Rockville, April 20, 2023 (GLOBE NEWSWIRE) -- In order to transfer electricity from the power grid to electric vehicles, such as battery electric vehicles and plug-in hybrid electric vehicles, a device known as an electric battery charger is used.
The global electric car battery charger market is estimated to surge at a CAGR of 16% and increase rapidly from its current valuation of US$ 2.5 billion to US$ 11 billion by the end of 2032.
For use in home charging, office charging, public or commercial charging, a variety of electric battery chargers, including inductive, alternating current, and direct current chargers, have been developed.
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| Electric Car Battery Charger Market Scope | |
| Report Coverage | Details |
| Historic period | 2017-2021 |
| Forecast period | 2022-2032 |
| Growth momentum & CAGR | Accelerate at a CAGR of 16 % |
| Market growth 2022-2032 | US$ 11 Billion |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Delphi Automotive LLP, Lear Corporation, LG Electronics, Robert Bosch GmbH, Tesla Inc, Schumacher Electric Corporation, CTEK Holding AB, Ficosa International SA, Clore Automotive LLC, Current Ways Inc, Schneider Electric S.E, IES Synergy, Meta Systems S.P.A, General Electric Company, Baccus Global LLC |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Drivers:
- Government policies and regulations have a significant impact on the electric car battery charger market. Governments across the globe are implementing policies and regulations to promote the use of electric vehicles (EVs) to reduce greenhouse gas emissions and improve air quality.
- As the adoption of electric vehicles continues to grow, the demand for electric car battery chargers also increases. According to the International Energy Agency, the number of electric cars on the road reached 10 million in 2020, and this number is expected to grow to 145 million by 2030.
- Growing environmental concerns are driving the shift towards electric vehicles, which in turn is increasing the demand for electric car battery chargers. Fossil fuels contribute significantly to greenhouse gas emissions, which are a major cause of climate change. The use of electric vehicles powered by renewable energy sources such as solar or wind power can significantly reduce these emissions.
- Technological advancements in electric car battery chargers are making them more efficient, faster, and convenient. For example, the latest fast chargers can charge an electric car in as little as 30 minutes, making them a viable option for long-distance travel. Wireless charging technology is also being developed, which could eliminate the need for cables and make charging even more convenient.
Key Market Trends:
- The demand for fast charging technology is increasing, driven by the need for faster charging times and convenience for consumers. Manufacturers are investing in research and development to improve the speed and efficiency of electric car battery chargers, with some models offering charging times as low as 15-30 minutes.
- The development of wireless charging technology is gaining momentum, offering consumers the convenience of charging without cables. Wireless charging uses electromagnetic fields to transfer energy between the charging pad and the vehicle's battery, eliminating the need for physical cables.
- Besides this, wall-mounted chargers and charging stations are becoming more popular, with some manufacturers offering easy installation and user-friendly interfaces.
- Many consumers are interested in integrating renewable energy sources such as solar or wind power with their electric car battery chargers. Some manufacturers are offering integrated solar charging solutions that allow consumers to charge their electric vehicles using solar energy generated from panels in their homes or garages.
- Mobile charging solutions are gaining traction, offering consumers the ability to charge their electric vehicles while on the go. These solutions can include portable chargers that can be carried in the trunk of a vehicle, or mobile charging vans that can travel to remote locations to provide charging services.
- Moreover, the development of universal charging standards is gaining momentum, making it easier for consumers to charge their electric vehicles at any charging station. This trend is driven by the need for interoperability between different charging systems, ensuring that all-electric vehicles can be charged regardless of the charging station brand.
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Market Restraints:
- Most common restraint in the market is the lack of charging infrastructure not only in emerging economies but in developed countries. Besides these, some of the emerging economies have limited financial resources that prevent investing in the construction of EV charging infrastructure.
Competitive Landscape:
The global electric car battery charger market is highly fragmented due to the presence of leading competitors in the market. Key market players are also putting emphasis on new launches and collaborations. For instance,
- In 2022, Electric vehicle (EV) charging company BOLT had launched BOLT LITE, its ‘universal EV charging socket.’ This is compatible with all portable chargers offered with electrical vehicles.
- In 2021, Tesla launched a new version of its Wall Connector, which offers faster charging speeds and a sleeker design. The new Wall Connector can charge at up to 48 amps, delivering up to 44 miles of range per hour of charging.
Key Segments of Electric Car Battery Charger Industry Research
- By Vehicle Type:
- Battery Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Hybrid Electric Vehicles
- By Charging Type:
- Automatic
- Manual
- By Charger Type:
- Float Chargers
- Smart Chargers
- Trickle Chargers
- By Battery Capacity:
- Up to 12V
- 12V-48V
- Above 48V
- By Application:
- Home
- Public
- Workplace
- By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Electric Car Battery Charger Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Electric Car Battery Charger sales grow until 2033?
- Which are the factors hampering the Electric Car Battery Charger demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Electric Car Battery Charger Market during the forecast period?
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