Powerful magnets for auto engines are being used to advance the electric vehicle market and this type of vehicle's magnetic appeal is also helping to expand another market. While wireless charging technology is becoming increasingly mainstream for electronic devices such as cell phones, higher powered applications like charging electric vehicles is poised to grow the market's value.

Affordability of EVs increasing
Swiss power and automation technologies firm ABB anticipates the price of EV vehicle batteries to decrease 20 percent to 30 percent each year, which will significantly increase the overall affordability of EVs, according to Green Car Reports. More countries, such as China, are pushing for EVs, to reduce the amount of pollution emitted by typical gas-powered vehicles. More demand from consumers is also expected to put more downward pressure on the cost of EV batteries, which ABB predicts will help the entire industry.

As consumers choose more cost-effective EVs, charging technology will have to adapt to meet growing demand. Charging stations for EVs are expected to expand in the U.S. as more EVs are on the road, but another type of technology may help boost the EV user base even more: wireless car charging.

The wireless car charging market is projected to increase to $4.6 billion by 2019 as consumers choose electric vehicles over conventional fuel cars, a ReportsnReports​.com study said. This technology has been around for decades and recently it has been used to power EVs.

"Market driving forces relate primarily to the need for efficient power generation for autos," the ReportsnReports​.com study said. "Wireless car charger manufacturers are positioning car models with wireless charging to drive demand at the high end. Many electric vehicle car vendors are making wireless power a reality. "

How wireless charging works
Wireless charging uses magnetic induction to transfer power to the EV vehicle when the receiver is close to the transmitter, the report said. A magnetic field is generated as power is produced through the primary charging coil. The secondary coil receives the magnetic field before it is converted into voltage to charge EVs.

While the Chevy Volt and the Nissan Leaf are the only electric vehicles on the market that support wireless charging, more major auto makers are expected to expand their offerings of electric vehicles as well as encourage the use of wireless charging to entice EV users.

Innovations in wireless charging
Toyota plans to test a Prius that has the capability of charging wirelessly in major markets, such as Japan, Europe and the U.S. in 2014, Computer World reported.

Research firm IHS Automotive also said technologies that can charge EVs rapidly are helping to expand the EV charging market. The industry sees slow charging times as a major problem that could hinder market growth.

"If EV auto manufacturers could overcome this obstacle, it could lead to a high rate of adoption from environmentally minded consumers as well as those seeking to cut gasoline expenses," Alastair Hayfield, associate research director at IHS Automotive said. "That's where fast charging comes in."

IHS Automotive forecasts global wireless charging stations to surge from 1,800 in 2012 to almost 200,000 in 2020. In 2013, EV wireless charging stations will grow to 5,900 and almost triple to 15,200 next year, according to the IHS Automotive report.

Wireless charging is also expected to take new forms as the technology advances. Wireless charging startup firm HEVO, or hybrid and electric vehicle optimization, is working with New York University to develop manhole cover chargers for electric fleet vehicles. The pilot project will be stationed in New York City in early 2014. Other tests will also take place around the same time as cities across the country are also interested in this technology, including Santa Monica, Calif., and San Francisco, according to Gregory Stahl, HEVO's chief marketing officer.