Wireless EV Charging Market – Global Industry Analysis and Forecast (2024-2030)

Wireless EV Charging Market size was valued at US$ 28.24 Mn. in 2023 and the total revenue is expected to grow at a CAGR of 88.4% through 2024 to 2030, reaching nearly US$ 2379.29 Mn.
Wireless EV Charging Market Overview:
Wireless EV Charging Market is expected to reach at US$ 2379.29 Mn. by 2030. The functioning concept of wireless charging is similar to that of a transformer. There are transmitter and receiver in wireless charging. A 220V 50Hz AC supply is converted into a high frequency alternating current, which is then supplied to the transmitter coil, which creates an alternating magnetic field that cuts the receiver coil and causes AC power output in the receiver coil. However, maintaining the resonance frequency between the transmitter and receiver is critical for optimal wireless charging. Compensation networks are implemented on both sides to maintain the resonant frequencies. Finally, this AC power is rectified to DC at the receiver side and delivered to the battery via the Battery Management System (BMS).To know about the Research Methodology :- Request Free Sample Report
COVID-19 Impact on the Wireless EV Charging Market:
COVID-19 pandemic has infected millions of people worldwide and resulted in a massive death toll. It has also wreaked havoc on people's, businesses', and industries' movements. Furthermore, electric vehicle (EV) owners have had difficulty charging their vehicles in public charging stations where COVID-19 exposure is a possibility.

Beginning in February 2022, there was a surge in charging activity, with an average of 210 charging sessions per week. After the United States announced a state of emergency on 3 February and the World Health Organization formally designated COVID-19 a pandemic on March 11, charging activity dropped dramatically. As California, where the ACN charging facility is located, became the first state to announce lockout measures, charging activity continued to fall. Between 3 August and 15 November 2022, there was no charging activity while the pandemic spread across the country. Furthermore, during this time, California had a record number of cases and deaths, as well as rolling energy shortages and wildfires, all of which contributed to the lack of activity.

During this time, a countrywide record of 100,000 cases per day was set. With optimistic signals of vaccine advances in November 2022, the charging activity resumed. Pfizer and AstraZeneca vaccines gained emergency use authorization in December 2022, resulting in an average of 50 sessions per week (EUA). There was a modest decrease between January and March 2022, owing to an increase in deaths and reports of new variations. However, between May and July 2022, charging activities increased due to rising vaccination rates and the relaxation of limitations. However, charging activity remains lower than it was prior to the pandemic, with current activity of roughly 110 sessions per week being about half of what it was prior to the outbreak.
Wireless EV Charging Market Dynamics:
Electrified roads that charge the Vehicle automatically

The use of EVs has increased due to rising concerns about reducing carbon emissions and alleviating fuel shortages. EVs, on the other hand, must be recharged if the battery capacity is depleted. It can be tough to find charging outlets near you, especially if you live in the country. Many malls and parking lots around cities now have charging stations. Schools and public transportation are now entirely electric as well. Buses on campus in Korea can be charged continuously and autonomously, allowing them to require less batteries (a third in size of those in regular electric cars). Other techniques include charging the car at bus stops and on certain stretches of a defined route.

Some municipalities have proposed using specially designated charging lanes for autonomous electric trucks during the forecast period. Trucks typically travel great miles to deliver goods, necessitating frequent recharging. A 1.2-mile stretch of road outside Stockholm, Sweden, has been converted to an "electrified road." As automobiles and trucks travel down the road, it recharges their batteries. It's part of Sweden's eRoadArlanda initiative, which intends to replace roadside charging stations with dynamic charging stations. In contrast to the Swedish proposal, this does not require the use of railroad tracks on roads.

The government of the United Kingdom is interested in new road technology that allows cars to charge while driving on the road. The government is particularly interested in magnetic induction technology. The aim is to bury wires beneath the road surface to generate strong electromagnetic fields that can be collected by a receiver device in the car and converted into electrical power. This principle is based on Michael Faraday's electromagnetic induction laws. For this purpose, a green colour lane has been set aside. The goal of electrified highways is to get ultra-low emissions from electric vehicles.

Benefits of Wireless Charging over Wired Charging

EVs are zero-emission, environmentally friendly, and efficient vehicles that are also the automotive industry's future. The plug-in and wireless power transfer method is used to charge an electric vehicle. The charging station charges the battery of an electric vehicle via a cord/plug in the plug-in technique. The wireless charging method, on the other hand, uses wireless power transfer to charge an electric vehicle's battery. Compared to wire charging, the wireless charging technique has a number of advantages. The removal of carrying and storing cords is the primary benefit of wireless charging. This usually eliminates the chance of cables wearing out over time.

