Electric Car Charger Global Market Report 2022

Electric Car Charger Global Market Report 2022

  • March 2022 •
  • 250 pages •
  • Report ID: 6248521 •
  • Format: PDF
Major players in the electric car charger market are Leviton Manufacturing Co. Inc, ABB Ltd., Siemens AG, Schneider Electric Corp, AeroVironment Inc., Eaton, Evatran LLC, Tesla Motors Inc., Delphi Automotive Plc., and Bosch Automotive Service Solutions Inc.

The global electric car charger market is expected to grow from $2.96 billion in 2021 to $3.98 billion in 2022 at a compound annual growth rate (CAGR) of 34.3%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $13.30 billion in 2026 at a CAGR of 35.2%.

The electric car chargers market consists of sales of electric-car chargers by entities (organizations, sole traders and partnerships) that manufacture electric-car chargers. The charging point for electric vehicles is a device that links an electric vehicle (EV) to a source of electricity for electric cars, community electric vehicles and plug-in hybrids.

The main types of electric car chargers are slow AC, fast AC, and fast DC.Slow AC charging is widely used in multi-dwelling structures, residences and fleet charging sites where cars have enough time to charge.

The car takes about 5-8 hours to fully charge.The AC is converted to DC and fed directly into the battery by a converter.

Electric car chargers are used in battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV) and hybrid electric vehicles (HEV).The various charging infrastructures involved are CCS, CHADEMO, Normal Charge, Tesla Super Charger and Type 2 (IEC 621196).

The electric chargers are used in different areas including homes, offices, and other commercial areas.

Asia Pacific was the largest region in the electric car charger market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The increasing demand for electric vehicles owing to growing environmental awareness is expected to drive the growth of the electric car charger market over the coming years.The world is moving towards electrified transportation to reduce the emissions of pollution from non-renewable fossil fuel vehicles and to offer transport with a substitute to costly fuel.

According to EV-Volumes, a database of sales statistics, charging infrastructure, batteries, car models, and sales forecasts for plug-in cars, the number of plug-in vehicles that were sold in 2020 reached 3.24 million from 2.26 million in 2019. Therefore, the increasing sales of electric vehicles drive the growth of the electric car charger market.

The impact of COVID-19 hampered the growth of the electric car charger market.The global automotive sector is experiencing a decline due to the lockdown in many nations, which has limited the growth of electric vehicles.

For instance, in Germany, new registrations for electric cars decreased by 35% in the first quarter of 2020 compared to the same timeframe in 2019. Therefore, the outbreak of COVID-19 restrained the growth of the electric car charger market.

The growing technological advancements are shaping the electric car charger market.Major companies operating in the electric car charger sector are focusing on developing technologically advanced solutions for electric car chargers.

For instance, in February 2020, the Bengaluru-based start-up, Kirana Charzer, has launched an electric vehicle charger that can be mounted in small stores and businesses to accelerate the expansion of the electric vehicle charging network in the region. Kirana Charzer can be operated by any user on the Charzer application to deliver public EV charging and generate income via their charging point.

In November 2021, Enphase Energy, a America-based energy technology company announced the acquisition of acquired ClipperCreek for au undisclosed amount.With this acquisition, Enphase will be able to enter the EV charging market and offer bi-directional charging, as well as vehicle-to-home and vehicle-to-grid applications.

ClipperCreek is a US-based provider of electric vehicle (EV) charging solutions for residential and commercial customers.

The countries covered in the Fresh Meat Packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.