New York, June 23, 2021 (GLOBE NEWSWIRE) -- EV Battery Charger Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Battery Charger Market Research Report, Electric Vehicle Type, Level of Charging, Application and Region - Forecast till 2027” the market is expected to witness 14.3% CAGR during the forecast period, 2020–2027.
The electric vehicle battery charger market outlook appears extremely promising. The market growth attributes to the rapidly evolving electric vehicles (EVs) market worldwide. Besides, the wide uptake of these chargers growing with the rising EV sales substantiates the electric vehicle battery charger market size. With the rising electric vehicle infrastructure development activities and smart city projects worldwide, the market is expected to witness significant growth in the upcoming period.
The market is witnessing the rising demand for new automated EV charging systems. Therefore, evolution in this segment has been constant. Mobility services providers are increasingly using a charging system precisely adapted to the charging infrastructure requirements for charging in public spaces.
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Key Companies Profiled in the Electric Vehicle Battery Charger Market Research Report are-
Clore Automotive LLC (US)
Delphi Automotive LLP (Ireland)
Robert Bosch GmbH (Germany)
IES Synergy (France)
Current Ways Inc. (US)
Lear Corporation (US)
Baccus Global LLC (US)
CTEK Holding AB (Sweden)
LG Electronics (South Korea)
Meta Systems S P A (Italy)
Schumacher Electric Corporation (US)
Ficosa Internacional SA (Spain)
COVID 19 Impact on the Market
The onset of Coronavirus affected the electric vehicle battery charger industry severely. Lockdown mandates severely disrupted the supply chain, making manufacturers face various problems such as obtaining raw materials and components required for the production, attracting workers from quarantines, and delivering end products. Many manufacturers cut down on their production output.
On the other hand, the rising demand for healthcare products offered significant opportunities, driving the uptake of electric vehicles in the logistic industry. Resultantly, the electric vehicle battery charger market rapidly returned to normal, witnessing the steadily increasing demand. The electric vehicle battery charger market demand is anticipated to pick up further following the uplift of the lockdown in many countries.
Browse In-depth Market Research Report (100 pages) on Electric Vehicle Battery Charger
Governments in countries across the globe have realized the potential that electric vehicle battery chargers hold. Many of them have initiated new policies and proposals, designing programs for e-mobility charging infrastructure. Such initiatives have further helped them meet their own goals to address climate change and net-zero carbon targets. Besides, e-vehicle battery chargers have a set standard for speed and convenience.
Additional factors influencing the market growth include large-scale implementations of these EV powering solutions and increasing government initiatives to revolutionize mobility. Conversely, requirements of a large structure and high investments to develop charging stations or infrastructures are major growth impeding factors for the market. Nevertheless, increasing R&D investments to develop innovative EV charging solutions would support the market growth throughout the review period.
The market is segmented into electric vehicle types, levels of charging, applications, and regions. The electric vehicle type segment is sub-segmented into battery electric vehicles and plug-in hybrid electric vehicles. The level of charging segment is sub-segmented into level 1, level 2, and level 3. The application segment is sub-segmented into public and private. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
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The Asia Pacific region dominates the global electric vehicle battery charger market. The region witnesses a significant rise due to its raw material advantage and the availability of cost-competitive workforces. Besides, the market is driven by advancements in EV charging battery technologies and devices used for electric vehicles. Increasing government initiatives and stringent policies, and affordable prices of electric vehicles and charging stations are major driving forces behind the market revenue growth in the region.
Massive increase in production and sales of e-vehicles in the region create lucrative growth opportunities for the domestic electric vehicle battery charger market growth. Furthermore, increasing foreign direct investments and heavy investments by key players for advanced product developments are major factors impacting the electric vehicle battery charger market revenue.
Europe stands second in terms of electric vehicle battery charger market value. The presence of major players and well-developed infrastructure in this region influence the market growth. Factors such as investments in research & development and a large EV user base create a huge demand for EV battery charging technologies & devices. Additionally, regulatory laws implemented to minimize vehicle emissions and favorable incentives policies substantiate the market demand, increasing electric vehicle sales.
Moreover, collective efforts by governments and environmentalists to control rising air pollution levels provide significant market opportunities. Rising government initiatives and incentives, subsidies, and schemes to encourage the manufacturing and sales of electric vehicles boost the electric vehicle battery charger market share.
North America also accounts for considerable electric vehicle battery charger market revenue. Government initiatives to create adaptable vehicle charging solutions and reduce dependency on fuel-driven vehicles drive the market growth. Moreover, the proliferation of electric vehicles to reduce operating costs and government support the development of the wireless EV charging industry push the regional market growth.
Rapidly increasing awareness of the impacts of fossil fuel emissions on the environment creates substantial market demand. Furthermore, the increasing adoption of electric vehicle battery chargers acts as major tailwinds for the regional market.
The e-vehicle battery charger market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on June 16, 2021, CPI, the independent technology innovation center, announced joining the ALBATROSS project to enhance next-generation EV battery packs. Electric vehicles have a huge impact on the environment, meeting climate targets worldwide. However, issues around battery durability, lifespan, and charging times have tended to limit EVs’ widespread adoption.
Looking to overcome these limitations, the ALBATROSS project is developing advanced battery pack designs that could help to boost EV sales. This could also lead to a significant reduction in carbon emissions while helping European vehicle manufacturers gain a commercial advantage. As part of their program supporting smart, green and integrated transport, EU Horizon 2020 is providing €9.9 million in funding.
Segmentation of Market covered in the research:
Information by Electric Vehicle Type (Battery Electric Vehicle and Plug-In Hybrid Electric Vehicle), Level of Charging (Level 1, Level 2 and Level 3), Application (Private and Public) and by Region (North America, Europe, Asia-Pacific and the Rest of the World)
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