EV Wireless Power Transfer Market is expected to reach US$ 3,718.7 million by 2030

Report Overview
Global EV Wireless Power Transfer Market reached US$ 16.3 million in 2022 and is expected to reach US$ 3,718.7 million by 2030, growing with a CAGR of 97.1% during the forecast period 2023-2030.

The efficiency of wireless power transfer technology has significantly improved, leading to faster charging times and reduced energy loss during the charging process. This advancement has made wireless charging increasingly attractive to electric vehicle (EV) drivers, with improvements in power transfer capabilities and alignment and positioning techniques contributing to the growing adoption.

In the global EV wireless power transfer market, the Asia-Pacific region stands out as a prominent and expanding market, covering more than one-third of the market share. The region's growth is fueled by the increasing use of electric vehicles, with significant sales observed in countries such as China, Japan, and South Korea. Factors contributing to the surge in electric vehicle adoption include environmental concerns, escalating gasoline prices, and technological advancements.

Wireless power transfer technology has become a preferred solution in response to the rising demand for effective and convenient charging options, driven by the growing number of electric vehicles on the road. As the market continues to evolve, wireless charging technology is expected to play a pivotal role in shaping the future of electric vehicle infrastructure, offering users a seamless and efficient charging experience.

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Market Dynamics

The growing demand for electric vehicles (EVs) is expected to significantly boost the global market for EV wireless power transfer. Electric vehicles offer numerous advantages, including reduced reliance on non-renewable energy sources and a lower environmental impact compared to traditional cars. Factors driving the increased demand for electric vehicles include heightened public awareness, escalating fuel prices, a growing number of manufacturers offering technologically advanced passenger cars, increased investments in more affordable EVs, and various other considerations for both personal and professional use.

According to the International Energy Agency (IEA), over 10 million electric vehicles were sold globally in 2022, and sales are projected to increase by another 35% to reach 14 million in the current year. The market share of electric vehicles has seen a substantial rise, growing from approximately 4% in 2020 to 14% in 2022, with expectations to reach 18% in the current year, according to the latest estimates from the IEA. This surge in electric vehicle sales underscores the significant and growing role that EVs are playing in the global automotive landscape, driving the need for efficient and innovative charging solutions like EV wireless power transfer.

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Market Segmentation

By Technology
Inductive Power Transfer (IPT)
Resonant Inductive Power Transfer (RIPT)
Capacitive Power Transfer (CPT)

By Power Transfer Range
3 to 11 kW*
11 kW to 50 kW
Above 50 kW

By End-User
Residential
Commercial

By Application
Commercial Vehicles
Passenger Vehicles

Market Key Players
Major players are WiTricity Corporation, Qualcomm Halo, Plugless (Evatran Group), Momentum Dynamics Corporation, Bombardier Primove, Hella Aglaia Mobile Vision GmbH, HEVO Inc., Electreon Wireless, Groupe Renault and BMW GROUP.

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