ID: MRFR/AM/6465-HCR | February 2021 | Region: Global | 100 pages
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
By Electric Vehicle Type:
By Level of Charging:
|Market Size||2027: USD 17 Billion Value|
|CAGR||20% CAGR (2020-2027)|
|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|
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.