ID: MRFR/AM/6465-HCR | February 2021 | Region: Global | 100 pages
The electric vehicle battery charger is a device to transfer electricity from the electric grid and distribute electricity to charge electric vehicles, such as battery electric vehicle, plug‐in hybrid electric vehicles. The various types of vehicle battery chargers developed and manufactured by the electric vehicle battery charger industry to convert AC to DC and to control battery charging are segmented by the level of charging as level 1, level 2, and level 3. The electric vehicle battery charger market is dependent on the mass adoption of electric vehicles (EVs). There are different types of chargers used to charge an EV, including AC, DC, and inductive charges to suit the applications of home chargers, commercial/public charging, and workplace charging. Additionally, electric vehicle battery charger manufacturing companies are developing advanced versions of portable battery chargers and automatic electric battery chargers to improve the charging process and shut off the charging process once the battery attains full charge. This would eliminate damage by battery overheating due to excess charging. The global electric vehicle battery charger market is expected to witness 14.3% CAGR during the forecast period, 2019–2025.
Furthermore, an increase in demand for electric vehicles, strategic initiatives by major players, government initiatives to increase the sale of electric vehicle and related infrastructure are the factors expected to boost the demand for vehicle battery chargers during the forecast period. However, the electric vehicle battery charger market size may be hindered by the high price of electric cars, underdeveloped support infrastructure, range anxiety, and lack of awareness regarding the electric vehicles.
The increase in demand for electric vehicles is expected to raise the demand for electric vehicle chargers during the forecast period. The electric vehicle sale and development of charging infrastructure is at a primary stage in most countries. However, governments across the world focus on developing charging stations to boost the adoption of electric vehicles. This is expected to positively affect the demand for electric vehicle charger demand through the forecast period.
The Prominent Players in the global electric vehicle battery charger market are 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).
SEGMENTATION: GLOBAL ELECTRIC VEHICLE BATTERY CHARGER MARKET
The global electric vehicle battery charger market is segmented based on electric vehicle type, level of charging, application, and region. On the basis of electric vehicle type, the global market has been segmented into battery electric vehicle and plug-in hybrid electric vehicle. On the basis of level of charging, the global market has been segmented into level 1, level 2, and level 3. On the basis of application, the market has been segmented into public and private
Geographically, the global electric vehicle battery charger market has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the Rest of the world. The electric vehicle battery charger market in Asia-Pacific is expected to dominate the global electric vehicle battery charger market through the forecast period, owing to the increasing government initiatives, stringent government policies, and affordable prices of electric vehicles and charging stations. The presence of China, which is the largest market for electric vehicles adds to the Asia-Pacific market growth. Furthermore, China has set ambitious targets for the development of electric vehicles. It aims to deploy approximately 5 million EVs on the road by 2020. Such factors are expected to create lucrative growth opportunities for the domestic electric vehicle battery charger market during the forecast period.
The Market Research Future report on the global electric vehicle battery charger market covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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.