Market Research Future (MRFR) believes that the electric vehicle battery charger market 2032 could potentially record a CAGR of 20% between 2023 and 2032 (appraisal period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Boosters and Main Barriers
Although 2020 has observed a tumultuous time and the automotive
industry has been facing financial losses, the silver lining can be the
increasing number of electric vehicles seen on the road. With the promising
increase in the sales of EVs despite the COVID-19 outbreak, experts project
favorable growth prospects.
Considering the effect of the pandemic on the worldwide automotive
market, governments are proactively taking up essential steps to promote the
use of electric vehicles, with one of the main agendas cited to be the rising
environmental issues. Therefore, most governments following the spread of SARS-CoV-2
as well as the consequent lockdown have steered their focus on infrastructure development
in a bid to restore the economy once again.
The electric vehicle battery charger market seems to be recovering
quite well, especially with the strong government backing post the novel
coronavirus. To cite a reference, the government in China is now providing stimulation
packages for facilitating improvements in numerous electric vehicle battery charging
stations across the country. With the escalating focus on the EV battery
charging infrastructure, the market is bound to note exponential growth this
year and many more. E-rickshaws, e-two-wheelers and e-autos are emerging as
potential markets for electrification in several developing countries such as
India.
Going forward, since gasoline is not a renewable energy source and
can exhaust very soon in the future, the need for alternative fuel has soared
considerably across the globe. This growing need can be quite favorable for electric
vehicles, since these are more affordable and eco-friendly compared to conventional
vehicles. The widespread preference for fuel-efficient vehicles has been the
result of the steep increase in price of diesel and petrol, in the wake of the
decreasing fossil fuel reserves. All this factors can culminate into top
boosters in the electric vehicle battery charger market. Further, more and more
companies are sensing the opportunities in the EV battery charger market, and
are busy planning to launch new and advanced models that can cater to future growth
in consumer demands.
For instance, reports confirmed
in July 2020 that Toyota will be joining hands with Panasonic to start with the
production of solid-state batteries by 2025. The primary focus will be on
hydrogen fuel-cell and hybrid vehicles to achieve the main goal that is the green
strategy.
Segmental Analysis
The EV battery charger industry has been considered for electric
vehicle type, level of charging, and application.
The various electric vehicle types listed in the study are plug-in
hybrid electric vehicle and battery electric vehicle.
Depending on charging, the global market caters to level 1, level
2, and level 3.
The application-wise market segments can be public as well as private.
Regional Insight
The electric vehicle battery charger market can be regionally
dissected into Europe, North America, Asia Pacific/APAC as well as RoW/the Rest
of the world.
The APAC market for electric vehicle battery charger is currently
thriving and can emerge as the global leader during the assessment period. MRFR
cites the surge in government initiatives, strict automotive policies, and the
economical aspect of electric vehicles as well as charging stations to be
responsible for APAC’s prominence. The fact that China is the global leader in
terms of electric vehicles also uplifts the market position in the region. Also,
with China having set targets pertaining to the growth of electric vehicles and
aiming for close to 5 million EVs by 2020, the APAC market is bound to be
presented with attractive opportunities in the ensuing period.
The rampant demand for MaaS/ Mobility as a Service model across
the United States as led to substantial market growth in North America. The electric
vehicle battery charger market size further benefits from the utilities’ rising
focus on subscription-based charging models, which involves utilities like Vattenfall
AB, New York Power Authority and Duke Energy Corporation coming together with OEMs
to provide affordable subscription services to customers.
Also, with manufacturers in the region now more interested in
improving commercial and residential EV chargers to facilitate expanded vehicle
range as well as higher availability, the North America market can witness a
smooth run between 2019 and 2025.
Esteemed Market Firms
Some of the most esteemed firms in the electric vehicle battery
charger market include Current Ways Inc. (US), Baccus Global LLC (US), Tesla
(US), Meta Systems S.P.A (Italy), LG Electronics (South Korea), Robert Bosch
GmbH (Germany), Delphi Automotive LLP (Ireland), CTEK Holding AB (Sweden), IES
Synergy (France), Schumacher Electric Corporation (US), Lear Corporation (US),
Clore Automotive LLC (US), Ficosa Internacional SA (Spain), to name a few.
Latest News
July 2020
Magnis Energy Technologies Ltd. (Australia), a leading graphite vendor,
along with its business partner, Charge CCCV (US) has built an advanced EV battery
charging technology called Extra Fast Charge tech. This technology can
effectively charge EV batteries close to 85% in only six minutes. With this
technology launch, Magnis aims to become a world leader in the li-ion cells
industry.
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