Wireless Electric Vehicle Charger Market: Current Analysis and Forecast (2023-2030)

A Wireless Electric Vehicle Charger, commonly referred to as a Wireless EV Charger or Wireless Charging Pad, is a revolutionary technology designed to charge electric vehicles without the need for physical cables and connectors. Rather than plugging the vehicle into a traditional charging station, this Wireless Charger utilizes electromagnetic fields to transfer energy between a charging pad and the electric vehicle, resulting in effortless charging.

The wireless electric vehicle charger market is expected to grow at a steady rate of around 40.31% owing to the burgeoning adoption of electric vehicles. The burgeoning adoption of electric vehicles has significantly contributed to the growth of the wireless EV charger market. As electric vehicles become increasingly popular, the demand for innovative charging solutions has increased in the last couple of years as plug-in charging has been a very limited and time-consuming process. Moreover, once the customer put the vehicle on charging mode, unable to ride it, this problem was sorted out with dynamic wireless charging. Unlike traditional wired chargers that require physical plugging in the automobile, wireless chargers can charge EVs through inductive power transfer. This gets rid of the need for cables and reduces the effort required to attach and disconnect the vehicle. EV drivers can sincerely park their vehicles over the wireless charging pad, and the charging process initiates automatically. This ease of use has been key in attracting consumers to wireless chargers. Therefore, the burgeoning adoption of electric vehicles has traction the demand for the wireless electric vehicle charger market in the forecast period. For instance, in 2023, according to the report published by the International Energy Agency, there were 6.5 million units of electric vehicles sold in 2021, and the number increased to 10.3 million in 2022, further skyrocketing to 13.9 million in 2023.

Based on type, the market is segmented into static and dynamic. Among them, Static has a high market share in 2022 and will dominate during the forecast period. This is due to the higher adoption of static as compared to dynamic as well as dynamic segment is still in the development phase for many of the countries. Moreover, static wireless charging is considered safer than dynamic charging as it eliminates the risk of electrical shock and fire hazards associated with moving parts. Static wireless charging is generally cheaper to implement than dynamic charging, primarily due to the absence of complex moving parts and the requirement for smaller power electronics.

Based on technology, the market is segmented into inductive wireless charging systems and resonant inductive wireless charging Systems. Among these, the inductive wireless charging system would sustain its higher share in the forecasted period. The major factors behind the growth of the technology are its high power transmission efficiency, simplicity, and maturity in the technology. It enables fast and convenient charging of electric vehicles without the need for cables or connectors, making it a preferred choice for consumers.

For a better understanding of the market adoption of the shipbuilding industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, Mexico, and Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, South Korea, Rest of Asia-Pacific), Rest of World. There is a noticeable upsurge in the adoption of electric vehicles (EVs) in the region, primarily due to the increasing awareness regarding environmental sustainability and stringent emission regulations. Countries like China, Japan, South Korea, and India are taking bold steps to promote the usage of EVs, which, in turn, is escalating the demand for efficient and convenient charging solutions like WEVs. Moreover, there is a notable increase in investments and funding allocated towards the development and commercialization of WEV charging technology in the region. Governments and private organizations are recognizing the potential of WEV chargers in facilitating the widespread adoption of EVs, thus pumping in considerable resources to foster their growth. For instance, in March 2020, the Japanese government announced a plan to install 20,000 fast-charging stations across the country by 2025, with a budget allocation of JPY 40 billion (approximately USD 360 million). Such initiatives not only boost the demand for WEV chargers.

Some of the major players operating in the market include: WiTricity Corporation, Induct EV, Qualcomm Technologies, Inc., HEVO Inc., Plugless Power, Bombardier, ZTE Corporation, Continental AG, Bosch Mobility, Mojo Mobility Inc.