With the idea of dynamic wireless charging, the wireless charging system might potentially lower the size of the battery that is generally installed in an electric car. The batteries that are now used in electric vehicles are quite huge. However, by incorporating wireless technology into electric vehicles, the vehicles' batteries are expected to be smaller and lighter. As a result of these two standards, the overall cost of electric vehicles will be reduced. Given these benefits, automakers such as Nissan, Hyundai, and Tesla are aggressively investing in wireless technology for electric vehicles, although only a few companies have included it in their models. The factors mentioned above are all expected to boost the wireless charging market for electric vehicles' revenue growth during the forecast period.

Upgrading to wireless charging technology comes at a high price

The wireless charging of electric vehicles requires a power control unit (PCU) as well as transmitter and receiver coils. Receivers are attached to the vehicle charging pads, while transmitters are attached to the base charging pads. For household installation, a complete aftermarket wireless charging system costs roughly USD 2,500–3,000. The use of wireless charging technology in an electric vehicle increases the vehicle's cost. As a result, wireless electric vehicle charging becomes more expensive.

Wireless charging technology will become more affordable due to growing demand for wireless charging, as well as the mass production of electric vehicles. Wireless charging is new to the electric vehicle market and is still in the early stages of development. However, most vehicle OEMs are likely to adopt this technology into their individual car models in the future. Given the current economic climate and the resulting economies of scale, it is reasonable to conclude that the high cost of changing to wireless charging technology is a constraint.
Wireless EV Charging Market Segment Analysis:
Based on the Power Supply Range, the market is segmented into 3–<11 Kw, 11–50 kW, and >50 kW. 3–<11 Kw power supply range segment is expected to hold the largest market share of xx% by 2030. For small and mid-sized battery-powered electric vehicles, wireless charging systems with a capacity of 3–11 kW are employed. The wireless charging system can be designed compact and light enough to fit anywhere at this power level. As a result, it is excellent for charging at both home and work. Plugless Power Inc. has released a 3.3 kW wireless charger for the Nissan Leaf and Chevrolet Volt. WiTricity and Prodrive Technologies introduced a wireless charging system in 2023 that can charge a vehicle up to 11 kW more efficiently than cable charging solutions. Due to its use in home and workplace charging when quick charging is not a requirement, the 3–11 KW segment is expected to lead the market during the forecast period.

Based on the Propulsion Type, the market is segmented into BEV, and PHEV. BEV segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2024-2030. Wireless charging technologies are more often used in BEVs than in PHEVs. The battery is the only source of electricity in BEVs, and it must be charged on a regular basis. Wireless charging stations can be placed in garages, public spaces, shopping malls, and offices. Increasing investments in wireless charging technology for battery electric vehicles by countries such as Germany, Gotland, the United States, and Italy, among others, are expected to create favourable opportunities for the BEV segment in the wireless charging market for electric vehicles during the forecast period. Wireless charging is available on popular BEVs like the Nissan Leaf, Tesla Model S, and Jaguar I-Pace. As a result, during the forecast period, the BEV segment is expected to outnumber the PHEV segment.


Wireless EV Charging Market Regional Insights:
Europe region is expected to dominate the Wireless EV Charging market during the forecast period 2024-2030. Europe region is expected to hold the largest market share of xx% by 2030. Europe is expected to become the most important production hub and market for wireless charging stations. The availability of viable infrastructure to enable electric vehicle sales is responsible for this growth. Customers perceive electric vehicles to be a viable option when purchasing a vehicle. Electric vehicle sales have been increasing in the European region for the past five years. Sales of electric vehicles are expected to rise, creating opportunities for technology such as wireless charging infrastructure.

Due to a combination of economies of scale, high levels of income, and being an automotive manufacturing centre, Germany, along with the United Kingdom and France, are expected to be the largest market for wireless charging. According to polls conducted in countries such as Belgium and the United Kingdom, vans, buses, and taxis are more likely to embrace wireless charging of cars, as these segments require high range and convenient charging methods.

Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period 2024-2030. Emerging economies like China and India, as well as developed nations like Japan and South Korea, make up the Asia Pacific region. In recent years, the region has become a manufacturing centre for automobiles. The demand for electric vehicles in the Asia Pacific region has been sparked by rising population purchasing power and growing environmental concerns. Local and national governments have taken notice of the concept of lowering carbon emissions through electrifying transportation. As a result, electric vehicles have grown increasingly popular in the region.

