Wireless Charging Market for Electric Vehicles worth $1279 million by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 4, 2023 /PRNewswire/ -- Wireless Charging Market for Electric Vehicles size is projected to grow from USD 80 million in 2023 to USD 1279 million by 2030, at a CAGR of 48.4%, according to a new report by MarketsandMarkets™. The rise in focus towards e-mobility paired with increased infrastructure development for EVs charging are expected to increase the demand for wireless EV charging solutions. Also, the strong government support for emission free electric vehicle and advancements in electric vehicle charging is anticipated to promote the revenue growth of wireless charging for electric vehicles.

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Wireless Charging Market for Electric Vehicles Scope:

BEV segment is expected to have largest share in the global wireless charging market for electric vehicles

The BEVs segment is expected to hold a larger share of the wireless charging market for electric vehicles during the forecast period. Leading automotive companies such as FAW (China) and Hyundai (South Korea) use wireless EV charging systems in their models. For instance, the Hyundai Motor Company premium brand Genesis also offers an OE-fitted inductive charging system for its battery-electric vehicle model GV60. All these parameters are expected to bolster the revenue growth of the BEV segment in the wireless charging market for electric vehicles. Leading automotive companies such as Tesla, Inc. (US), BMW Group (Germany), and Nissan Motor Co., Ltd. (Japan) use wireless charging technology as an option in the Tesla Model S, BMW i3, and Nissan Leaf Gen 1 models, respectively.

Passenger car segment is expected to have significant growth opportunities in global wireless charging market for electric vehicles

The passenger car segment is expected to have significant growth opportunities in the wireless charging industry for electric vehicles during the forecast period. This is owing to the increasing efforts by automotive OEMs to incorporate wireless charging systems in their vehicles. Hyundai Motor Company (South Korea) offers wireless charging as an option on the GV60 and FAW's HongQi electric vehicles, and Volvo Car Corporation (Sweden) offers wireless charging as an option on the Volvo XC40 Recharge electric SUV. Increasing customer awareness, technological advancements, and government incentives, as in 2019, the EU set a target of having 30 million electric vehicles on the road by 2030. The EU offers several incentives to achieve this target, such as tax breaks and grants. All these aforementioned factors are anticipated to bolster the revenue growth of the passenger car segment during the forecast period.

"UK to lead the wireless charging market for electric vehicles market in Europe"

UK is expected to register the highest growth in the wireless charging market for electric vehicles in Europe during the forecast period. This is owing to the increasing sales of EVs equipped with wireless charging systems. 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, Norway, Sweden, Austria, and UK, among others. In April 2023, WiTricity Corporation and ABT e-Line announced to bring wireless EV charging to the streets of Europe. With demonstrated experience working with the Volkswagen Group (VW), ABT e-Line (Germany) will initially upgrade the VW ID.4 model by early 2024 to support wireless charging technology offered by WiTricity Corporation. In January 2021, Electreon completed the deployment of 1.65 km of a dynamic wireless charging system on a public road in Gotland, Sweden.

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Key Market Players:

The major players in wireless charging companies for electric vehicles include WiTricity Corporation (US), Electreon (Israel), InductEV Inc. (US), Plugless Power Inc. (US), Wave Charging (US), and ENRX (Norway), among others.

Recent Developments

• In July 2023, WiTricity Corporation announced the FastTrack Integration Program for vehicle manufacturers. This streamlined program enables automotive OEMs to begin evaluation as well as testing of electric vehicles with wireless charging in just 90 days. The wireless charging will be fully enabled and operational on the automaker's EV platform using the company's Halo receiver & Halo 11kW charger.
• In June 2023, Leading manufacturer of commercial vehicles of Nederland, GINAF Trucks collaborated with Electreon to integrate Electreon's wireless charging system on a GINAF 50-ton truck model. Further to this Electreon and GINAF are also looking at aftermarket installations on additional GINAF trucks, and Mercedes-Benz chassis.
• In April 2023, WiTricity Corporation along with ABT e-Line (Germany), announced to bring wireless EV charging to the streets of Europe. With demonstrated experience working with the Volkswagen Group (VW), ABT e- Line (Germany) will initially upgrade the VW ID.4 model to support wireless charging technology offered by WiTricity Corporation. This model (with wireless charging technology) is expected to be available in the market by early 2024.
• In February 2023, HEVO Inc. collaborated with Stellantis NV (a leading global automaker and mobility provider) to integrate/incorporate wireless charging technology into Stellantis electric vehicles. This, in turn, will enable a superior charging experience with safety, efficiency, and durability.
• In May 2022, the WAVE Charging received a second order of WAVE 250kW wireless charging systems for new Gillig battery-electric buses by Twin Transit which are scheduled to arrive in late 2023.

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