According to a recent analysis by Allied Market Research, the global wireless electric vehicle (EV) charging market is expected to develop at an outstanding compound annual growth rate (CAGR) of 38.6%, from $0.466 billion in 2023 to $12.4 billion by 2033.
According to the report, the main drivers of market expansion are the growing use of electric vehicles, the quick development of charging technologies, and the rise in expenditures in smart infrastructure. The industry’s prospects are further strengthened by the increased focus on sustainable mobility solutions to lower carbon emissions. High capital expenses and strict regulations, however, can make it difficult for the sector to expand.
Passenger Cars Will Lead: In 2023, passenger cars held about three-fifths of the market, and they are predicted to continue to do so due to growing EV adoption, government incentives, and improvements in wireless charging technology.
The demand for retrofitting wireless charging systems in current EVs: It is increasing, and the availability of affordable aftermarket solutions is contributing to the growth of the aftermarket segment, which had the largest market share in 2023.
Home Installations Gain Traction: With 60% of the market in 2023, the home sector is expected to continue to lead over the course of the forecast period due to rising consumer demand for private, convenient charging options and government incentives that support the installation of EV infrastructure in homes.
WiTricity, Evatran, HEVO, Robert Bosch GmbH, Continental AG, Toyota Motor Corporation, and Electreon are a few of the leading companies in the wireless EV charging sector. These businesses are spearheading technology advancements to boost productivity, shorten charging times, and increase user convenience.
