DUBLIN, Nov. 16, 2022 /PRNewswire/ — The “Global Low Voltage Charger Market: Analysis By Product Category (Non-premium, and Premium), Type (Regular Cars, Workshops, Motorcycles, Enthusiast Cars and Others), End Use (Consumer and Professional), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global low voltage charger market in 2021 was valued at US$1.08 billion. The market value is predicted to reach US$1.29 billion by 2027. Low Voltage Chargers are used to charge, recondition and/or maintain 12-24V starting, lighting, ignition & service batteries (SLI & SB). These batteries are used in passenger cars, but also in other vehicles like motorcycles, leisure boats and recreational vehicles.
The market is expected to grow at a CAGR of 3.05% during the forecast period of 2022-2027. Due to the rising demand for electric vehicle supply equipment and rapid urbanization, the market would propel in the forthcoming years.
Market Segmentation Analysis:
By Product Category: The report provides the bifurcation of the market into two segments based on the product category: non-premium low voltage charger and premium low voltage charger. In 2021, non-premium low voltage charger segment held a major share of more than 50% in the market. On the other hand, the premium low voltage charger segment is expected to grow at a significant CAGR in the forthcoming years owing to growth in the fleet vehicle business around the world.
By Type: The report provides the bifurcation of the premium low voltage charger market into five segments based on the type: regular cars, workshops, motorcycles, enthusiast cars and others. In 2021, regular cars segment held a major share of more than 39% in the market. This was being followed by workshops and motorcycles. Customers hold a significant share in the regular cars market, which would generate demand for maintenance as well as portable chargers, and thereby would add to the market value of regular cars low voltage chargers worldwide.
By End Use: The report provides the bifurcation of the market into two segments based on the end use: consumers and professionals. In 2021, consumers segment held a major share of 90% in the market, whereas the professionals segment is expected to grow at a significant CAGR in the forthcoming years owing to technological advancements and rising focus on sustainable development.
By Region: The report provides insight into the low voltage charger market based on the geographical operations, namely North America, Europe, Asia Pacific and rest of the world. Europe held the major share of above 44% in the market, owing to rising electric vehicle adoption and registration in this region. Within Europe, Germany is leading the market, due to increasing demand of electric vehicles. Whereas, in the North America region, the US is dominating the market due to growing environmental concerns.
Market Dynamics
Growth Drivers
Rising Number of Ride-hailing Fleet Vehicles
Rising Sales of Smartphones
Decline in Price of Lithium-ion Batteries
Rising Demand for Electric Vehicle Supply Equipment
Rapid Urbanization
Growing Digital Ads Spending in Automotive Industry
Challenges
Lack of Standardization in Charging Infrastructure
Challenge of Charging Station Financing and Ownership
Market Trends
Rising CO2 Emission from Transportation Sector
Rising Trend of Recreational Vehicles (RV)
Reducing Cost of Electric Vehicle (EV) Batteries
The key players in the global low voltage charger market are:
ABB Group
Siemens AG
Tesla, Inc.
CTEK
Schumacher Electric
NOCO
Robert Bosch GmbH
Victron Energy
DEFA
GYS
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
Companies Mentioned
ABB Group
Siemens AG
Tesla, Inc.
CTEK
Schumacher Electric
NOCO
Robert Bosch GmbH
Victron Energy
DEFA
GYS
For more information about this report visit https://www.researchandmarkets.com/r/5rzqhk
Media Contact:Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
