Wireless Car Charging Market

Market Study on Wireless Car Charging: Asia Pacific to Dominate Global Market Over the Decade

Wireless Car Charging Market Segmentation by Static Wireless, Dynamic Wireless Car Charging Base Station for Electric Cars, Hybrid Cars with Inductive Charging, Hybrid-inductive Resonance Technology

Market Snapshot

The wireless car charging market was valued at US$ 16 Mn in 2020, and its net worth is estimated to bloat more than 34X by the end of 2031. At present, wireless car charging accounts for around 5% of the global Electric Vehicle (EV) charging industry.

The trend of electric vehicles has picked up rapidly over the last decade, and this is expected to surge further through this decade as well. Electric vehicle charging stations are expected to see rapid increase in demand as sales of electric vehicles increase. A revised industry analysis by Persistence Market Research predicts wireless car charger demand to rise at a phenomenal CAGR of 42.5% through 2031.

Wireless Car Charging Market Size (2020)

US$ 16 Mn

Market Estimated Valuation (2031)

US$ 550 Mn

Projected Growth Rate (2021-2031)

42.5% CAGR

Dominant Regional Market

Asia Pacific

Find Out More about the Report Coverage

Companies

Company Profiles

  • Qualcomm Technologies, Inc.
  • Evatran, LLC (Plugless Power)
  • WiTricity Corporation
  • Momentum Dynamics Corp.
  • Toshiba Corporation
  • Mojo Mobility, Inc.
  • HEVO, Inc.
  • Bombardier Inc
  • TDK Corporation
  • Denso Corporation
  • ZTE Corporation
  • Others

Demand Analysis of Wireless Car Charging (2016 to 2020) Vs Market Forecasts 2021 to 2031

Electric vehicles have been gaining popularity over the past decade, and this popularity is only expected to further be cemented as the years go by. Major automotive giants are focusing on launching new electric vehicles to fulfil demand from the environment-conscious population. As sales of electric vehicles increase, the need for electric vehicle charging stations also increases in parallel, and this will drive advancements in charging technologies.

Electric vehicles are gaining momentum as they have a minimum impact on the environment, reduce carbon footprint, and are affordable to use and maintain. At present, the world lacks the infrastructure required to charge electric vehicles, and this is hindering adoption of electric vehicles across regions. Big players in the industry are investing in developing a network of electric vehicle charging stations that would make it convenient for electric vehicle users to charge their vehicles with ease.

Contactless EV charging technology is being extensively researched to develop wireless charging stations that make it extremely convenient to charge vehicles and eliminate the hassles of cables that wired charging presents. Demand for wireless car charging is anticipated to surge at a CAGR of 42.5% over the decade.

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How Important Will Wireless EV Charging Stations Be in Future?

The future of the automotive industry is expected to be dominated by the presence of electric and hybrid vehicles. With fossil fuels depleting and environmental concerns rising, demand for alternative energy vehicles is expected to be tremendous over the decade. EVs are the most preferred alternative to fossil-powered vehicles as they can be easily integrated without having to develop completely new infrastructure and vehicle design.

The number of EVs across the world has risen substantially over the past few years, and is anticipated to be huge by the end of the decade. Consumers are preferring electric vehicles over conventional ones as they become more environment-conscious and find electric vehicles more cost-effective to use.

Governments are also funding initiatives and providing financial backing to EV manufacturers to promote their sales and reduce carbon footprint. So, as EVs gain more popularity and their sales increase, demand for EV charging stations is also subsequently expected to rise.

Especially, contactless EV charging is expected to gain popularity over the decade due to its advantages over wired charging technologies. Currently, inductive charging is the most common technology in wireless car charging.

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What’s Restraining Implementation of Wireless Charging Technology?

The concept of wireless charging for EVs is a relatively new one and the technology is still in its developmental stages. There have been significant breakthroughs over the past years but the implementation and integration of these technologies is still a major challenge that charging providers are trying to overcome. Some of the popular technologies are dual-mode wireless charging, in-car wireless charging, etc.

These technologies are complex and very costly to manufacture and integrate as well, and this hinders their adoption. Slower charging and losses in charging also restrain the adoption of wireless car charging. As technology advances and manufacturers find effective solutions, use of wireless car charging is expected to rise substantially.

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Which Regions Should Key Wireless Car Charging Providers Target?

This research details the global wireless car charging terminal and infrastructure industry landscape in regions such as Asia Pacific, EMEA, and the Americas.

The market in the Asia Pacific region is expected to have a dominant outlook and see evolution at the fastest CAGR over all regions. This can be attributed to rising adoption of EVs and hybrid vehicles in the region, growing environmental concerns, shifting preference from fossil-powered vehicles to EVs, etc. Emerging economies are expected to provide a very lucrative setting with government-backed funding.

The EMEA region is expected to be the second-most prominent regional market for wireless car charging. Presence of a large number of automotive manufacturers, developed infrastructure, etc., are expected to propel demand for wireless car charging in this region over the forecast period. Germany, the U.K., and France are expected to be leading markets for wireless car charging products technology in this region.

The market for wireless car charging technology in the Americas is also expected to expand at a similar pace as the trend of electric vehicles picks up in the U.S and Canada. Rising environmental concerns and global need to reduce carbon footprint by key nations in the Americas are expected to prove beneficial for wireless car charging technology providers as these factors encourage the use of EVs.

wireless-car-charging-market

Country-wise Analysis

What is the Outlook for Wireless Charging Stations in the U.S.?

