The global wireless electric vehicle charging market is anticipated to grow at a 60% CAGR during 2021-2027 and will reach USD 174.6 million by 2027. Factors attributing to the growth of the wireless electric vehicle charging market include implementation of strict emission norms, increased emphasis on R&D activities, and robust technological development that will drive the growth of the market. The increased demand for EV fast-charging infrastructure increased prominence of range anxiety and standardization of wireless EV charging systems will propel the growth of the market. Nevertheless, the increased adoption of autonomous vehicles in public transport and logistics by prominent retail MNCs and shared mobility operators globally will create opportunities for growth in the market.

The COVID-19 pandemic has resulted in a severe decline in vehicle sales, specifically in the EV segment. The investment to deploy EV charging infrastructure has been halted as EVSE manufacturers were impacted owing to government restrictions and lockdowns. However, governments are investing in charging infrastructure via direct investments or by offering subsidies to install private charging stations at homes or workplaces. Furthermore, wireless EV charging systems may be a cost-effective and practical solution for fleet charging needs, and electric bus fleets are expected to grow during the forecast period because electric buses emit no tailpipe emissions, and governments around the world are expected to prioritize the adoption of electric buses post COVID-19 crisis.

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Based on charging type, the stationary wireless charging system is anticipated to have a high CAGR during 2021-2027 owing to the increased number of pilot projects taken by leading automotive OEMs to integrate static wireless EV chargers in their electric vehicles and increased usage of stationary wireless EV chargers by prominent shared mobility and taxi fleet operators globally for fleet charging applications. Thus stationary wireless charging is convenient, safe, and reliable.
Europe is anticipated to be dominant in the wireless electric vehicle charging market during 2021-2027 owing to well-established infrastructure, presence of leading players like Robert Bosch GmbH, Continental AG, HELLA KGaA Hueck & Co., etc.

In November 2021, HEVO has launched Journey, its new electric vehicle (EV) charging app as it is difficult for EV drivers to discover charging stations that are located on their route, and are in secure locations when planning journeys. In conjunction with prominent OEMs and Tier 1 auto suppliers, HEVO is integrating the OCCP-compliant Journey cloud and app into electric vehicles.

The prominent players in the wireless electric vehicle charging industry include HEVO Inc., ZTE Corporation, Integrated Device Technology, Inc., WiTricity Corporation, Robert Bosch GmbH, Toyota Motor Corporation, Mojo Mobility, Daimler AG, Qualcomm Technologies, Continental AG, and HELLA KGaA Hueck & Co.

Source: VynZ Research