The global wireless electric vehicle charging market, valued at around USD 15 million in 2021, is expected to grow to approximately USD 500 million by 2030 with a compound annual growth rate (CAGR) of roughly 90.1% between 2022 and 2030. This growth is driven by the increasing demand for electric vehicles and innovations in charging systems, such as wireless power transfer (WPT).
How Wireless Power Transfer Works
WPT is based on the principle of electromagnetic induction, using two coils to transfer power wirelessly. This technology has potential applications in consumer electronics, electric vehicles, and medical devices. In the automotive industry, WPT can revolutionize electric vehicle charging by eliminating the need for charging cables and making the process more convenient and efficient.
Electric Vehicle Battery Charger Market Growth
The value of the Electric Vehicle Battery Charger Market reached USD 9.73 billion in 2022 and is projected to reach USD 49.02 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.4% during the forecast period of 2023-2030. The growing popularity and acceptance of electric vehicles are driving the demand for EV battery chargers, with innovations such as faster charging speeds, wireless charging, and bidirectional charging enhancing the convenience and efficiency of charging electric vehicles.
Expanding Charging Infrastructure
As the number of electric vehicles (EVs) on the roads is expected to increase rapidly over the next 15 years, a dramatic expansion of the public charging infrastructure is required. Governments and businesses can support the installation of private EV charging infrastructure by providing subsidies and offering workplace charging stations. Innovative new partnership models have emerged that offer companies an opportunity to use EV charging as a marketing tool, increase customer loyalty, and create new revenue streams.
Tesla Opens Supercharger Network to Non-Tesla EVs
Tesla is opening a portion of its Canadian Supercharger network to non-Tesla EVs, with plans to open 750 locations across Canada by the end of 2025. This move not only helps expand the availability of chargers overall for EV drivers but also creates new revenue streams for the electric automaker. Ford electric vehicle owners will have access to Tesla superchargers starting in the spring of next year, further demonstrating the growing collaboration and innovation in the electric vehicle charging industry.