Electric Vehicle Battery Charger Market Exploring Future Growth Potential,New Developments, Company Performance and Forecast 2032

 

Electric Vehicle Battery Charger Market Overview

The Electric Vehicle Battery Market is at the forefront of the global transition towards sustainable transportation. As the demand for electric vehicles (EVs) continues to rise, driven by environmental concerns and government initiatives, the electric vehicle battery market plays a pivotal role in powering this clean energy revolution. Lithium-ion batteries, in particular, dominate the market due to their high energy density and efficiency, enabling electric vehicles to achieve longer ranges and faster charging times. Ongoing research and development efforts focus on improving battery technologies, reducing costs, and enhancing overall performance to make electric vehicles more accessible and appealing to a broader consumer base.

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.

Despite the promising trajectory, challenges such as range anxiety, charging infrastructure, and raw material availability persist. Manufacturers are investing in innovations such as solid-state batteries and recycling initiatives to address these challenges. The electric vehicle battery market is poised for substantial growth, driven not only by the expansion of electric vehicle fleets but also by the integration of battery technology in various applications, including renewable energy storage and grid balancing. As technological advancements continue and economies of scale are achieved, the electric vehicle battery market is set to play a pivotal role in shaping the future of the automotive and energy industries.

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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.

Electric Vehicle Battery Charger Market Analysis

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.

Electric Vehicle Battery Charger Companies

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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