BCC Research Blog | Industry Analysis and Business Consulting

Wireless Charging for Electric Vehicles Industry is Taking Off

Written by Olivia Lowden | Jul 14, 2023 1:00:00 PM

Electric vehicles (EVs) are the low-emission, environmentally friendly vehicles of the future. Most EVs are charged by either plug-in or wireless power transmission methods. The wireless technique is gaining traction, favored for being dynamic and enabling EV batteries that are both lighter and smaller.

The benefits of wireless charging are stimulating mammoth market growth. BCC Research estimates that the global wireless charging market for electric vehicles will reach $284.3 million by 2027, with a CAGR of a staggering 67.9% from 2022 to 2027.

The key benefits of wireless EV charging

Dynamic wireless charging lowers the size of the car battery, which is currently a considerable size in most electric vehicles. Wireless technologies allows for batteries that are both lighter and smaller, which also cuts the entire cost of the electric vehicle due to these changes. Given these benefits, several car OEMs, including Nissan Hyundai and Tesla, are investing extensively in wireless technology for electric vehicles. But overall, very few brands have wireless technology built into their models. Nonetheless, the benefits of wireless charging are anticipated to support wireless EVs’ revenue growth.

Increasing government support

Governments are funnelling investments into EV production, which is ultimately launching the take-off of wireless charging. In many nations, the development of wireless charging is now supported by incentives and government support for electric vehicles. Full autonomy, the lack of a charging station, the decreased risk of an electric shock to the driver, and smaller battery units are the main benefits of wireless charging. The general population can work for longer periods of time because they do not have to wait for their cars to charge. This increase in productive hours contributes to a country’s gross domestic product (GDP) growth. The absence of or reduced requirement for a charging station in dynamic charging is another important factor supporting the installation of wireless charging in urban settings where space is at a premium.