Market Volume for Wireless EV Charger Deployments Is Projected to Near $3 Billion by 2030
Barriers to widespread market adoption include lack of specific global standards, remaining safety concerns, and high costs
A new report from Guidehouse Insights examines the market for wireless EV charging equipment, providing an overview of key industry players in addition to global forecasts for transmitter and receiver revenue and installation costs.
Although the market for wireless EV charging infrastructure is still in development, the benefits appear promising. Wireless charging offers improved convenience to drivers by removing cable clutter and enabling charging processes to start automatically when an EV approaches a certain distance. Wireless charging can also improve electric drive utilization of plug-in hybrid EVs (PHEVs) and reduce maintenance costs in commercial fleet applications. Click to tweet: According to a new report from @WeAreGHInsights, the total market volume for wireless EV charger deployments is projected to reach around $807 million by 2025, reaching $2.7 billion by 2030.
“The basic principle of wireless charging is based on electromagnetic induction, where energy is transferred from a transmitter to a receiver located on the vehicle,” says Scott Shepard, senior research analyst with Guidehouse Insights. “Currently, the market landscape consists of startups and major tier one automotive component suppliers, and a few commercial applications that are ready to be deployed while others are still being developed.”
Barriers to widespread market adoption include lack of specific global standards, remaining safety concerns, and high costs. Recommended protocols provide orientation but are not specific enough to ensure global multivendor interoperability. Therefore, all involved market players should prioritize further detailing the standards. Cost development will be a function of standard consolidation, OEM technology adoption, and transferable technology learnings produced in the wireless charging market for other applications such as consumer electronics.
The report, Wireless EV Charging, examines how the market for wireless charging equipment will likely develop until 2030 due to the improved convenience of EV charging, increased electric drive utilization for PHEVs, and reduced fleet maintenance costs. All available power levels are considered, with the market forecast segmented into power levels under and over 22 kW. The adoption rates of wireless charging equipment vary by power level, application, and region. The report focuses on forecast data and provides an overview of key industry players. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Wireless EV Charging, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.