In-Car Wireless Charging Market

Electric Vehicle Wireless Charging Market Growth Likely to Be Driven by Increase in Electric Vehicle Sales will boost the market growth

Global sales of electric cars climbed by 41% to roughly 3 million units in 2022 from the previous year. The environment of government policy continues to be a primary driver of the increase in electric cars. Other reasons for boosting EV sales include expanded charging infrastructure, an increase in demand and supply-side variables, price parity with conventional vehicles thanks to federal subsidies, manufacturer outreach programs, and falling battery prices. The electric car wireless charging market is predicted to expand in the upcoming years as more electric vehicles are put on the road.

Thus, this factor is driving the In-Car Wireless Charging market CAGR.

EVs are low-emission, environmentally friendly, and effective cars that will shape the automobile industry's future. The plug-in and wireless power transmission methods are used to charge electric vehicles. In the plug-in technique, an electric vehicle's battery is charged via a cord or plug at the Charging station. In contrast, an electric car's battery is charged using wireless power transmission in the wireless charging technique. The wireless charging technique is superior to cable charging in several ways. The absence of carrying and storing cords is the main benefit of using wireless Charging.

By doing this, the possibility of wires wearing out over time is often avoided. Governments all around the world have launched a variety of programs and activities to persuade consumers to select electric vehicles over conventional ones. One such program that encourages the purchase of electric vehicles is the California ZEV program, which intends to have 1.5 million electric vehicles on the road by 2025. India, China, the United Kingdom, Korea, France, Germany, Norway, the Netherlands, and other nations offer various incentives to citizens who want to purchase electric vehicles.

Thus, this aspect is anticipated to accelerate the In-Car Wireless Charging market revenue globally.

The Global In-Car Wireless Charging Market Industry is projected to experience steady growth over the next decade. With an expected market value of 2.05 USD Billion in 2024, the industry is anticipated to expand at a compound annual growth rate (CAGR) of 4.16% from 2025 to 2035. By 2035, the market could reach approximately 3.21 USD Billion, reflecting the increasing integration of wireless charging technologies in vehicles. This growth trajectory suggests a robust demand for innovative charging solutions, driven by advancements in technology, consumer preferences, and supportive government policies.

The evolving consumer preference for convenience and ease of use is a driving force in the Global In-Car Wireless Charging Market Industry. As lifestyles become increasingly fast-paced, consumers seek solutions that simplify daily routines. Wireless charging offers a hassle-free alternative to traditional charging methods, allowing users to charge their devices effortlessly while on the go. This trend is particularly appealing to tech-savvy consumers who prioritize seamless integration of technology in their vehicles. The growing demand for convenience is likely to propel the market forward, as manufacturers respond by incorporating wireless charging capabilities into their designs.

The integration of wireless charging systems with smart technologies is emerging as a key driver in the Global In-Car Wireless Charging Market Industry. As vehicles become more connected, the demand for compatible charging solutions increases. Wireless charging can be seamlessly integrated with infotainment systems and other smart features, enhancing the overall user experience. This synergy between charging technology and smart vehicle features is likely to attract consumers looking for advanced functionalities. As the market evolves, the potential for growth remains strong, particularly as manufacturers continue to innovate and enhance the connectivity of their vehicles.

The increasing adoption of electric vehicles (EVs) is a pivotal driver for the Global In-Car Wireless Charging Market Industry. As consumers shift towards sustainable transportation, the need for convenient charging solutions becomes paramount. Wireless charging technology offers a seamless experience, eliminating the hassle of plugging in cables. In 2024, the market is projected to reach 2.05 USD Billion, reflecting the rising interest in EVs. This trend is likely to continue as more manufacturers integrate wireless charging capabilities into their vehicles, potentially enhancing the overall appeal of EVs and contributing to the market's growth.

