Electric Vehicle Battery Charger Market Research Report - Global Forecast till 2030

Electric Vehicle Battery Charger Market Research Report: Information by Electric Vehicle Type (Battery Electric Vehicle and Plug-In Hybrid Electric Vehicle), Level of Charging (Level 1, Level 2 and Level 3), Application (Private and Public) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2030

ID: MRFR/AM/6465-HCR | February 2021 | Region: Global | 100 pages

Electric Vehicle Battery Charger Market Overview

The Electric vehicle battery charger market is estimated to grow at 20% CAGR for the forecast period of 2020 to 2027.

The electric vehicle battery charger is widely used to charge electric vehicles. It is a kind of device that are helpful to transfer the electricity from the electric grid to supply electricity to charge electric vehicles like plug‐in hybrid electric vehicles, and battery electric vehicle.

The electric vehicle battery charger industry aims to control battery charging and convert A.C. to D.C. These industries are giving more focus on different types of vehicle battery chargers manufacturing and development. The mass adoption of electric vehicles has made the global market to be dependent on them. Further, various E.V. charger types like inductive, A.C., and D.C. chargers have been developed, suitable for applying workplace charging, home chargers, public or commercial charging. Along with that, the electric vehicle battery charger manufacturing companies focus on improving the charging process. Once the battery attains full charge, it is shutting off the charging process. For this, the companies are developing automatic electric battery chargers and advanced versions of portable battery chargers. These advanced features are helpful to avoid damages that occur due to excessive charging and battery overheating.

As per the present electric Vehicle Battery Charger Industry report, the global market has major intended audiences propelling the market growth for the forecast period. These intended audiences are consist of E.V. charger Manufacturers, Electric vehicles (E.V.) Manufacturers, Government Bodies, E.V. Battery Manufacturers, E.V. Charging station manufacturers, or E.V. Infrastructure Providers.

COVID-19 Impact Analysis

The ongoing global COVID-19 pandemic has hindered the growth of the Electric Vehicle Battery Charger Industry for 2020. During this pandemic period, the supply chain of the global market has been disrupted. This has impacted the financial part of the global market. 

Thus, the global market report has explained that the continuous support of the key players towards the global market has gained success in the current year. Further, it has aimed to generate a higher market share for the forecast period.

Competitive Landscape Analysis

The global Electric Vehicle Battery Charger Market has witnessed a higher growth in the present scenario. The major reason behind this growth is the continuous efforts of the market players such as:

  • Schumacher Electric Corporation (U.S.),

  • Clore Automotive LLC (U.S.),

  • Current Ways Inc. (U.S.), 

  • Lear Corporation (U.S.), 

  • Tesla (U.S.), 

  • Meta Systems S.P.A (Italy), 

  • Ficosa Internacional SA (Spain), 

  • Delphi Automotive LLP (Ireland),

  • Robert Bosch GmbH (Germany),

  • IES Synergy (France),

  • Baccus Global LLC (U.S.),

  • CTEK Holding AB (Sweden),

  • L.G. Electronics (South Korea).

These market players are adopting various promotional ideas to increase the sale of electric vehicles. Hence, it has been witnessing an increasing Electric Vehicle Battery Charger Market Size for the forecast period.

Recent Developments

  • Tritium's fast-charging units at its coal mine and Miller Technology's light-duty battery electric vehicle (E.V.) are deployed by the BHP Mitsubishi Alliance (BMA) joint venture (J.V.) for reducing the greenhouse gas emissions.

Market Overview 

  • Major Drivers of the Market

The demand for the vehicle battery chargers and Electric vehicle battery charger market is boosting for the forecast period due to major factors such as strategic initiatives adopted by major players, government initiatives to enhance the infrastructure and the sale of the electric vehicle, and the growing demand for electric vehicles.

According to the Bureau of Energy Efficiency report, nearly 23% of global GHG emissions are accounted for from the transport sectors, which has generated concern among the people. Further, the population has increased their demand for electric vehicles, increasing the demand for the global market and the Electric Vehicle Battery Charger Industry.

  • Opportunities of the global market

The market has lucrative opportunities for the manufacturers and key players due to the evolution of fast charging technologies and high-power batteries.

Moreover, the government initiatives to manufacture and develop electric vehicles and growing investment to enhance the electric vehicle battery charger various key OEMs provide significant growth opportunities for the market in various regions. 

  • Market Restraints

The underdeveloped support infrastructure, lack of awareness regarding electric vehicles, the high price of electric cars, range anxiety are important factors that can hinder the market Size for the forecast period.

Hence, the global key players focus more on these major market restraints to improve their development and manufacturing process. 

