The global wireless electric vehicle (EV) charging market is expected to soar to $12.4 billion by 2033, according to a recent report from Allied Market Research. The market is anticipated to grow at a robust compound annual growth rate (CAGR) of 38.6%, up from $0.466 billion in 2023.
Key factors driving this expansion include the increasing adoption of electric vehicles, rapid advancements in charging technology, and a surge in investments in smart infrastructure. The shift towards sustainable mobility solutions and efforts to reduce carbon emissions are also contributing to market growth. However, high capital costs and stringent regulations pose challenges to the sector’s development.
Passenger cars will remain the dominant segment, accounting for a significant portion of the market, driven by government incentives and innovations in wireless charging technology. Additionally, there is growing demand for retrofitting existing EVs with wireless charging systems, further boosting the aftermarket segment.
The home charging market is expected to lead throughout the forecast period, with 60% of the market share in 2023. This growth is fueled by consumer demand for convenient and private charging options, alongside supportive government incentives for home installations.
Leading companies such as WiTricity, Evatran, HEVO, and Bosch are at the forefront, advancing technology to improve efficiency, reduce charging times, and enhance user convenience in the wireless EV charging space.
