Wireless EV Charging Market Profile
The wireless electric vehicle charging market consists of the technologies (and distribution) that allow people to charge an EV without plugging or wiring it in. Wireless charging is a concept that has emerged in tandem with the escalating popularity of electric cars. It offers speed and convenience that squashes some of the more logistical concerns about owning electric vehicles.
This charging method is applicable to both commercial vehicles and passenger cars, works with both battery electric vehicles (BEV) and plug-in hybrid EV (PHEV) models, and comes in two different forms: stationary wireless charging and dynamic wireless charging.
The market is projected to see huge expansion over the forecast period covered in the report. From 2020 through 2030, the wireless electric vehicle charging industry should record a compound annual growth rate of 41.3%, which means it will grow by an average of nearly half its size every year through 2030. By the end of the period, the market will be worth a whopping $333 billion, according to the report.
The growth in the wireless EV charging market will come from “surging sales of electric vehicles due to growing awareness about vehicle emissions and government subsidies, [the] convenience and cost-effectiveness of wireless charging, and high investment by industry players on fast charging infrastructure,” the report states.
The new administration led by President Joe Biden is also driving confidence in the wireless EV charging market as the US appears to be heading in the direction of being more environmentally conscious.
The booming popularity of this market is evident from the fact that numerous big companies are now involved in creating wireless electric vehicle charging technology. Among the big companies in the space include US-based businesses Texas Instruments, WiTricity, and Evatran Group; German companies Continental AG and Bosch Global; Japanese multinational companies Toshiba Corporation and Toyota Motor Corporation; Canadian-based Elix Wireless; and Israel-based Powermat Technologies.
What’s interesting about the wireless EV charging market is that it’s drawing the interest of both well-established companies, like Toshiba and Toyota, and newer startups. HEVO, for example, is a Brooklyn-based startup that launched manufacturing for its electric vehicle charger last May.
There are also the much-hyped companies like Tesla, which has helped make Elon Musk the second-richest person in the world and sparked massive interest in electric vehicle innovation. A public figure with a cult-like following, in 2020 alone, Musk increased his fortune by $126.4 billion to $151 billion, despite the COVID-19 pandemic. Notably, the car company also began production this fall for a wireless charging car, the Model S. The market is fragmented and offers opportunities for a wide variety of entrepreneurs.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.