According to Fortune Business Insights, the global electric vehicle wireless charging market size was USD 16.5 million in 2020 and is projected to grow from USD 18.6 million in 2021 to USD 221.0 million by 2028, exhibiting a CAGR of 42.4% during the forecast period. Europe dominated the electric vehicle wireless charging market with a share of 41.87% in 2020.
The electric vehicle wireless charging market is emerging as an important technology within the electric mobility ecosystem because it enables vehicles to receive power without conventional charging cables. The technology offers convenience, reduced charging-related manual effort, and potential applications across passenger cars, commercial vehicles, public transportation, parking facilities, and future electric road systems. Increasing electric vehicle adoption, development of charging infrastructure, technological advancements, and rising research and development activities are supporting the electric vehicle wireless charging market. The market was affected by the COVID-19 pandemic in 2020, with the global market exhibiting a decline of 4.12% compared with the average year-on-year growth during 2017-2019. As EV manufacturing and infrastructure investment recover, wireless charging technology is expected to gain greater attention across automotive and transportation applications.
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Market Segmentation
The electric vehicle wireless charging market is segmented based on power supply, application, vehicle type, and region. Based on power supply, the market is divided into 3–<11 KW, 11–50 KW, and >50 KW. The 3–<11 KW segment held a major share of the electric vehicle wireless charging market in 2020. The 11–50 KW segment is projected to register the fastest growth during the forecast period, supported by increasing adoption of electric vehicles with larger battery capacities and higher power requirements. Higher-power wireless charging systems can support applications requiring faster energy transfer and are particularly relevant to commercial and fleet-oriented use cases. Based on application, the electric vehicle wireless charging market is divided into commercial charging stations and home charging units. Commercial charging stations are projected to register the fastest growth, with a CAGR of more than 44.4%, supported by the increasing development of public EV charging infrastructure, demand in China, and the proliferation of commercial wireless charging systems in Europe. Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger cars held the highest market share in 2020 due to increasing passenger EV sales worldwide, while commercial vehicles are estimated to register the highest growth during the forecast period. The market is also geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World, with further country-level coverage including the U.S., Canada, Mexico, the U.K., Germany, France, China, India, Japan, and South Korea.
Key Players
Market Growth
The electric vehicle wireless charging market is projected to grow from USD 18.6 million in 2021 to USD 221.0 million by 2028 at a CAGR of 42.4%. Increasing electrification of vehicles is a major factor supporting the expansion of the electric vehicle wireless charging market. As the number of electric vehicles increases, demand for convenient, reliable, and efficient charging infrastructure is also rising. Wireless charging allows energy to be transferred from a power source to an electric vehicle without the use of conventional charging cables. This can provide convenience for consumers and create opportunities for automated charging in residential, commercial, fleet, and public environments. Rapid development of EV charging infrastructure is another important growth factor. Increasing numbers of EV owners require accessible charging facilities, and wireless technology can provide charging opportunities while vehicles are parked. The technology is also being considered for public buses and other vehicles operating on defined routes. In addition, wireless charging has been proposed for electric road systems and dynamic charging applications. Pilot projects involving wireless charging roads and electric highways are contributing to technological development and market awareness. Research and development activities by automotive manufacturers, charging technology companies, and technology providers are helping improve charging efficiency, alignment, power transfer, and system integration. Government initiatives supporting electric mobility and charging infrastructure are also creating opportunities for the electric vehicle wireless charging market. The growing focus on reducing emissions and expanding electric transportation is expected to encourage investment in advanced charging technologies. Commercial charging stations are particularly important because densely populated urban areas and large parking facilities require convenient charging solutions. The integration of wireless charging into public transportation, passenger vehicles, and commercial fleets can further expand the potential market. As battery capacity increases and EV adoption expands, higher-power wireless charging systems may gain greater importance, supporting the continued development of the electric vehicle wireless charging market.
Restraining Factors