Wireless Electric Vehicle Charger Market is predicted to hit USD 1.6 billion at a CAGR of 50% by 2030- Report by Market Research Future (MRFR)

Massive Increase in EV Production & Sales Boosts Wireless Electric Vehicle Charger Market

New York, USA, May 03, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Wireless Electric Vehicle Charger Market Research Report: By Technology, Component, and Region- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 1.6 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 50% during the assessment timeframe.

The upcoming feature of wireless technology emphasizes the importance of wireless charging technology in the EV market. More simplification in the charging process has vast potential to accelerate the adoption of EVs. An extensive patent portfolio plays a crucial role in establishing global standards for the wireless charging market.

Wireless electric vehicle chargers are invisible charging solutions that enable vehicles to power up on the go and keep cities clean during regular operation. These chargers automatically dispense electricity using charger pads sunk into or on the roadway. 

The market witnesses demand for in-home EV chargers growing due to the increasing integration of technology, efficiency, and electrification in modern homes. Wireless charging system simplifies the EV charging experience by eliminating the need for plugging in, a feature that has ranked high in desirability among EV consumers.

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Key players involved in the market are

  • WiTricity Corporation (USA)
  • Plugless Power (USA)
  • Nission (Japan)
  • ZTE Corporation (China)
  • Qualcomm, Inc. (USA)
  • ELIX Wireless (Canada)
  • Continental AG (Germany)
  • HEVO power (USA)
  • BMW (Germany)
  • ABB, Leviton
  • Convenient Power HK Limited
  • Delphi Automotive
  • Siemens
  • Qualcomm
  • Bosch Group
  • Toshiba Corporation (Japan), among others. 

Report Scope:

Report MetricDetails
Revenue forecast in 2030USD 1.6 Billion
Growth RateCAGR of 50.00% from 2023 to 2030
Base Year2022
Study Period2023-2030
Key Market OpportunitiesGrowing production and adoption of electric passenger car
Key Market DriversInvestments in smart technologies Incentives by governments

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Industry Trends

The wireless electric vehicle charger market outlook appears extremely promising, heading with the rapidly evolving electric vehicles (EVs) market worldwide. Besides, the vast preference for wireless charging solutions growing with the rising EV sales substantiates the market size. With the rising environmental concerns, the craze for electric vehicles is likely to rise exponentially.

This, as a result, will lead to a high-paced expansion of the wireless electric vehicle charger market. Increasing government initiatives to revolutionize e-mobility are major tailwinds. Improved EV charger infrastructures in public spaces are boosting worldwide. Mobility service providers are increasingly using wireless charger systems precisely adapted to the charger infrastructure requirements in public spaces.

Despite significant growth prospects, the market still witnesses major setbacks, such as the requirements of large structures and high investments to develop charger stations. Wireless power transmission solutions require a large structure which is a costly affair. Besides, these charger stations emit unsafe frequencies that are harmful to the living and can be expensive. These are major factors impeding the market growth. 

Governments in countries across the globe have initiated new policies and proposals for e-mobility charger infrastructures, helping them meet their own goals to address climate change and net-zero carbon targets. Additionally, large-scale implementations of these EV-powering solutions influence market growth. 

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Wireless Electric Vehicle Charger Market Segments

The wireless electric vehicle charger market is segmented into technologies, components, and regions. The technology segment is sub-segmented into magnetic resonance and inductive charging. The component segment is sub-segmented into battery, AC/DC power adapter, power distribution box, and others. The region segment is sub-segmented into Europe, the Americas, Asia-Pacific, and rest-of-the-world.

Wireless Electric Vehicle Charger Market Regional Analysis

The Asia Pacific region dominates the global wireless electric vehicle charger market. The region owns significant raw material advantage and the availability of cost-competitive workforces. Moreover, increased production and sales of automobiles boost the wireless electric vehicle charger market growth. Growing production of electric vehicles in China and Japan increases the market demand.

Growing disposable income due to the rapid economic growth in the region and rising focus on reducing vehicle emissions substantiate the wireless electric vehicle charger market size. Furthermore, the increasing population and urbanization in countries such as China, India, and others positively impact the market landscape. Besides, advancements in EV charging solutions and devices used for electric vehicles drive the market.

Wireless Electric Vehicle Charger Market Competitive Analysis

The e-vehicle battery charger market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans. 

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For instance, On Feb. 08, 2023, Yablochkov, a technology company producing electric vehicle charging systems, announced a partnership with scientists from ITMO School of Physics and Engineering to create a prototype of Russia's first-ever completely wireless electric vehicle charger. 

The prototype is based on the SAE J2954 power transfer standard, and the system will fit all types of vehicles, from cars and buses to driverless taxis and forklifts. Currently, the prototype takes six hours to charge an electric vehicle fully, but soon it will be able to fill up 80% of a car battery in just an hour.

In another instance, on Apr. 13, 2023, WiTricity, a leader in wireless EV charging technology, showcased its wireless electric vehicle chargers in the Future Home segment of an episode of Ask This Old House. WiTricity's technology is ratified by global EV wireless charging standards such as SAE, ISO, and GB. The episode, Oven Ventilation, was scheduled to air on PBS at 8:00 PM EST on Apr.13th, with streaming available on Apr. 17, 2023, on ThisOldHouse.com.

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