Wireless Charging Market for Electric Vehicles Worth $377 Million by 2027

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 electric vehicles around the world, along with the increasing inclination towards autonomous driving technology by automotive OEMs will boost the demand for the wireless charging market for electric vehicles.

Increasing investments for smart roads in several countries such as the US, Germany, and Italy, among others, in conjunction with increasing governmental support for wireless charging will create new opportunities for this market.

3–<11 kW segment is estimated to account for the fastest-growing market during the forecast period

3–<11 kW is expected to be the fastest-growing segment by power supply range during the forecast period. Wireless charging systems with a capacity of 3–<11 kW is used for small and mid-sized battery-powered electric vehicles. At this power level, the wireless charging system can be made small and light enough to fit anywhere. Hence, it is suitable for home and workplace charging. 

Plugless Power Inc. launched a wireless charger with a capacity of 3.3 kW for Nissan Leaf and Chevrolet Volt. In 2016, WiTricity, along with Prodrive Technologies, introduced a wireless charging system that can charge a vehicle up to 11 kW at higher efficiency compared to wired charging systems. The 3–<11 KW segment is estimated to lead the market due to its usage in home charging and workplace charging where fast charging is not a concern.

BEV will be the fastest-growing segment during the forecast period

BEV is expected to be the fastest-growing segment by propulsion during the forecast period. The adoption of wireless charging systems is higher in BEVs than in PHEVs. The only source of power in BEVs is the battery, which needs to be charged regularly. The wireless charging system can be installed in home garages, public places, malls, and offices. Increasing investments by various countries, such as Germany, Gotland, the US, and Italy, among others, to incorporate wireless charging technology for battery electric vehicles are expected to create favorable opportunities for the BEV segment in the wireless charging market for electric vehicles in the coming years. Popular BEVs such as Nissan Leaf, Tesla Model S, and Jaguar I-Pace support wireless charging. Thus, the BEV segment is expected to be larger than the PHEV segment over the forecast period.

Europe is expected to dominate the wireless charging for electric vehicle market in 2027.

Europe is estimated to account for 66% of the global wireless charging market for electric vehicles in 2022 by volume. Electric vehicles are expected to become the rational choice for car buyers in Europe as their prices continue to fall with the availability of economical batteries and increasing range. The charging infrastructure in Europe is expected to become more widespread due to favorable policies and government support. The sales of electric vehicles in the European region increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.

The wireless charging market for electric vehicles is dominated by major charging providers, including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc. (US), Efacec (Portugal), and HEVO Inc. (US).