EV Wireless Power Transfer Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global EV Wireless Power Transfer Market is segmented By Technology (Inductive Power Transfer (IPT), Resonant Inductive Power Transfer (RIPT), Capacitive Power Transfer (CPT)), By Power Transfer Range (3 to 11 kW, 11 kW to 50 kW, Above 50 kW), By End-User (Residential, Commercial), By Application (Commercial Vehicles, Passenger Vehicles), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

EV Wireless Power Transfer Market Size

Global EV Wireless Power Transfer Market reached US$ 16.3 million in 2022 and is expected to reach US$ 3,718.7 million by 2030, growing with a CAGR of 97.1% during the forecast period 2023-2030.

The efficiency of wireless power transfer technology has increased, resulting in rapid charging times and less energy loss through the charging process. Wireless charging is becoming increasingly appealing to drivers of electric vehicles because of improvements in the technology, such as increased power transfer capabilities and better alignment and positioning techniques.

Asia-Pacific is among the growing regions in the global EV wireless power transfer market covering more than 1/3rd of the market owing to rising use of electric vehicles in the region. Sales of electric vehicles have increased dramatically in nations like China, Japan, and South Korea owing to reasons including environmental concerns, rising gasoline prices, and technological breakthroughs. Wireless power transfer technology has been used as a result of the rising need for effective and easy charging solutions caused by the increasing number of electric vehicles on the road. 

EV Wireless Power Transfer Market Scope

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EV Wireless Power Transfer Market Dynamics

Growing Demand for Electric Vehicles

The growing sales and demand for electric vehicles as a result of the many advantages they provide are anticipated to boost the global market for EV wireless power transfer. Traditional cars use power, which is not only a non-renewable source of energy but also causes severe, permanent environmental harm. Growing public awareness, rising fuel prices, an increase in the number of manufacturers offering passenger cars with cutting-edge technology, rising investments in more affordable EVs, and a number of other factors are driving up demand for electric vehicles for both personal and professional use.

The International Energy Agency declares that According to the latest edition of the IEA's annual Global Electric Vehicle Outlook, there were over 10 million electric vehicle sales globally in 2022, and this year, sales are projected to increase by another 35% to 14 million. According to the most recent IEA estimates, the market share of electric vehicles has increased dramatically, from around 4% in 2020 to 14% in 2022, and is expected to reach 18% this year.

Expanding Research on Upcoming Wireless Technology

The significant continuing research for upcoming developments in wireless technology bodes well for the worldwide market for wireless power transfer for electric vehicles. These initiatives aim to address the wireless system's current flaws, such as discovering ways to increase charging power and range restrictions. A prospective market area that many industry participants are shown strong interest in is expanding investments in far-field wireless technologies.

Research could enable wireless charging infrastructure to become more inexpensive and available to a larger group of customers. Scalability is another important consideration since research may help identify effective deployment techniques and improve the structure of the infrastructure for charging for various locations and charging demands.

Slow Charging Is Restricting the EV Wireless Power Transfer Market Growth

The charging rate difference between wired and wireless technologies has long been a problem for businesses in the technology industry. As wireless electric vehicle power is slower than wire charging, the limitations on the growth of the worldwide market stays the same. The strength of the battery determines how long it takes to charge an EV completely. There are a number of range-related limitations with wireless charging, thus it might not be useful for long distances.

Wireless power transfer for EVs may not be widely adopted or approved by consumers if charging is slow. Consumer preferences and their readiness to embrace wireless charging technologies may be impacted if charging speeds are noticeably slower than alternative charging methods. This may restrict the expansion of the market.

EV Wireless Power Transfer Market Segmentation Analysis

The global EV wireless power transfer market is segmented based on technology, power transfer range, end-user, application and region.

Rising Demand for Commercial Vehicles Application

The commercial vehicles segment holds a major share of the global EV wireless power transfer market and countries like the U.S., Canada, Germany, and the UK have shown the highest growth in the market. Commercial vehicles' frequent use and extensive operations are frequently linked to increased emissions. Companies of commercial vehicles have the ability to cut down on local emissions while improving air quality through the introduction of wireless charging technologies. 

Furthermore, Systems for wireless charging may readily be scaled and upgraded to handle expanding fleets of business vehicles. The installation of extra charging plates or pads at new sites may be done as necessary, giving the deployment of the charging infrastructure flexibility. Commercial EV operations have even greater environmental advantages because of wireless charging, which makes it possible to employ clean energy sources like renewable electricity.