Government policies and regulations aimed at promoting electric mobility significantly influence the Global In-Car Wireless Charging Market Industry. Many countries are implementing incentives for EV adoption, which indirectly boosts the demand for wireless charging solutions. For instance, subsidies for electric vehicle purchases and investments in charging infrastructure create a conducive environment for wireless charging technologies. These initiatives are likely to encourage manufacturers to integrate wireless charging systems into their vehicles, thereby expanding the market. As the regulatory landscape evolves, the market could witness accelerated growth, aligning with global sustainability goals.

Technological innovations play a crucial role in shaping the Global In-Car Wireless Charging Market Industry. Recent advancements in resonant inductive charging technology have improved efficiency and charging speeds, making wireless solutions more attractive to consumers. These developments not only enhance user experience but also address concerns regarding energy loss during charging. As manufacturers invest in research and development, the market is expected to benefit from enhanced product offerings. By 2035, the market is anticipated to grow to 3.21 USD Billion, driven by these technological enhancements that could redefine how consumers interact with their vehicles.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America In-Car Wireless Charging market accounted for USD 1.60 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. North America now holds the greatest global in-car wireless charging industry market share. The acceptance of the newest technologies and the presence of global automakers drive market expansion in this area.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: In-Car Wireless Charging Market SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In 2022, Europe In-Car Wireless Charging market held a significant share accounting for more than 25% of total sales. The integration of wireless charging infrastructure across the Region is made possible by the presence of reliable infrastructure. Moreover, the surge in EV sales and European government initiatives to evaluate the viability of wireless Charging for electric vehicles would propel the European market. Furthermore, it is anticipated that significant businesses like HELLA KGaAHueck & Co., Continental AG, and Robert Bosch GmbH would hasten market expansion in the area.

Further, the Germany In-Car Wireless Charging market held the largest market share, and the UK In-Car Wireless Charging market was the fastest-growing market in the European Region.

From 2021 to 2028, Asia Pacific In-Car Wireless Charging market is anticipated to become one of the revenue-producing areas. This increase is credited with the adoption of high-end technological items by electric car manufacturers and government attempts to promote charging infrastructures. Moreover, China's In-Car Wireless Charging market held the largest market share, and the In-Car Wireless Charging market was the fastest growing market in the Asia-Pacific region.

Leading market players invest a lot of money in R&D to expand their product portfolios, which will spur further market growth for In-Car Wireless Charging. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their global presence. In order to grow and remain in a market that is becoming more and more competitive, In-Car Wireless Charging industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics the In-Car Wireless Charging industry uses to serve customers and increase the market sector. The In-Car Wireless Charging industry has recently given medicine some of the most important advantages.

The In-Car Wireless Charging market major player such as Aircharge (UK), Power Square (India), Mojo Mobility, Inc. (US), Apple Inc. (US), Qualcomm Technologies, Inc. (US), Powermat Technologies Ltd. (Israel), Infineon Technologies AG (Germany), Zens (The Netherlands), Samsung Electronics Co., Ltd (South Korea), Hella kGaA Hueck & Co. (Germany), and others are working on expanding the market demand by investing in research and development activities.

Toyota Motor Company is a global Japanese automaker with its main offices in Toyota City, Aichi, Japan. Kiichiro Toyoda established it and became a corporation on August 28, 1937. One of the biggest automakers in the world, Toyota produces around 10 million automobiles annually. Toyota Motor Company began research on creating a dynamic wireless power transfer technology that charges automobiles while they were being driven themselves in December 2021. Using this method, automobiles may be charged while driving on highways, city junctions, or roads.

American wireless charging technology business WiTricity Corporation is headquartered in Watertown, Massachusetts. Professor Marin Soljai launched the Massachusetts Institute of Technology offshoot in 2007. WiTricity made the South Korean market aware of their unique technique for wireless BEV charging in October 2021. The Hyundai Genesis GV60, the first battery-electric car from the Hyundai Genesis line to be released in 2018, will use this wireless charging technology. The Genesis GV60 will be originally offered in South Korea by 2022.