Electric Vehicle Wireless Charging Market Worth $1,279 Million by 2030 – MarketsandMarkets™ Exclusive Report

Chicago, October 31, 2023 (GLOBE NEWSWIRE) – Wireless charging market for electric vehicles The volume is expected to grow from US$80 million in 2023 to US$1,279 million by 2030, a CAGR of 48.4%. During the forecast period, according to a new report from MarketsandMarkets™.

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Increased focus on e-mobility coupled with increased development of EV charging infrastructure is expected to drive demand for wireless EV charging solutions. Strong government support for zero-emission electric vehicles and developments in electric vehicle charging are also expected to boost EV wireless charging revenue growth.

The battery-powered electric vehicle segment is expected to have the largest share in the global wireless charging market for electric vehicles

The battery electric vehicle segment is expected to hold a larger share of the wireless electric vehicle charging industry during the forecast period. Leading automobile companies such as FAW (China) and Hyundai (South Korea) use wireless charging systems for electric vehicles in their models. For example, Hyundai Motor’s premium brand Genesis also offers an OEM-ready inductive charging system for its battery electric vehicle model GV60. All these standards are expected to enhance the revenue growth of the EV segment in the EV wireless charging market. Leading automobile companies such as Tesla, Inc. use (United States), BMW Group (Germany), and Nissan Motor Co., Ltd. (Japan) Wireless charging technology as an option on Tesla Model S, BMW i3, and Nissan Leaf Gen. 1 models respectively.

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The passenger vehicle segment is expected to have significant growth opportunities in the global wireless charging market for electric vehicles

The passenger vehicle segment is expected to have significant growth opportunities in the electric vehicle wireless charging market during the forecast period. This is due to increasing efforts by automotive OEMs to integrate wireless charging systems into their vehicles. Hyundai Motor (South Korea) offers wireless charging as an option on the GV60 and FAW’s HongQi electric vehicles, and Volvo Car (Sweden) offers wireless charging as an option on the Volvo XC40 Recharge electric SUV. Through increasing customer awareness, technological advances, and government incentives, as in 2019, the European Union set a goal of having 30 million electric cars on the road by 2030. The EU offers several incentives to achieve this goal, such as tax credits and grants. All these above-mentioned factors are expected to boost the revenue growth of the passenger vehicle segment over the forecast period.

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The UK leads the wireless charging market for the European electric vehicle market

The UK is expected to record the highest growth in the European EV wireless charging market during the forecast period. This is due to increased sales of electric vehicles equipped with wireless charging systems. The increase in electric vehicle sales and large number of charging stations will drive the growth of the electric vehicle wireless charging market in Spain, Norway, Sweden, Austria, UK, etc. In April 2023, WiTricity Corporation and ABT e-Line announced the availability of wireless charging for electric vehicles on the streets of Europe. With proven experience working with the Volkswagen Group (VW), ABT e-Line (Germany) will initially upgrade the VW ID.4 model by early 2024 to support wireless charging technology offered by WiTricity Corporation. In January 2021, Electreon completed the deployment of 1.65 km of a dynamic wireless charging system on a public road in Gotland, Sweden.

Major players in the market

Wireless charging companies for electric vehicles are WiTricity Corporation (US), Electreon (Israel), InductEV Inc. (USA), Plugless Power Inc. (US), Wave Charging (US), and ENRX (Norway), among others.

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