The global wireless charging market for electric vehicles is projected to grow from USD 15 million in 2022 to USD 377 million by 2027, at a CAGR of 88.4%. Factors such as rising sales of EVs across the globe, in conjunction with the targets set by several nations to achieve zero emission by 2030 will boost the demand for the wireless charging for EVs.
The growth of the market is influenced by the factors such as increasing focus of automotive OEMs towards electric vehicle, advantages of wireless charging over wired charging, and rapid development of fast-charging infrastructure for electric vehicles. Increasing support from governments for wireless charging, coupled with increasing investments by several countries such as the US, Germany, Italy, etc., for dynamic wireless charging technology are anticipated to create new opportunities for this market. The wireless charging market for electric vehicles is dominated by major players including Witricity Corporation (US), Momentum Dynamic Corporation (US), Plugless Power Inc., (US), Efacec (Portugal), and HEVO Inc. (US). They develop products/systems for the electric vehicle ecosystem. They have initiated partnerships to develop their wireless EV charging technology and provide finished products to their respective customers.
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WiTricity Corporation commercialized its new technology for wireless electricity invented at the Massachusetts Institute of Technology (MIT) in the year 2005. WiTricity Corporation provides wireless power transfer using magnetic resonance. This magnetic resonator delivers high efficiency while operating over a wide range of conditions. With a growing list of global customers in consumer electronics, automotive, medical devices, and industrial markets, the company has emerged as a leading name in wireless power transfer. The company’s wireless charging solution delivers high energy transfer to end-users. WiTricity’s wireless charging solution for electric vehicles is available for several carmakers, charging infrastructure suppliers, tier 1 suppliers, and individual car owners. Companies such as Toyota, TDK, MAHLE, Shindengen, IHI, Aptiv, Daihen, Anjie Wireless, Green Power, and Lumen Freedom, among others, have licensed WiTricity’s technology. This licensing makes it easier for these companies to incorporate WiTricity’s patented wireless power technology into their respective products and solutions. WiTricity has a large number of investors, such as Mitsubishi Corporation, Delta, Toyota, Intel Capital, Haier, Foxconn, Chartline Capital Management, LLC, and Stage 1 Ventures, LLC. In October 2021, WiTricity announced its patented technology wireless charging for BEVs in South Korea. This wireless charging technology will be used in Hyundai Genesis GV60, which is the first battery-electric vehicle of the Hyundai Genesis brand launched in 2018. By 2022, the Genesis GV60 will be available initially in South Korea.
Momentum Dynamics Corporation develops high-power inductive charging technologies for the automotive and transportation industries. The company specializes in high power wireless charging for electric vehicles, EV and PHEV charging equipment, and inductive power systems. The company’s proven technology allows any type of vehicle or appliance to be connected to the electrical power grid without the use of wires or cables. Momentums wireless charging technology was developed to meet the needs of current and future generations of electrically powered vehicles. Automated wireless charging is an alternative to plug-in charging and provides the primary means of charging the batteries of these vehicles. The company’s charging technology can safely transmit electrical energy through air, water, and ice. It can also help reduce the cost as well as increase the efficiency of autonomous and electric vehicles. In March 2021, Momentum Dynamics Corporation partnered with Solano Transportation Authority (STA) to incorporate a 300 kW automatic wireless fast-charging infrastructure for buses in Northern California.
Plugless Power Inc. delivers power transfer solutions designed to enhance the experience of electrified mobility. It offers wireless charging products to its customers. In 2016, the second generation Plugless Power wireless charging system was released. This system supports the Tesla Model S and BMW i3. The company, which has been the industry leader in autonomous charging, is likely to launch the third generation Plugless Power L2 wireless charging system by 2022. In December 2020, Plugless Power Inc. acquired the wireless inductive charging patent portfolio as well as the other related property of Evatran Group, Inc., a developer of wireless charging systems for electric vehicles.
ElectReon, HEVO Inc., IPT Technology GmbH, and ZTE Corporation are some of the other top companies in this market. For instance, in January 2021, the Israel-based company ElectReon completed the deployment of 1.65 km of a dynamic wireless charging system on a public road in Gotland, Sweden. In addition, the US state of Michigan has also finalized an agreement to build the first wireless charging road system in Detroit. ElectReon will deploy this dynamic charging technology to charge battery-powered cars and trucks in real-time in Detroit. The project is scheduled to be operational in 2023. In November 2021, IPT Technology delivered its technology and manufactured its wireless charging products for the On-Street Residential Inductive Charge (OSRIC) project in the UK. This project is led by char.gy, a provider of electric vehicle charging solutions, and funded by the Office for Zero Emission Vehicles (OZEV) and Innovate UK.
Wireless Charging Market for Electric Vehicles by Power Supply Range (3-<11, 11-50 & >50 KW), Application (Home & Commercial), Distribution Channel (Aftermarket & OE), Component, Charging System, Propulsion, Vehicle Type & Region - Global Forecast to 2027
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