Wireless Electric Vehicle Charging Market Size, Share, Growth Analysis, By Installation(Residential and Commercial), By Distribution Channels(OEMS and Aftermarket) - Industry Forecast 2024-2031

Global Wireless Electric Vehicle Charging Market size was valued at USD 19.68 Million in 2022 and is poised to grow from USD 27 Million in 2023 to USD 339.23 Million by 2031, at a CAGR of 37.21% during the forecast period (2024-2031).

Global demand for wireless charging systems is rising as a result of the release of ground pads and smart charging mats made exclusively for electric vehicles. The global wireless electric vehicle charging market is anticipated to experience growth over the forecast period because of rising EV sales, ongoing improvements in portable gadgets and wearables, and the frequent requirement for harvesting ambient RF energy. The slow charging relative to alternative charging technologies and significant integration costs, however, restrict market expansion. Governments all around the world have launched a variety of programmes and initiatives to persuade consumers to select electric vehicles over conventional ones. One such programme that encourages the purchase of electric vehicles is the California ZEV programme, which intends to have 1.5 million electric vehicles on the road by 2025. Other nations offer a variety of incentives to residents who want to purchase electric vehicles. The market for wireless electric vehicle (EV) charging does, however, have some restrictions that could hinder its potential growth. For example, upgrading to wireless charging technology is expensive, while minimising efficiency loss and investing heavily in dynamic charging infrastructure could pose growth barriers. The market for wireless electric vehicle (EV) charging will also have a number of prospects for expansion during the projected period of due to the government's increasing support for wireless charging.