Wireless Charging Market for Electric Vehicles Emerging Technology Trends 2022 to 2027
Research Reports
Oct 26, 2022
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 EVs around the world, coupled with the growing focus towards autonomous vehicles will boost the demand for the wireless charging market electric vehicles. The Wireless Charging Market for Electric Vehicles is dominated by major players including WiTricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc., (US), Efacec (Portugal), and HEVO Inc. (US). They develop products/systems for the electric vehicle ecosystem. They have initiated partnerships to develop their wireless EV charging technology and provide finished products to their respective customers. Increasing investments for dynamic wireless charging technology, in conjunction with increasing support from governments for wireless charging are expected to create new opportunities for this market during the forecast period.
Ongoing projects related to dynamic wireless charging systems in the US, Germany, Italy, and Sweden, among others, are expected to support the revenue growth of the Wireless Charging Market for Electric Vehicles. The growing demand for zero-emission transport, along with targets set by the governments of various countries to reduce the demand for fossil fuel vehicles, will speed up the penetration of the electric vehicles around the world. This in turn, is anticipated to increase the demand for wireless charging systems for electric vehicles across geographies.
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The Asia Pacific region is expected to be the fastest-growing market during the forecast period. This is owing to the increasing penetration of electric vehicles, and consistent efforts by automotive OEMs and wireless charging companies to standardize wireless charging technology. Government policies and incentives pertaining to the electric vehicles in Asia Pacific region is likely to be the major factor leading the Wireless Charging Market for Electric Vehicles. China and South Korea are expected to register the highest growth in the Asia Pacific Wireless Charging Market for Electric Vehicles during the forecast period. The easy availability of electronic equipment or raw materials required to manufacture power control units is expected to reduce the cost of wireless charging systems in China and South Korea, in turn driving the overall market growth in these countries. Some of the market players operating in this region are ZTE Corporation, Toshiba Corporation, Toyota Motor Corporation, and Mitsubishi Electric.
Europe region will hold the largest market size in the Wireless Charging Market for Electric Vehicles during the forecast period. This is due to consistent rise in the sales of electric vehicles, favorable EV regulation, and increasing investments in projects related to smart roads in several countries. UK, Germany, France, Netherlands and UK are expected to be some of the largest wireless EV charging markets in the region. Spain is expected to register the highest growth in the Wireless Charging Market for Electric Vehicles in Europe during the forecast period. An increase in electric vehicle sales and the large number of charging stations would drive the growth of the Wireless Charging Market for Electric Vehicles in Spain.
North America region is expected to have significant growth in the Wireless Charging Market for Electric Vehicles. This is due to the launches of electric vehicles compatible with wireless charging system by leading automotive companies such as Tesla and Chevrolet. The US is estimated to hold the largest share of the North American Wireless Charging Market for Electric Vehicles during the forecast period. This is owing to the increased sales of electric vehicles and increasing R&D investments in wireless charging systems by the leading market players in the US. Some of the major wireless charging system manufacturers operating in this region are WiTricity Corporation, Plugless Power Inc., Momentum Dynamics Corporation, and HEVO Inc., among others.
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