New York, NY, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “EV Charging Adapter Market by Type (AC Charging Adapter and DC Charging Adapter) and by Application (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the Global EV charging adapter market was valued USD 833.14 million in 2017 and is expected to reach around USD 11,985.89 million by 2024, growing at a CAGR of approximately 47.6% for the forecast period from 2018 to 2024.
EV charging adapters are of different types such as Type 2 – Type 1 Adapter, Type 1 – Type 2 Adapter, and DC fast charger. Type 2 – Type 1 Adapter allows any Type 1 EV to charge with a Type 2 charging plug. It is suitable for either 16A or 32A use. Type 1 – Type 2 Adapter allows any Type 2 EV to charge with a Type 1 charging plug. It is applicable for either 16A or 32A use. It is supplied with a small combination padlock to secure the adaptor to the car whilst charging. The demand for EV charging adapter has increased as the electric vehicles market share is increasing rapidly. In addition, with the advancement in technology, many companies are focusing on developing smart EV charging adapters which enable real-time data monitoring and enables efficient and rapid charging.
Browse through 28 Tables & 23 Figures spread over 142 Pages and in-depth TOC on “Global EV Charging Adapter Market: Industry Type, Size, Share, Trends and Forecast, 2017 – 2024”.
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The major factor driving the growth of EV charging adapters market is increasing demand for electric vehicles. Environmental pollution control has become one of the major concerns in today’s world as rising pollution due to vehicular emissions is forcing the governments to introduce new rules and regulations for automobile manufacturers for emissions control. Various environmental benefits along with increased investments in the development of charging infrastructure by governments and OEMs is further boosting the demand for electric vehicles. However, availability of charging stations and a high cost of electric vehicles are presently restraining the growth of this market. Manufacturers are focusing to improve battery and charging infrastructure to enable rapid charging and improved efficiency and reliability on the structure.
AC charging adapter and DC charging adapter are the type segment of the EV charging adapter market. Further, on the basis of application, EV charging adapter market is segmented into the plug-in hybrid electric vehicle, battery electric vehicle, and fuel cell electric vehicle. Furthermore, on the basis of region, the market is categorized into five regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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In 2017, North America was the leading market with the highest share in terms of revenue in the EV charging adapter market. North America is expected to hold the largest market share and will dominate the EV charging adapter market during the forecast period. The region has endorsed some of the most advanced technologies in the electric vehicles and caters wide-scale adoption rate. For instance, North America's first peer to peer electric vehicle charging network was delivered by eMotorWerks and Share & Charge by using blockchain payments. The combination helps in charging station owners to receive payments when other EV drivers use their stations. Volatile fuel prices spur demand and promote the growth of the electric vehicle market. Charging options, convenience, and accessibility will be significant factors in the adoption of electric vehicles.
The European market is expected to grow between 2018 and 2024 and offers great opportunities for the EV charging adapter market. The countries such as the UK and the Netherlands are anticipated to lead the growth of the European market within the forecast period. Germany is expected to grow with the highest CAGR. The continuous development in the technology of electric vehicle charging system in Germany and other European countries such as P2P charging network and other charging solutions play a vital role in the growth of the market in this region. For instance, ChargePoint, Inc., provides a complete package of charging solutions to help drivers in Europe where they can charge at home, work, around town, and on long trips. Charging station availability in different parts of the region has spread widely with the help of governmental support.
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The Asia Pacific region, excluding Japan, will represent the fastest growing market for the EV charging adapter market in the forecast period. Increase in the number of the electric vehicle in China is the key factor propelling the huge demand for EV charging adapters in the Asia Pacific region. Different tax benefits and subsidies provided to the electric vehicle manufacturers by the government drive the demand for these vehicles. China is the leading country in the Asia Pacific region with the highest number of sales of the electric vehicles in the recent years. China has exported many light electric vehicles to the different countries in the world. The growth is due to rising environmental concerns and stringent vehicle emission norms. Increasing pollution and crude oil prices in the country are driving the electric vehicles market. Different government initiatives in many Asian countries such as India, to promote the usage of EV’s are expected to grow with the highest growth rate throughout the forecast period.
Latin America and the Middle East & Africa have seen a significant increase in the sales of electric vehicles. Latin America along with the Middle East & Africa regions are expected to witness a significant growth in terms of the EV charging adapters.
Browse the full "EV Charging Adapter Market by Type (AC Charging Adapter and DC Charging Adapter) and by Application (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/ev-charging-adapter-market
The major players in the EV charging adapter market are ABB Ltd., POD point, Robert Bosch, AddÉnergie Technologies, AeroVironment Inc., Delphi Automotive, ChargePoint, Eaton, Efacec, Leviton Manufacturing, and Signet Electronic Systems and others among others.
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The report segments the EV charging adapter market as follows:
Global EV Charging Adapter Market: Type Segment Analysis
- AC Charging Adapter
- DC Charging Adapter
Global EV Charging Adapter Market: Application Segment Analysis
- BEV (Battery Electric Vehicle)
- PHEV (Plug-in Hybrid Electric Vehicle)
- FCEV (Fuel Cell Electric Vehicle)
Global EV Charging Adapter Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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