Market Size of Wireless Charging For Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 152.30 Million |
| Market Size (2029) | USD 762.5 Million |
| CAGR (2024 - 2029) | 38.40 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wireless Charging For Electric Vehicle Market Analysis
The Wireless Charging For Electric Vehicle Market size is estimated at USD 152.30 million in 2024, and is expected to reach USD 762.5 million by 2029, growing at a CAGR of 38.40% during the forecast period (2024-2029).
Wireless electric vehicle (EV) charging is an innovative technology that enables EVs to be charged without needing a physical connection between the vehicle and the charging station. Wireless EV charging has several advantages over traditional wired charging. Firstly, it eliminates the need for cables and connectors, which can be inconvenient and time-consuming to handle. Secondly, it reduces the risk of electric shock or fire hazards caused by damaged cables or improper connections. Finally, it offers a more streamlined and user-friendly charging experience, as drivers can simply park their vehicle over the charging pad, and the charging process begins automatically.
• Wireless vehicle charging is one of the latest technologies that is being significantly developed, and it is also likely to boost the electric car industry.
• Setting up a charging station and chargers often increases land availability challenges in urban areas. With the inception of wireless charging, the challenges have been eased, and thus, charger operators have witnessed improved sales bars.
• Even though wireless charging is a must-have for electric vehicles, a few drawbacks need to be considered, like energy loss while charging, lack of availability of proper charging infrastructure, and high cost.
• The increase in the sale of electric vehicles across the globe is anticipated to drive the demand for wireless charging stations. Governments across the world, in countries like the United Kingdom, Norway, Japan, and the United States, as well as in developing countries like China, are providing purchasers with incentives.
• A limited number of countries are working on wireless charging for electric vehicles. For instance, in September 2022, a Japanese construction company announced the joining of cooperation with Denso Corporation to help build road pavement offering wireless EV charging points by the end of 2025. This came after realizing the necessity of constructing a proper station that includes the land.