The U.S. has seen substantial rise in demand for electric vehicles as the population has grown more concerned about the environmental hazards of increasing carbon footprint. With companies such as Tesla and Ford bringing their electric vehicles to the U.S. market at competitive pricing and the promise of near-zero carbon impact, sales of EVs have gone up substantially.

As the number of EVs in the nation has increased so has demand for faster charging solutions for them. The technologically advanced nature of the nation’s infrastructure provides a lucrative setting for wireless charging stations and makes it a noteworthy market. Inductive charging is expected to be the most popular type of wireless charging technology in the U.S.

Will China Provide a Lucrative Setting for Wireless Car Charging Industry?

China has been focusing on its EV infrastructure for the past decade and the nation has taken electrification very seriously. While it may not be the home to the biggest EV manufacturer it is certainly one of the most prominent markets for EVs. Government support for EV infrastructure has been essentially fuelling the EV industry in the nation, and this trend is expected to be followed through this decade as well.

With over 2.2 Mn charging stations nationwide, China has an EV infrastructure that is bigger than most other nations. Demand for wireless car charging solutions is anticipated to see a major rise as EV infrastructure develops and the nation promotes the use of EVs to reduce carbon footprint and conserve the environment.

Category-wise Insights

What’s the Significance of Electric Vehicles in the Wireless Car Charging Landscape?

Electric vehicles work on batteries and they need to be charged periodically. They account for majority of demand for charging stations. Modern EVs have a good range and can travel long distances without having to recharge, but they still need to be charged at regular intervals, which makes it imperative to have a charging station infrastructure on long-distance routes.

Wired charging has its drawbacks such as slower charging, requirement of more equipment, etc. Wireless charging stations provide compatibility, ease of access, faster charging, and more flexibility, and hence, are being researched and developed to make them more efficient.

Hybrid vehicles can function even on other resources but electric vehicles can only function when charged, which makes them the prime user of wireless electric vehicle charging stations that are being developed for charging infrastructure.

How is the Wireless Car Charging Industry Expected to Shape Up after the COVID-19 Pandemic?

The COVID-19 pandemic worsened the situation of the already suffering automotive industry and caused many automotive manufacturers to halt their operations or substantially cut down their workforce in order to mitigate losses. From manufacturing to distribution to demand, everything saw a major drop in 2020.

In the post-pandemic era, automotive sales are expected to see a steady rise, and a substantial amount of these sales are expected to be governed by electric or hybrid vehicles that utilize electricity. This is expected to create huge demand for wireless car charging solutions across the globe. As manufacturing and research activities return to their full potential, the launch of new wireless car charging stations is expected to be frequent across regions.

Competitive Landscape

Key market participants are focusing on mergers and collaborations to increase their geographical presence. Manufacturers are investing in research to develop charging technology that would be more cost-effective to integrate and implement.

  • In September 2021, in order to improve EV infrastructure in the state and promote electric vehicle use, Michigan announced its plans for a wireless charging infrastructure program. The program is the first of its kind in the U.S. The state will widen its EV infrastructure with this new program and has also announced an extension of a proposed wireless charging road to Lake Michigan EV Circuit.
  • In November 2021, Ford, Bosch and some other organizations collaborated to form the Detroit Smart Parking Lab (DSPL). The lab will enable pioneers and startups to test their technologies related to parking, such as EV charging and parking-related mobility.
  • In October 2021, ElectReon and Dan Bus Company signed an agreement that would enable the charging technology provider to expand its wireless charging network for a fleet of 200 buses across Tel Aviv and the metropolitan area. The implementation is estimated to cost US$ 9.4 Mn and provide active charging terminals across various routes.

More recent developments related to key providers of wireless car charging have been also been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Wireless Car Charging Industry Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • Americas
  • EMEA
  • Asia Pacific

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Base Station
  • Type of Car
  • Technology
  • Region

Key Companies Profiled

  • Qualcomm Technologies Inc.
  • Evatran LLC (Plugless Power)
  • WiTricity Corporation
  • Momentum Dynamics Corp.
  • Toshiba Corporation
  • Mojo Mobility Inc.
  • HEVO Inc.
  • Bombardier Inc.
  • TDK Corporation
  • Denso Corporation
  • ZTE Corporation

Pricing

Available upon Request

Key Segments Covered in Wireless Car Charging Industry Research

By Base Station

  • Static Wireless Car Charging
  • Dynamic Wireless Car Charging

By Type of Car

  • Electric Cars
  • Hybrid Cars

By Technology

  • Inductive Charging
  • Hybrid-inductive Resonance

Media Release

- FAQs -

In 2020, the global wireless car charging market accounted for a net worth of US$ 16 Mn.

Electric cars are expected to account for majority of revenue share as far as wireless car charging is concerned.

Sales revenue from wireless car charging is estimated to be US$ 550 Mn by the end of the decade.

Rising environmental concerns, depleting fossil fuels, and increasing popularity and sales of electric vehicles are some of the factors that will influence wireless car charging demand.

The wireless car charging market in Asia Pacific is expected to hold a dominant market share in the global landscape.

Slower charging rate, distance limitation, high cost of installation and integration, and complexity in manufacturing are hindering adoption of wireless car charging technology.

The wireless car charging industry is anticipated to rise at a stellar CAGR of 42.5% over the next ten years.

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