Source: DataM Intelligence Analysis (2023)

EV Wireless Power Transfer Market Geographical Share

Asia-Pacific Growing Electric Vehicle Industry

The Asia-Pacific EV Wireless Power Transfer market has witnessed significant growth and popularity covering 1/3th share in 2022. The fast increase in the number of electric vehicles in countries such as China and Japan have given the Asia-Pacific region a strong potential for growth. The expansion of the EV wireless power transfer market in this area is anticipated to be driven by several government initiatives to build up the infrastructure for electric vehicle charging. According to the Bolt Earth website, by 2030, the Indian government wants 8 crore EVs, or 30% of all new private vehicles registered, to be electric vehicles. India is going to need a total of 39 lakh public and semi-public charging stations, or one station for every 20 motor vehicles, to cope with the rapid rise in EV adoption.

In China, there were over 807,000 electric vehicle charging stations in 2020, up from roughly 516,000 stations the year previously. Even though the region has an extensive system of charging stations, it is unable to meet the rising demand for charging new electric vehicles. 

Therefore, it is anticipated that the wireless charging industry has enormous opportunities for growth to meet demands by bridging the gap between supply and demand for charging infrastructure and continuously updating the extensive network of charging stations that are already in place across the nation. The creating growth prospects for the EV wireless power transfer market to grow in the forecast period.

Source: DataM Intelligence Analysis (2023)

EV Wireless Power Transfer Market Companies

The major global players include WiTricity Corporation, Qualcomm Halo, Plugless (Evatran Group), Momentum Dynamics Corporation, Bombardier Primove, Hella Aglaia Mobile Vision GmbH, HEVO Inc., Electreon Wireless, Groupe Renault and BMW GROUP.

COVID-19 Impact On EV Wireless Power Transfer Market

The COVID-19 issue caused a global slowdown in the auto part and vehicle manufacturing industries in 2020, as a result of lockdowns in some countries that limited the manufacture of electric vehicles (EVs). It has significantly affected the need for an infrastructure to charge electric vehicles. In response to widespread lockdowns and governmental limitations, major investments in the construction of electric car charging infrastructure have been put on hold. This has affected the majority of EV supply equipment manufacturers worldwide.

Russia-Ukraine War Impact

There is no indication of an end to the war between Russia and Ukraine, which has lasted for more than five years. The world's electric vehicle (EV) industry has been significantly impacted by the conflict. Lithium, a crucial component in the batteries used in electric vehicles, is also a major product of Russia. Therefore, if Russian supplies are shut off, there might be a significant lithium shortage on a worldwide scale. With rising costs, many consumers may soon not be able to buy electric vehicles.

Additionally, the current instability in Ukraine can cause issues with distribution and production. Because of the ongoing war, many businesses that rely on Ukrainian manufacturing for parts and components are finding it challenging to function. This may result in supply-chain interruptions and eventually increased pricing for vehicles powered by electricity.

By Technology

• Inductive Power Transfer (IPT)
• Resonant Inductive Power Transfer (RIPT)
• Capacitive Power Transfer (CPT)

By Power Transfer Range

• 3 to 11 kW
• 11 to 50 kW
• Above 50 kW

By End-User

• Residential
• Commercial

By Application

• Commercial Vehicles
• Passenger Vehicles

By Region

• North America

• U.S.
• Canada
• Mexico

• Europe

• Germany
• UK
• France
• Italy
• Russia
• Rest of Europe

• South America

• Brazil
• Argentina
• Rest of South America

• Asia-Pacific

• China
• India
• Japan
• Australia
• Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• On December 15, 2022, Electreon, a market leader in wireless and in-road wireless electric vehicle (EV) charging technology for passenger and commercial EVs, is going to implement its technology in Germany’s first-ever public wireless road project. A city bus is going to be powered by this initiative.
• On October 4, 2021, WiTricity, the inventor of wireless charging, declared that a fully electric vehicle (BEV) would be the first to be factory-installed with its patented technology. In a series of movies and statements that included wireless charging, Hyundai started the Genesis GV60.
• On May 21, 2020, HEVO launched US Manufacturing for Wireless Electric Vehicle Chargers. The Brooklyn-based startup quietly finalized a product, working with limited funds and staff. Now the race is on for the wireless charging market.

Why Purchase the Report?

• To visualize the global EV wireless power transfer market segmentation based on technology, power transfer range, end-user, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of EV wireless power transfer market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Technology mapping available as excel consisting of key technologies of all the major players.

The global EV wireless power transfer market report would provide approximately 69 tables, 65 figures and 181 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies