Automotive Electric Charging Technology: Introduction
- Plug-in battery and hybrid electric vehicles require an external supply of electric energy to charge their batteries periodically, which maximizes the range of vehicles. Some vehicles have an on-board converter that enables charging from a regular electricity port. However, a dedicated charger is recommended by OEMs and regulatory agencies for safe and rapid charging.
Key Drivers of Automotive Electric Charging Technology Market
- Increase in prices of fossil fuels and awareness among people regarding emissions from IC engines has boosted the sale of electric vehicles. The International Energy Agency stated in their Global EV Outlook 2020 that in 2019, sale of electric cars was more than 2.1 million, worldwide, with a 40% year-on-year growth. This rise in demand for electric vehicles has prompted OEMs to launch newer models. For instance, Volkswagen AG stated in a press release of July 2020 that the company plans to launch 75 new electric vehicle models. Other OEMs including General Motors are offering solutions to convert their current IC engine powered vehicles to electric vehicles. This rise in number of electric vehicles is driving the automotive electric charging technology market across the globe.
- Financial benefits are being offered on electric vehicle charging. The U.S. Department of Energy announced that multiple states in the country including Texas, Colorado, and Utah were offering incentives in the form of rebates, tax credits/exemptions, and grants and loans for the installation of electric vehicle charging stations. Electricity providers are also offering attractive plans for charging vehicles in off-peak hours. For instance, Ergon Energy is encouraging its customers to charge vehicles on T31 and T33 tariff plans, while Elli, a subsidiary of Volkswagen AG, is encouraging its customers to use green energy tariff for vehicle charging. These financial benefits offered by governments and corporates are propelling the global automotive electric charging technology market.
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Challenges in Automotive Electric Charging Technology Market
- Issues associated with thermal management due to overheating of vehicle batteries in fast charging solutions are posing challenges to the global automotive electric charging technology market
Opportunities in Automotive Electric Charging Technology Market
- OEMs are focusing on the development of next-generation autonomous vehicles, which encompass a suite of communication technologies to connect the driver and infrastructure. Automotive electric charging solution manufacturers are incorporating various communication protocols in their offerings in order to leverage this benefit of connectivity. This enables the autonomous vehicle to locate nearby charging stations. Moreover, wireless charging stations coupled with connected technology would enable the vehicle to drive itself to the nearest charging point without driver interference and thus, save the time of people wasted during charging period. These advanced connected offerings are anticipated to fuel the global automotive electric charging technology market in the near future.
- Electric vehicle charging technologies consume high amount of energy which is exerting a load on power grids. Consequently, companies are exploring alternate energy sources including solar energy and fuel cells for electric vehicle charging.
Impact of COVID-19 pandemic on Automotive Electric Charging Technology Market
- The recent outbreak of COVID-19 pandemic decreased the sales and production of electric vehicles. However, the pandemic had very less impact on the companies manufacturing electric vehicle charging systems. Several of these companies, including AMPLY POWER, FreeWire Technologies, Inc., and HEVO Power, raised substantial amount of investments to advance their electric vehicle charging technologies and production. Furthermore, the adoption of wireless technology provides contactless charging to customers, thus reducing spread of COVID-19. Therefore, rising investment and adoption of wireless technologies have circumnavigated the COVID-19 crisis and subsequently, driving the global automotive electric charging technology market.
Europe holds Significant Share of Global Automotive Electric Charging Technology Market
- Europe accounted for a significant share of the global automotive electric charging technology market, as regional OEMs are partnering to create vehicle charging network across Europe. BMW AG, Daimler AG, Ford Motor Company, Volkswagen, AUDI AG, and Porsche AG have partnered to develop a fast charging network for electric vehicles in Europe, which can deliver a charge of 240 miles range within 15 minutes.
Key Players Operating in Automotive Electric Charging Technology Market
The automotive electric charging technology market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive electric charging technology market are:
- Bosch Automotive Service Solutions Inc.
- bp Chargemaster
- Continental AG
- Daimler AG
- Evteq Mobility Private Limited
- Schneider Electric
- TOYOTA INDUSTRIES CORPORATION
- WiTricity Corporation
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Global Automotive Electric Charging Technology Market: Research Scope
Global Automotive Electric Charging Technology Market, by Current
- AC Charging
- Level 1
- Level 2
- DC Charging
Global Remote Vehicle Shutdown System Market, by Type
Global Remote Vehicle Shutdown System Market, by Charging Method
Global Remote Vehicle Shutdown System Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Remote Vehicle Shutdown System Market, by Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Global Remote Vehicle Shutdown System Market, by Sales Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
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The following regional segments are covered comprehensively:
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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7. Which government regulations might challenge the status of key regional markets?
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