 


Competitive Landscape of the Wireless EV Charging Market:
Robert Bosch GmbH is a multinational engineering and technology company based in Germany. In the domains of mobility, consumer goods, industrial technology, and energy and building technology, Bosch is a major player. Motor vehicle parts, security systems, microelectromechanical systems, household goods, and power tools are among the company's offerings. In 2023, the corporation made a total revenue of roughly 71.5 billion euros. Despite its global reach, Europe is Bosch's main market, accounting for more than half of the company's total revenue in 2023. In the same year, the corporation spent roughly 5.9 billion euros on research & development.

Bosch's mobility section is a significant part of the company. The Mobility Solutions sector is expected to provide 59 percent of the company's overall revenue in 2023. Furthermore, in the same year, almost 60% of Bosch's employees worked in this industry. Bosch was named the world's greatest automotive supplier in 2019, with about 46.6 billion euros in automotive segment revenue. Continental and ZF Friedrichshafen, both based in Germany, as well as Japan's Denso Corporation and Canada's Magna International, are among Bosch's primary competitors in the automotive supplier sector.
Competitive Matrix of the Wireless EV Charging Market:



S. No.
Company Name
Revenue in 2019
Revenue in 2020


1
Robert Bosch GmbH
77.72 Billion Euros
71.49 Billion Euros


2
Continental AG
44.48 Billion Euros
37.72 Billion Euros


3
ZTE Corporation
12.96 Billion Euros
14.49 Billion Euros


4
Qualcomm, Inc.
22.10 Billion Euros
14.49 Billion Euros



The objective of the report is to present a comprehensive analysis of the Global Wireless EV Charging Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Wireless EV Charging Market dynamic, structure by analyzing the market segments and project the Global Wireless EV Charging Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Wireless EV Charging Market make the report investor’s guide.
Wireless EV Charging Market Scope: Inquire before buying



Wireless EV Charging Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2023


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 28.24 Mn.


Forecast Period 2024 to 2030 CAGR:
88.4%
Market Size in 2030:
US $ 2379.29 Mn.


 Segments Covered:
by Application
Commercial Charging Station
Home Charging Unit


by Component
Base Charging Pad
Power Control Unit
Vehicle Charging Pad


by Distribution Channel
Aftermarket
OE Market


by Charging Type
Dynamic Wireless Charging System
Stationary Wireless Charging System


by Propulsion Type
BEV
PHEV


by Vehicle Type
Commercial Vehicle
Passenger Car


by Power Supply Range
3–<11 kW
11–50 kW
>50 kW


by Charging System
Magnetic Power Transfer
Capacitive Power Transfer
Inductive Power Transfer



Wireless EV Charging Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Wireless EV Charging Market, Key Players are
1. Robert Bosch GmbH
2. Continental AG
3. WiTricity Corporation
4. ZTE Corporation
5. HELLA KGaA Hueck & Co.
6. Toyota Motor Corporation
7. Toshiba Corporation
8. Qualcomm, Inc.
9. Evatran Group
10. Powermat Technologies Ltd.
11. PowerbyProxi Limited
12. Energids Corp.
13. WiBotic Inc.
14. PowerSquare Inc.
15. Aircharge
16. Tecnomen Corporation
17. Steca Elektronik GmbH
18. Lumen Australia
19. ECOtality
20. Momentum Dynamics
21. ZENS
22. Freewire Technologies
23. CIRCONTROL
24. Swiftmile

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Wireless EV Charging Market?
Ans. Europe region is expected to hold the highest share in the Wireless EV Charging Market.

2] Who are the top key players in the Wireless EV Charging Market?
Ans. Robert Bosch GmbH, Continental AG, WiTricity Corporation, ZTE Corporation, HELLA KGaA Hueck & Co., Toyota Motor Corporation, and Toshiba Corporation are the top key players in the Wireless EV Charging Market.

3] Which segment holds the largest market share in the Wireless EV Charging market by 2030?
Ans. 3–<11 Kw segment hold the largest market share in the Wireless EV Charging market by 2030.

4] What is the market size of the Wireless EV Charging market by 2030?
Ans. The market size of the Wireless EV Charging market is expected to reach US $ 2379.29 Mn. by 2030.

5] What was the market size of the Wireless EV Charging market in 2023?
Ans. The market size of the Wireless EV Charging market was worth US $ 28.24 Mn. in 2023.

6] Which Company is expected to hold the largest share in the Wireless EV Charging Market by 2030?
Ans. Robert Bosch GmbH is expected to hold the largest share in the Wireless EV Charging Market by 2030.