Automotive Wireless Charging Market Size, Share, Growth, And Industry Analysis, By Type (Electromagnetic Induction, Magnetic Resonance and Magneto-Dynamic Coupling), By Application (Passenger Automotive and Public Transportation Automotive), and Regional Forecast to 2028

Updated On: 15 May 2023

Report Overview

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The global automotive wireless charging market size was USD 228.3 million in 2022. As per our research, the market is expected to reach USD 2192.9 million in 2028, exhibiting a CAGR of 37.7% during the forecast period. The global Covid-19 pandemic has been unprecedented and staggering, with the automotive wireless charging market experiencing lower than anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Automotive wireless charging, also known as inductive charging, is a technology that allows electric vehicles (EVs) to charge their batteries without the need for physical connections between the charger and the vehicle. Instead, power is transferred wirelessly through a magnetic field. The basic principle of automotive wireless charging is the use of electromagnetic induction. A charging pad or mat is installed on the ground, and a receiver coil is installed on the underside of the vehicle. When the vehicle is parked over the pad, an alternating magnetic field is generated by the pad, which induces an electrical current in the receiver coil of the vehicle. This current is used to charge the battery.

The technology used for automotive wireless charging is similar to that used for wireless charging of smartphones and other portable devices. However, due to the larger size of EV batteries, automotive wireless charging systems require higher power levels and larger coils.

COVID-19 Impact: Pandemic Hamper the Demand of Automotive Wireless Charging to Market Growth

The COVID-19 pandemic has had an impact on many industries, including the automotive industry and the development and adoption of automotive wireless charging technology. the pandemic has disrupted supply chains and manufacturing operations, leading to delays in the production and rollout of new vehicles with wireless charging capabilities. Some companies have had to postpone or cancel plans for new wireless charging products due to these disruptions.  

Latest Trends

"Increasing Demand for EV battery to Support Market Growth  "

In automotive wireless charging is the development of higher power and more efficient charging systems. The current wireless charging systems typically have a power output of around 3.7 kW, which can take several hours to fully charge an EV battery. However, several companies are working on developing higher power systems that can deliver up to 11 kW or more, reducing charging times significantly. 

Segmentation

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• By Type Analysis

According to type, the automotive wireless charging market can be segmented into electromagnetic induction, magnetic resonance, and magneto-dynamic coupling.

In terms of type, the electromagnetic induction type is anticipated to be the largest segment during the forecast period.  

• By Application Analysis

Based on application, the automotive wireless charging market can be divided into passenger automotive and public transportation automotive.

In terms of application, the passenger automotive market is projected to hold the largest automotive wireless charging market share through 2028.  

Driving Factors

"Increased EV Adoption will Boost Market Growth "

Automotive wireless charging is the convenience it offers. Drivers no longer need to physically connect their vehicle to a charger, reducing the time and effort required to charge their EV. As more people adopt EVs, there is a growing demand for charging infrastructure. Wireless charging technology can help meet this demand by offering a more efficient and convenient charging solution. 

"Reduced Wear and Tear will Fuel Market Growth "

Wireless charging technology reduces the risk of electrical shock and other hazards associated with physical connections between the charger and the vehicle. By eliminating the need for physical connections, wireless charging technology can reduce wear and tear on charging cables and connectors, increasing their lifespan and reducing maintenance costs.

Restraining Factors

"Cost and Efficiency Will Limit Market Growth"

Wireless charging technology is currently more expensive than traditional charging methods, which can limit its adoption among cost-conscious consumers and businesses. Wireless charging technology is less efficient than traditional charging methods, resulting in longer charging times and higher energy costs. Wireless charging technology is typically limited to short distances, which can make it less practical for long-range driving and may require more charging infrastructure.

Regional Insights

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"The North America Region will Dominate Market Due to Strong Demand of EV Models"

North America is one of the leading regions in the development and adoption of automotive wireless charging technology. The US Department of Energy has invested in several research projects related to wireless charging, and major automakers such as Ford and General Motors have announced plans to incorporate wireless charging into their EV models. Furthermore, wireless charging infrastructure providers such as Momentum Dynamics and WiTricity are based in North America.

Europe is also a leading region in the development and adoption of automotive wireless charging technology. Several European countries, including Norway and the Netherlands, have implemented incentives and infrastructure to promote EV adoption, including wireless charging. The European Union has also invested in research projects related to wireless charging technology, and companies such as BMW and Mercedes-Benz have incorporated wireless charging into their EV models.

Key Industry Players

"Adoption Aluminum Recycling Services by Key Players Influencing Market Development"

The top key players in the market are WiTricity, Elix, Momentum Dynamics, Plugless (Evatran). Most of the top players hold the automotive wireless charging market share. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the automotive wireless charging market growth in the competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession of market shares by the key players stimulates the automotive wireless charging market.  

List of Market Players Profiled

• WiTricity (U.S.)
• Elix (Canada)
• Momentum Dynamics (U.S.)
• Plugless (Evatran) (U.S.)
• Toshiba (Japan)
• Bombardier (Canada)
• ZTEV (China)  

Report Coverage

This report examines an understanding of the automotive wireless charging market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.