A recent report published by MarketsandMarkets™ anticipates a huge level of growth for the global electric vehicle charging sector. The market is expected to hit $15 million in revenue this year but by 2027, the report expects revenues to hit USD 377 million, a CAGR of 88.4%.
Fuelled in part by incoming legislation, improved technology and a more competitive market, charging systems for Battery Electric Vehicles (BEVs) are expected to be most in demand with appetite coming from consumers needing domestic solutions as well as B2B applications for commercial and smart city applications.
The European market is expected to represent close to 66% of the global wireless charging market in 2022 by volume. Electric vehicle sales in Europe increased by approximately 78% in 2019, compared to 2018. In 2020, Germany accounted for approximately 33% share of electric vehicle sales in Europe.