Electric Car Charger Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
- Transparency Market Research
Electric cars are often considered as an environmental conscious alternative to conventional cars with internal combustion engines owing to deteriorating environmental quality and soaring fuel prices. These electric cars use electric motors powered by electrical energy stored in a battery for propulsion. These cars are available in a variety of models with varying ranges and capabilities and are plugged in to a source of electrical power to recharge. Thus, they are powered solely by energy stored in the vehicle’s battery system. There is no backup power generation in the vehicle, so when the battery runs out of charge it requires recharging before operating again.
Advances in battery storage technology, lightweight vehicle construction, electric grid automation, soaring gas prices and rising environmental concerns are key elements that are increasing the attractiveness of electric vehicles for consumers as well as businesses across the world. Thus, the major factor driving the electric car charger market is the increasing sales of electric vehicles owing to growing environmental consumer awareness and supportive government regulations in the form of tax rebates, subsidies, and grants. For instance, in 2018, Sustainable Energy Authority of Ireland (SEAI) has offered an ‘Electric Vehicle Home Charger Grant’ of 600 Euros for electric car owners to cover the purchase and installation of home charger systems to new and second-hand electric vehicles. Similarly, the central government of India is also offering incentives for the procurement of electric vehicles in cities that have population over one million. Furthermore, several countries including China, France, and U.K. have already announced that will ban traditional fuel vehicles by 2040.
The factor that is indirectly affecting the electric car charger market is a 150-mile range baseline that has been defined for the latest generation of electric cars. In spite of the descent range, the electric car owners have concerns that they can run out-of-charging during a long road trip or during emergency and the intensity of the issue can multiply ten-fold if the charging station is not nearby. However, owing to supportive government regulations, the scenario is expected to change in the near future.
Wireless charging technology is anticipated to offer numerous opportunities to the electric car charger market owing to the factors including convenience, safety, reliability, etc. In wireless charging, users can remotely control the charging process via mobile phones and other devices thereby enhancing the user experience. Also, since there are no wires involved, issues such as cable aging, leakage, magnetic effect, etc. are eliminated. Furthermore, wireless charging leads to reduced battery capacity requirements, suppression of renewable energy output fluctuation, and effective use of land resources. Therefore, the electric vehicle wireless charging is expected to be an important developmental direction in the future.
The electric car charger market can be classified on the basis of type, end-user, and geography. Based on type, the electric car charger market can be segmented into AC charger, DC charger, and wireless charger. Based on end-user, the electric car charger market can be segmented into residential and commercial. Based on geography, the electric car charger market can be segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Asia Pacific and North America are expected to be highly attractive regions for the electric car charger market owing to supportive regulations and subsidies offered by the government to reduce the dependence on oil and fuels and encourage electric car chargers in the region.
Prominent players operating in the electric car charger market include ABB Ltd. , Leviton Manufacturing Co., Inc., Evatran, LLC, Siemens AG, Tesla Motors Inc., Delphi Automotive Plc., Schneider Electric Corp, AeroVironment, Inc., Bosch Automotive Service Solutions Inc., and Elektromotive Ltd.
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