A device that supplies the electricity required to recharge the vehicle's electric battery is an electric car charger. It is a crucial part of the infrastructure required to charge electric vehicles, enabling them to be charged in public areas like parking lots or charging stations as well as at home or the workplace. Electric vehicles (EVs) that have a battery and an electrical source that aids in battery charging can be charged using an EV charger. Level 1, Level 2, and Level 3 charging are the several charging levels that are used to charge these kinds of cars.
Driving Factors: The market grows naturally as more people buy electric cars. In particular, there is a noticeable increase in demand for home chargers as EV owners look for dependable and practical ways to charge their cars. The larger market gives charger makers a stable and expanding client base. Manufacturers of chargers are encouraged to innovate and compete in a thriving market. Electric vehicle owners are less concerned about the availability of public charging infrastructure because their vehicles can be charged overnight at home. A rise in EV usage benefits the environment and persuades more people to think about owning an electric vehicle. Because EVs and home chargers help reduce greenhouse gas emissions, consumers are more eager to purchase them.
Challenges: In the instance where matching EV models are not extensively adopted, chargers supporting less common standards risk becoming stranded or underutilised. This may cause some chargers to have subpar utilisation rates, which would reduce their profitability for operators. Charger operators and network providers may be discouraged from investing in charging infrastructure due to the absence of standardisation. They might hold off on devoting substantial resources to expansion initiatives until they have a dominant standard. Multiple standard charger operators need to make investments in charging upkeep and upgrades. This intricacy has the potential to lower profitability and raise operating expenses.
Impact of COVID-19 on Electric Vehicle Charger Market
The market for electric vehicle (EV) chargers has been affected by the COVID-19 outbreak in a variety of ways. The rollout of EV chargers was initially slowed down by supply chain interruptions, production delays, and construction projects brought on by lockout measures and economic uncertainty. But as the pandemic spread, it also accelerated several developments that were good for the electric vehicle market, like growing public interest in environmentally friendly policies and sustainable mobility. Demand for charging infrastructure has also increased as a result of some people and organisations considering EV adoption due to remote work arrangements and decreased commutes.
Electric Vehicle Charger Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Abb Ltd., Aerovironment Inc., Chargemaster Plc, Chroma Ate, Delphi Automotive, Pod Point, Robert Bosch Gmbh, Schaffner Holdings Ag, Silicon Laboratories, Siemens Ag and Others.
Electric Vehicle Charger Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Electric Vehicle Charger Market is segmented as; Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV).
By End User: Based on the End User, Electric Vehicle Charger Market is segmented as; Residential, Commercial.
By Charging Type: Based on the Charging Type, Electric Vehicle Charger Market is segmented as; On-board Chargers, Off-board Chargers.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.