Wireless Electric Vehicle (EV) Charging Market Size to Reach USD 1,592.5 Million in 2032
The Wireless Electric Vehicle (EV) Charging market size reached USD 97.8 million in 2024 and is expected to register a revenue CAGR of 42.9% during the forecast period
April 24, 2024 – Rising adoption of Electric Vehicles (EVs) is the key factor driving revenue growth of the wireless Electric Vehicle (EV) charging market. According to the International Energy Agency (IEA), in 2023, nearly 14 million new electric cars were registered worldwide, raising the total number of EVs on the road to 40 million. This marks an increase of 3.5 million units compared to 2022, representing a 35% year-over-year growth in electric car sales. EVs made up approximately 18% of all car sales in 2023, up from 14% in the previous year. This surge also stimulates expansion in ancillary markets such as battery manufacturing, EV charging infrastructure, and smart grid technologies and boosts revenue growth of the market.
Governments worldwide are incentivizing EV adoption through subsidies, tax benefits, and stringent emission regulations, which is further accelerating market penetration. For example, Norway offered the most substantial average financial incentives for electric vehicle purchases, amounting to approximately USD 20,360. It is 171% higher than the average subsidies provided in the United States. Within the European Union, member states are mandated to establish targets for deploying publicly accessible EV charging stations through 2030, based on a recommended ratio of one charger for every ten electric vehicles. The EU Green Deal further strengthened these ambitions by setting a goal of installing one million publicly accessible chargers by 2025. These supportive government policies are driving revenue growth of the market.
However, vehicle compatibility constraints are restraining revenue growth of the market. Only a limited number of EV models in recent days are equipped with the necessary receiver hardware to support wireless charging. It restricts the addressable market for this technology. Integrating wireless charging capabilities into vehicles requires substantial modifications, including the installation of receiver coils and power control units, leading to increased manufacturing complexity and costs. Moreover, the lack of standardized protocols for wireless charging across different vehicle models and manufacturers exacerbates interoperability issues, which is further hinders the widespread adoption of wireless EV charging.
Key Highlights:
- Dynamic wireless charging segment is expected to register a fast revenue growth rate during the forecast period due to its potential to transform EV infrastructure and address key limitations of traditional charging methods. Unlike stationary systems, dynamic wireless charging enables vehicles to recharge while in motion. It can effectively mitigate range anxiety and reduce downtime associated with conventional charging stops. This innovation is particularly beneficial for commercial fleets, public transit, and autonomous vehicles that require continuous operation. Government initiatives and investments in sustainable transportation further support the expansion of dynamic wireless charging infrastructure and boost revenue growth of this segment.
- Inductive Power Transfer (IPT) segment accounted for a significant revenue share in 2024 due to its technological maturity, safety, and user convenience. Contactless Electric Vehicle (EV) charging using Inductive Power Transfer (IPT) technology is an emerging innovation that enhances the convenience and safety of EV usage. It allows for fully automated charging without requiring any driver involvement by removing the need for charging cables. The proven reliability and scalability of IPT systems position them as a cornerstone in the evolution of wireless EV charging infrastructure with the rising demand for electric vehicles.
- North America accounted for largest revenue share in 2024 in the wireless Electric Vehicle (EV) charging market due to the increasing adoption of electric vehicles, spurred by supportive government policies and substantial investments in charging infrastructure. Initiatives such as the Infrastructure Investment and Jobs Act and the Inflation Reduction Act have allocated considerable funding towards the development of EV charging networks, including wireless solutions. In addition, most U.S. states have established dedicated policies that provide tax credits or purchase incentives for electric vehicles, along with financial and technical support for setting up charging infrastructure.
- Some major companies in the global market report include WiTricity Corporation, Electreon Wireless Ltd, InductEV Inc., Plugless Power Inc., HEVO Inc., Efacec, Robert Bosch GmbH, Qualcomm Incorporated, WAVE Charging, Enrx, Toshiba Corporation, and Powermat Technologies Ltd.
- On March 01, 2023, Hevo, a developer of wireless EV charging solutions, partnered with Stellantis to incorporate wireless charging capabilities into Stellantis’ electric vehicles. The collaboration begins with a demonstration of Level 2 wireless charging on a Chrysler Pacifica plug-in hybrid at Stellantis’ office complex in Auburn Hills, Michigan. Upon successful completion of this pilot and a follow-up 50kW fast wireless charging initiative, Hevo aims to offer its wireless charging systems to Stellantis customers. The goal is to achieve cost parity with traditional plug-in charging as production volumes increase.
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Navistrat Analytics has segmented global wireless Electric Vehicle (EV) charging market on the basis of charging method, power supply range, charging system, propulsion, charging station type, charging pads, vehicle type and region:
- Charging Method Outlook (Revenue, USD Million; 2022-2032)
- Stationary Wireless Charging
- Dynamic Wireless Charging
- Power Supply Range Outlook (Revenue, USD Million; 2022-2032)
- 3 to 11 KW
- 12 to 20 KW
- 21 to 50 KW
- > 50
- Charging System Outlook (Revenue, USD Million; 2022-2032)
- Inductive Power Transfer (IPT)
- Resonant Inductive Power Transfer (RIPT)
- Capacitive Wireless Power Transfer (CWPT)
- Magnetic Gear Wireless Power Transfer (MGWPT)
- Propulsion Outlook (Revenue, USD Million; 2022-2032)
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-In Hybrid Electric Vehicles (PHEV)
- Charging Station Type Outlook (Revenue, USD Million; 2022-2032)
- Home Charging Stations
- Commercial Charging Stations
- Charging Pads Outlook (Revenue, USD Million; 2022-2032)
- Base Charging Pad
- Vehicle Charging Pad
- Power Control Unit
- Vehicle Type (Revenue, USD Million; 2022-2032)
- Passenger Vehicles
- Commercial Vehicles
- Regional Outlook (Revenue, USD Million; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Nordic Countries
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Oceania
- ASEAN Countries
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Turkey
- Rest of MEA
- North America