Wireless EV Charging Market is expected to reach USD 567.7 million by 2030
The rapid adoption of EVs combined with the growing government initiatives regarding wireless EV charging is driving significant growth in the wireless EV charging industry.
According to a new research report by Next Move Strategy Consulting, the global Wireless EV Charging Market was valued at USD 13.1 million in 2022, and is expected to reach USD 567.7 million by 2030, with a CAGR of 55.6% during the forecast period, 2023–2030. In terms of volume, the market comprised 3,626 units in 2022 and is predicted to reach 231,693 units by 2030, registering a substantial CAGR of 63.1% from 2023 to 2030.
The electric vehicle (EV) demand is propelled by escalating fuel prices and a solid drive to reduce pollution levels. These factors play a pivotal role in driving the growth of the wireless EV charging market. As consumers seek more cost-effective and environmentally friendly transportation alternatives, the convenience and sustainability offered by wireless EV charging become increasingly attractive. The rising adoption of EVs, driven by the aim to mitigate pollution and combat fuel price fluctuations, creates a significant market opportunity for wireless charging solutions.
According to the International Energy Agency, the electric car market is experiencing rapid and exponential growth, with sales of EVs surpassing 10 million units in 2022. The share of electric cars has tripled in just three years, increasing from approximately 4% in 2020 to 14% in 2022. Projections indicate that EV sales are expected to reach 14 million units by the end of 2023, reflecting a remarkable 35% year-on-year growth rate. This growing demand contributes to the expansion and importance of the wireless EV charging industry in the broader context of sustainable mobility.
Governments worldwide are playing a vital role in accelerating the growth of the wireless EV charging market through a range of strategic initiatives. In Europe, for instance, the European Green Deal aims to make the continent the world's first climate-neutral region by 2050, driving significant investments in EV charging infrastructure. As of 2021, the European Union (EV) had allocated more than USD 800 million to expand charging stations, including wireless options, to establish three million public charging points by 2030. In the U.S., the federal government's commitment to combat climate change and advance electric mobility is reflected in its plans to build 500,000 charging stations by 2030. This will create a supportive environment for wireless EV charging technology.
In addition, countries in Asia-Pacific, such as China and Japan, have spearheaded ambitious targets to promote the EV adoption. China, aiming to have 50% of new car sales as EVs by 2035, has been heavily investing in the charging infrastructure, with over 1.3 million public charging points. These points also include wireless options. Japan's pursuit of carbon neutrality by 2050 has accelerated its charging network expansion, with a focus on wireless solutions to facilitate convenient and efficient charging. These global initiatives, along with supportive policies, incentives, and substantial investments, are nurturing the development and adoption of wireless EV charging. Furthermore, they are fueling sustainable and electric transportation worldwide.
However, the adoption of wireless EV charging is impeded by the challenges such as high initial cost and slower charging rates. These factors pose substantial restraints in the global wireless EV charging market. The significant investment required for developing and deploying wireless charging infrastructure has become a major challenge for this industry. Additionally, factors such as comparatively slower charging speeds in comparison to traditional wired charging present barriers to widespread acceptance, particularly for budget-conscious consumers and commercial fleet operators.
On the contrary, the development of dynamic wireless charging infrastructure for EVs that allows vehicles to charge while in motion is expected to create ample opportunities for the market in the coming years.
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According to the report, leading players operating in the wireless EV charging market include WiTricity Corporation, HEVO, Inc., Electreon Wireless Ltd., WAVE Charging Llc., Plugless Power, Inc., InductEV, Qingdao TGOOD Electric Co. Ltd., ENRX, Easelink GmbH, Integrated Roadways, and others. These key players have adopted various strategies to strengthen their wireless EV charging market share.
Key Insights from the Wireless EV Charging Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the wireless EV charging market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of the players in the global wireless EV charging market along with their competitive analysis are provided in the report.