments in smart roads in several countries such as the US, Germany, and Italy, among others, in conjunction with increasing governmental support for wireless charging, will create new opportunities for this market.

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 favours 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 2019, the UK government granted approximately USD 48.5 million for 12 projects to enhance the experience of electric car owners/drivers. The government awarded USD 3.01 million to a company called char.gy to deploy wireless charging technology on residential streets. In December 2021, the first trial of wireless technology was successfully conducted in Marlow, Buckinghamshire.

In 2021, Sweden successfully tested a wireless charging road in order to revolutionize transportation activities as well as accelerate the switch towards electric mobility. Recently, electron, a company based in Israel, completed the deployment of a dynamic wireless charging system on a 1.65-kilometre 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. the electron 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.

The Wireless Charging Market for Electric Vehicles is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc. (US), Efacec (Portugal), and HEVO Inc. (US).

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BEV segment is estimated to hold the largest market share during the forecast period

BEV is expected to be the fastest-growing segment by propulsion during the forecast period. The adoption of wireless charging systems is higher in BEVs than in PHEVs. The only source of power in BEVs is the battery, which needs to be charged regularly. The wireless charging system can be installed in home garages, public places, malls, and offices. Increasing investments by various countries, such as Germany, Gotland, the US, and Italy, among others, to incorporate wireless charging technology for battery electric vehicles are expected to create favourable opportunities for the BEV segment in the Wireless Charging Market for Electric Vehicles in the coming years. Popular BEVs such as Nissan Leaf, Tesla Model S, and Jaguar I-Pace support wireless charging. Thus, the BEV segment is expected to be larger than the PHEV segment over the forecast period.

The inductive Power Transfer segment is expected to hold the largest share in the Wireless Charging Market for Electric Vehicles during the forecast period

Inductive Power Transfer is expected to be the fastest-growing segment by charging systems during the forecast period. This is owing to the key advantages of inductive power transfer such as minimal maintenance cost, energy conservation, and the absence of magnetic field radiation. In addition, this technology offers high efficiency, reliability, and robustness and provides a clean, safe, and robust way to transfer power. Companies such as Continental AG, IPT Technology GmbH, Hella KGaA Hueck & Co., ZTE Corporation, and Plugless Power Inc. use inductive coupling technology for the wireless charging of electric vehicles. Additionally, leading automotive companies such as Tesla, Nissan, Chevrolet, and BMW use inductive power transfer methodology for electric vehicle charging.

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Europe is expected to dominate the wireless charging for the electric vehicle market in 2027.

Europe is estimated to account for 66% of the global Wireless Charging Market for Electric Vehicles in 2022 by volume. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of economical batteries and increasing range. The charging infrastructure in Europe is expected to become more widespread due to favourable policies and government support. The sales of electric vehicles in the European region increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.

Europe has set an ambitious goal of reducing CO2 emissions by 80% by 2030-2050 and has created a roadmap for the same. Governments of various countries in Europe are subsidizing electric infrastructure, and the focus is expected to be on electric vehicles in the long run. This has resulted in the growth of the Wireless Charging Market for Electric Vehicles in the region. The presence of significant market players, such as IPT Technology GmbH, Hella KGaA Hueck & Co., and Robert Bosch GmbH, is expected to accelerate the growth of the Wireless Charging Market for Electric Vehicles in Europe during the forecast period. Ongoing projects related to dynamic wireless charging systems in Germany, Italy, and Sweden, among others, are expected to support the market growth in this region.

Recent Developments:

  • In December 2021, Toyota Motor Corporation started working on developing a dynamic wireless power transfer system that charges vehicles at the time of driving itself. This system uses devices embedded in roads, at city intersections, or on highways to charge vehicles while driving.
  • In October 2021, WiTricity announced its patented technology of wireless charging for BEVs in South Korea. This wireless charging technology will be used in the Hyundai Genesis GV60, which is the first battery-electric vehicle of the Hyundai Genesis brand launched in 2018. By 2022, the Genesis GV60 will be available initially in South Korea.
  • In May 2021, HEVO designed a ground-mounted pad and started production at the Flex contract manufacturing facility in Austin, Texas, which is expected to serve 200 units order received in the first quarter of 2021.

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