The global Wireless Charging for Electric Vehicles Market is projected to grow from $15 million in 2022 to $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 on 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 in 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 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 electric vehicles in the Asia Pacific region are 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.
The Europe region will hold the largest market size in the wireless charging market for electric vehicles during the forecast period. This is due to a consistent rise in the sales of electric vehicles, favourable 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 a large number of charging stations would drive the growth of the wireless charging market for electric vehicles in Spain.
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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 systems 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.
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 orders received in the first quarter of 2021.
