Are Electric Car Battery Charger Manufacturers Relying on Government Funding & Subsidies for Revenue
Fact.MR’s latest study provides unbiased analysis on the electric car battery charger market for the forthcoming decade. It provides compelling insights into growth drivers, restraints, and consumer demands influencing electric car battery charger sales. Besides this, it provides information about opportunities across various segments including vehicle type, charging type, charger type, application, and region.
ROCKVILLE, Md., Nov. 16, 2022 /PRNewswire/ — Overall demand in the electric car battery charger market is expected to reach US$ 2.5 Billion in 2022, with sales predicted to rise at 16% CAGR between 2022 and 2032. Demand in the market is expected to burgeon on the back of development of electric vehicle (EV) charging infrastructure worldwide.
As the adoption of electric car is surging along with rising environmental concerns, the governments across the globe is increasing the funding to boost the production of EVs. On the back of this, the market is expected to surpass a valuation of US$ 11 Billion by 2032.
With rising fuel prices, inclination towards battery-powered vehicles is growing at a rapid rate. Hence, governments across the globe are focusing in developing the infrastructure for electric vehicles and plug-in hybrid vehicles. To capitalize on this rising trend, numerous start-ups are investing in artificial intelligence (AI) and cutting-edge technology to develop portable and technologically advanced battery solutions.
For instance, in September 2022, Biden announced the investment of US$ 900 Million for electric vehicle chargers at Detroit auto show. This investment was to build nearly 500,000 public charging stations across the U.S. to aid the adoption of electric vehicles.
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Further, to improve the adoption of electric cars, governments in countries such as India, Japan, Canada, and the U.S. are providing subsidies to consumers. They are also increasing the funding to improve the infrastructure and to promote the start-ups developing EVs components such as battery chargers. This is predicted to boost the growth in the market, with sales multiplying by 4.4 times during the forecast period (2022-2032).
Key Takeaways:
- Germany generated around US$ 577.2 Million worth revenues in 2021 and is expected to gain maximum profits through 2022 & beyond.
- South Korea is expected to lead the growth in East Asia market, followed by Japan over the upcoming decade.
- The U.S. is anticipated to be at the forefront in North America electric car battery charger market during the assessment period.
- By vehicle type, the plug-in hybrid electric vehicles are expected to create lucrative prospects over the upcoming decade.
- In terms of application, the public segment accounted for over 3/5th of demand share in the global electric car battery charger market.
- Based on charger type, the fast charger segment is expected to witness fastest growth over the forecast period.
Growth Drivers:
- Increased funding and research & development (R&D) activities by the governments across the globe to boost EV adoption will drive the sales.
- Growing environmental concerns coupled with rising fuel prices will improve the adoption of electric cars, fueling demand.
- Surging number of start-ups investing in EV and AI technology to offer technologically advanced battery solutions will aid the growth.
Restraints:
- The market is likely to stumble due to the high cost of electric vehicles, especially in low and middle income countries.
- The lack of charging infrastructure in developing countries such as China, India, Brazil, and others might impede the growth in the market.
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Competitive Landscape:
As per the study, presence of numerous leading companies manufacturing electric vehicles and its components will lead to fierce competition in the market. To maintain their position in the market, key players are coming up with new product launches and are forming alliance with end users and other companies.
For instance,
- In September 2022, E-Fill Electric, EFEV Charging Solutions Pvt. Ltd., announced the launch of dual DC electric vehicle charger at EV India Expo 2022. The X4 series-60kW CCS2 dual EV charger was made available from October 1, 2022.
- In November 2021, UK start-up announced the launch of portable electric vehicle charger at COP26 climate summit with its in-built AI technology to optimize charging at off-peak times.
- In September 2021, ABB unveiled the world’s fastest EV charger with an innovative technology that can deliver charging for 100 km range in less than 3 minutes. The charger is designed specifically to charge up to four electric cars at a time.
Key Companies Profiled by Fact.MR
- Delphi Automotive LLP
- Lear Corporation
- LG Electronics
- Robert Bosch GmbH
- Tesla Inc
- Schumacher Electric Corporation
- CTEK Holding AB
- Ficosa International SA
- Clore Automotive LLC
- Current Ways Inc
- Schneider Electric S.E
- IES Synergy
- Meta Systems S.P.A
- General Electric Company
- Baccus Global LLC
More Valuable Insights on Electric Car Battery Charger Market
In the latest study, Fact.MR offers a 360-degree view of the global electric car battery charger market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the electric car battery charger market through detailed segmentation as follows:
By Vehicle Type:
- Battery Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Hybrid Electric Vehicles
By Charging Type:
- Manual
- Automatic
By Charger Type:
- Float Chargers
- Smart Chargers
- Trickle Chargers
By Application:
- Public
- Workspace
- Home
By Battery Capacity:
- Up to 12V
- 12V-48V
- Above 48V
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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Key Questions Covered in the Electric Car Battery Charger Market Report
- What will be the demand outlook of the electric car battery charger market in 2022?
- What is the projected growth rate of the global electric car battery charger market during 2022-2032?
- Which are the key drivers bolstering growth in the electric car battery charger market?
- Which factors are hindering the growth in the electric car battery charger market?
- Which region is expected to exhibit the fastest growth in the global electric car battery charger market during 2022-2032?
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