  • Market Growth challenges

The global Electric vehicle battery charger market might get hampered due to several factors like lack of awareness regarding electric vehicles, higher investment to develop charging stations, and higher price of electric cars.

Moreover, the global market Growth of Electric vehicle battery chargers might face challenges due to the government's stringent norms and regulations on manufacturing and developing E.Vs.

  • Cumulative growth Analysis

The demand for electric vehicle chargers increases during the assessment period due to the growing demand for electric vehicles. In most counties, the development of charging infrastructure and sales of electric vehicles is at a primary stage. 

Moreover, the government's focus on developing charging stations in various regions is predicted to boost up the adoption of electric vehicles on a large scale. All these initiatives are predicted to increase the demand for electric vehicle chargers and the Electric vehicle battery charger market during the forecast period.

Market segment Overview

The global electric vehicle battery charger market is segregated based on the level of charging, electric vehicle type, and application.

  • By Electric Vehicle Type:

The global market has been divided into plug-in hybrid vehicles and battery electric vehicles based on the electric vehicle segment.

These two electric vehicle types have unique features and qualities that propel the market Size of Electric vehicle battery chargersfor the forecast period.

  • By Level of Charging:

Based on the level of charging segment, the global electric vehicle battery charger market has been classified into level 3, level 2, and level 1.

These three charging levels have different qualities and functionality to enhance the market growth and generate the significant market share for the research period.

  • By Applications:

The global market has been segregated into private and public based on the application segment.

Market Growth of Electric vehicle battery chargers is highly dependent upon these two applications.

Regional Analysis

The global electric vehicle battery charger market has been segregated into significant regions like Asia-Pacific, North America, Europe, etc.

Out of all regions, the Asia-Pacific market is projected to dominate the market during the research period. This region is fuelling its growth due to the stringent government policies, increasing government initiatives, and affordable prices of electric charging stations and electric vehicles. Moreover, Asia-Pacific Market Growth has been witnessed due to the largest market in China, which has set ambitious targets for the development of electric vehicles in the upcoming years. Furthermore, China aims to meet nearly 5 million electric vehicles on the road by the end of the year 2020. This kind of growth is predicted to generate lucrative opportunities for the global market for the assessment period.

Report Overview

The Market Trends of Electric Vehicle Battery Charger report comprises extensive primary research, which has included the important perspectives and views of big dealers, industry experts, market players' opinions, and others. A brief analysis of quantitative and qualitative analysis methods has been involved in measuring the performance of the market and the industry. This report has covered the market overview, market segments, market dynamics, and recent developments to understand the present growth of the global market.

According to the market Trends of Electric vehicle battery charger report, the major focus has been on the competitive landscape analysis and regional analysis to gather the regional information and its current competitions across various regions. Moreover, the technological advancements and strategies of the key players have been highlighted. 

Segmental Overview

By Electric Vehicle Type:

  • plug-in hybrid electric vehicle 

  • battery electric vehicle

By Level of Charging:

  • level 3, 

  • level 2, 

  • level 1

By Applications:

  • private, 

  • public

Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 17 Billion Value
  • 2030 : Significant value
  •   CAGR   20% CAGR (2022 to 2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Electric Vehicle Type, Level of Charging, Application
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Delphi Automotive LLP (Ireland), Clore Automotive LLC (US), Robert Bosch GmbH (Germany), Current Ways Inc. (US), IES Synergy (France), Lear Corporation (US), Baccus Global LLC (US), Tesla (US), CTEK Holding AB (Sweden), Meta Systems S.P.A (Italy), LG Electronics (South Korea), Ficosa Internacional SA (Spain), and Schumacher Electric Corporation (US).
      Key Market Opportunities   Increase in demand for electric vehicles, strategic initiatives by major players
      Key Market Drivers   Government initiatives to increase the sale of electric vehicle and related infrastructure

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    Frequently Asked Questions (FAQ) :

    The growth rate of the market in the coming years is estimated to be 14.3%.

    The market value in the coming years is expected to be massive, given the mounting awareness with regard to the impact of gasoline vehicles on the environment, soaring demand for electric vehicles, and the strict government initiatives as well as regulations.

    The significant vendors are Meta Systems S.P.A (Italy), Tesla (US), CTEK Holding AB (Sweden), IES Synergy (France), Lear Corporation (US), Baccus Global LLC (US), Current Ways Inc. (US), LG Electronics (South Korea), Delphi Automotive LLP (Ireland), Robert Bosch GmbH (Germany), Clore Automotive LLC (US), Schumacher Electric Corporation (US), Ficosa Internacional SA (Spain), and others.

    In terms of region, APAC will be the leading market during the forecast timeframe.

    Tata Motors, Hyundai Motor Company and Tesla are some of the leading vendors in the APAC market.