Electric Vehicle Battery Charger Market Overview
Market Research Future (MRFR) believes that the electric vehicle battery charger market 2020 could potentially record a CAGR of 14.3% between 2019 and 2025 (appraisal period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
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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.
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.
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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 Electric Vehicle Battery Charger Market growth in North America. The electric vehicle battery charger market 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 share 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), FicosaInternacional SA (Spain), to name a few.
Table Of Contents
1. Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Electric Vehicle Battery Charger Market Size Estimation
2.5. Forecast Model
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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