The International Energy Agency (IEA) reveals that the global stock of plug-in hybrid vehicles (PHEVs) , battery electric vehicle (BEVs) , and fuel cell electric vehicle (FCEVs) stood at 3,346,713 units, 6, 850,327 units, and 31,225 units, respectively, in 2020. By 2030, the stock of PHEVs, FCEVs, and BEVs will rise to 44,355,904, 1,152,588, 79,975,992, respectively 2030. Whereas, the global stock of BEV and PHEV electric buses is expected to surge from 515,400 in 2020 to 3,217,713 by 2030 and 81,898 in 2020 to 358,921 by 2030, respectively.

Thus, the surging adoption of EVs will augment the need for fast charging options, owing to which the wireless electric vehicle charging market will advance at a significant rate during 2020–2030. To establish a fast EV charging infrastructure, several charging station developers are focusing on investing in research and development (R&D) in wireless technology. The installation of dynamic wireless systems on EVs allows them to be charged while on the move. Moreover, the absence of charging cables in wireless systems makes it more user-friendly than cable charging systems.

According to P&S Intelligence, Asia-Pacific (APAC) will dominate the wireless EV charging market in the foreseeable future. This will be due to the escalating EV adoption in developing countries, such as India and China, and developed countries, such as Japan. In recent years, China has emerged as an active participant in the EV charging industry, due to the rapid development of advanced inductive chargers. For example, in 2016, Zhejiang VIE Science & Technology Co. Ltd. and Evatran Group Inc. formed a joint venture to integrate PLugless, a wireless charging system of the former, into the EVs being manufactured in China.

Thus, the soaring number of EVs, owing to the mounting environmental concerns and escalating government support, will augment the installation of wireless EV chargers in the forthcoming years.