PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530702
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1530702
According to Stratistics MRC, the Global Wireless Electric Vehicle Charging Market is accounted for $0.33 billion in 2024 and is expected to reach $14.05 billion by 2030 growing at a CAGR of 87.1% during the forecast period. Wireless Electric Vehicle Charging (WEVC) is a technology that enables electric vehicles (EVs) to charge their batteries without the need for physical cables. It works through electromagnetic induction or magnetic resonance, where power is transferred wirelessly from a charging pad on the ground (or embedded in the road surface) to a receiver pad fitted underneath the vehicle. This method eliminates the inconvenience of plugging in cables, offering greater convenience and ease of use for EV owners. WEVC systems typically involve a transmitter pad connected to the power grid and a receiver pad installed on the EV.
According to a report by the IEA organization, 2022, EV vehicles globally reached 6.7 million units in 2021, a 3.7 million units over 2020, accounting for 4.1% of the market share.
Growing electric vehicle adoption
The growing adoption of electric vehicles (EVs) is accelerating advancements in Wireless Electric Vehicle Charging (WEVC) technology. As more consumers and businesses transition to EVs to reduce emissions and dependence on fossil fuels, the demand for efficient and convenient charging solutions has intensified. This technology relies on electromagnetic fields to transfer energy between a charging pad on the ground and a receiver on the underside of the vehicle, eliminating the need for physical cables. It not only simplifies the charging process for users but also supports the development of autonomous and electric vehicle fleets by enabling seamless, automated charging experiences.
Lack of standardization in wireless charging technology
The lack of standardization in wireless charging technology presents a significant hurdle for the widespread adoption of Wireless Electric Vehicle (WEV) Charging systems. Without universally accepted standards, manufacturers face challenges in ensuring interoperability between different charging pads and vehicles, leading to compatibility issues and reduced consumer confidence. However, this lack of standardization also affects the scalability of WEV Charging infrastructure, as varying technical specifications and protocols hinder the development of a cohesive network of charging stations.
Rising support from governments for wireless charging
Governments are increasingly backing wireless electric vehicle (EV) charging technologies, catalyzing their advancement and adoption. Wireless charging eliminates the need for physical plugs and connectors, simplifying the EV charging process and making it more convenient for users. This convenience is expected to encourage more people to switch to electric vehicles, thereby reducing carbon emissions and improving air quality. Additionally, government support often includes funding for research and development in wireless charging technologies, driving innovation and improvements in efficiency and reliability.
Regulatory and safety concerns
Wireless Electric Vehicle Charging (WEVC) faces significant regulatory and safety challenges that hinder its widespread adoption. Regulatory concerns primarily revolve around establishing standardized protocols and ensuring compatibility across different vehicle models and charging stations. Without uniform regulations, manufacturers and consumers may face uncertainties regarding safety standards, interoperability, and reliability of WEVC systems. Safety is another critical issue, as the transmission of high-power electromagnetic fields required for wireless charging raises concerns about potential health risks and electromagnetic interference with other electronic devices.
The COVID-19 pandemic significantly influenced the development and adoption of wireless electric vehicle (EV) charging technologies. Initially poised for rapid expansion pre-pandemic, the rollout of wireless EV charging infrastructure faced delays and setbacks due to disrupted supply chains, reduced funding for research and development, and a shift in priorities within the automotive industry. Travel restrictions and economic uncertainties also hampered the testing and deployment of new technologies necessary for wireless charging systems. The pandemic highlighted the importance of resilient and adaptable infrastructure, prompting stakeholders to reassess timelines and investments in emerging technologies like wireless EV charging.
The Commercial Vehicles segment is expected to be the largest during the forecast period
Commercial Vehicles segment is expected to be the largest during the forecast period. WEVC technology eliminates the need for physical plugs and connectors, allowing vehicles to charge simply by parking over a charging pad. This innovation is particularly beneficial for commercial fleets as it reduces downtime associated with manual charging processes and ensures vehicles are consistently powered, enhancing overall productivity. Moreover, WEVC offers greater flexibility in depot management by enabling automated and continuous charging cycles without human intervention, thereby optimizing fleet operations.
The Power Control Unit segment is expected to have the highest CAGR during the forecast period
Power Control Unit segment is expected to have the highest CAGR during the forecast period by managing the flow of electricity from the grid to the vehicle's battery efficiently and safely. In wireless EV charging systems, the PCU acts as a bridge between the power source (grid or another power generation system) and the charging pad installed on the vehicle. It regulates the power flow, ensuring optimal charging rates and maintaining compatibility with various EV models and battery capacities. Key functions of the PCU include converting AC power from the grid to the appropriate DC voltage needed by the vehicle's battery, managing the charging process to prevent overheating or overcharging, and facilitating communication between the charging pad and the vehicle for seamless operation.
Europe region dominated the largest market share during the projection period. Europe's proactive approach in fostering innovation and sustainable mobility solutions has led to substantial investments in research, development, and deployment of wireless charging infrastructure across various urban and highway environments. European governments and industry leaders have collaborated to establish standards and regulations that promote interoperability and reliability, further accelerating market acceptance. As a result, major automotive manufacturers are increasingly integrating wireless charging capabilities into their EV models, anticipating a future where EVs seamlessly recharge without physical connections.
Europe region is poised to hold substantial growth throughout the extrapolated period. The European Union and several member states have implemented stringent emissions reduction targets and incentives to promote electric vehicle (EV) use, prompting a surge in innovation in charging infrastructure. Regulations mandating low-emission zones in urban areas and strict emissions standards have pushed automakers to invest heavily in electric mobility solutions, including WEV charging. Moreover, financial incentives such as grants and tax breaks for purchasing EVs and installing charging stations have spurred private sector involvement and research into advanced charging technologies like wireless systems.
Key players in the market
Some of the key players in Wireless Electric Vehicle Charging market include Continental AG, Electreon Wireless Ltd, General Motors, Jaguar Land Rover Limited, Nissan Motor Corporation, PowerHydrant Inc, Qualcomm Technologies, Inc, Tesla, Inc, Toyota Motor Corporation and Volkswagen Group.
In November 2023, Electron, in partnership with the Michigan Department of Transportation, announced the deployment of a wireless-charging public roadway. Using technology from Electreon, Detroit's 14th Street is now equipped with inductive-charging coils between Marantette and Dalzelle streets that will charge electric vehicles equipped with Electreon receivers as they drive on the road.
In December 2022, Electreon Germany GmbH, a subsidiary of Electreon Wireless LTD, a provider of wireless charging solutions for electric vehicles, started their project of public wireless charging infrastructure for electric cars in Germany. The company will also install two static charging stations along a 1 km stretch of road, and the two locations will be chosen based on the bus route and the stops the bus makes while operating.