Car Charger Market
A few of the aspects that are predicted to propel the global car charger market are frequent air filter replacement in IC based engines and strict pollution control standards. In addition, lower operational and maintenance costs when compared to traditional IC engine based cars are expected to boost demand in the market.
DC charging refers to a quick charging option that may fully charge an automobile in less than 20 minutes. Because of its quick charging potential, the DC vehicle charging sector is anticipated to develop at a fast rate in comparison with AC chargers, which take a very long time to charge. Increasing research and development efforts in the DC vehicle charging market is expected to boost its demand in the global car charger market in the near future. The rising popularity of the AC car charger category in the electric passenger vehicle industry is one of the reasons driving demand in the market.
An important driver of the global car charger market is the growing production of electric and hybrid vehicles. Besides, the growing demand for hybrid-electric vehicles for passenger is estimated to drive demand. Furthermore, the car charger market is influenced by tight regulatory laws and automobile norms pertaining to electric and hybrid vehicles. Development in the automotive industry, as well as increased funding in car charger manufacturing businesses throughout the world, is expected to have a substantial impact on the market in the near future.
Car chargers are essential components of hybrid and electric vehicles. In terms of charging, there five notable types such as battery swapping charging, plug-in charging, wireless, direct current (DC) and alternating current (AC). AC charging dominates the global car charger market due to its rising acceptance among electric car owners. In countries such as North America and Europe, there has been an increase in the rate of AC charging infrastructure installations at homes, parking areas, parks and commercial areas. Moreover, in the coming years, AC charging infrastructures are expected to be installed in roads so that the car can charge itself while in motion. DC charging, is a faster method of charging a vehicle. It is comparatively a better alternative to AC charging. However, DC charging, lacks the kind of infrastructure as installed for AC charging in homes and other places. Wireless charging ensures reduction in the loss of transmission in vehicles and is hassle-free, compatible and light weight. Such a charging medium is considered expensive and is yet to get commercialized at a large scale.
Increasing production of hybrid and electric vehicles, and rising demand for passenger hybrid-electric vehicles is a major driving factor for the car charger market. In addition, strict government guidelines and automobile standards relating to hybrid and electric vehicles is a major factor influencing the car charger market. Growth in the automotive sector and rising investments in car charger manufacturing companies across the world is set to influence the market significantly during the forecast period. However, lack of penetration of hybrid and electric vehicles in numerous countries across the world is inhibiting the growth of car chargers market, which finds application in aforementioned vehicles. In addition, cheap substitutes of original car chargers is another major restraint for the global car charger market.
The car charger market can be classified by charging type, by application and by geography. The charging type segment can be classified into battery swapping charging, plug-in charging, wireless, direct current (DC) and alternating current (AC). By application, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
In the car charger market, Asia Pacific holds the largest market share in terms of revenue followed by North America, Europe, Latin America and, Middle East and Africa (MEA). In the Asia Pacific region, countries such as China and Japan are considered to be the leading manufacturers of car chargers across the world. The market in North America and Europe tends to be a bit saturated but the market is expected to remain stable during the forecast period. By the end of the forecast period, Middle East and Africa, and Latin America are expected to show significant growth, considering the growth in automotive sector and rising application of car chargers in vehicles manufactured in the aforementioned regions.
The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global car charger market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Leviton Manufacturing Co., ABB Group, Evatran Group, Bosch Group, Siemens AG, Energizer Holdings Inc., Intel Corporation, LG Electronics Inc., Qualcomm Inc., Schneider Electric SE, General Electric Company, Sony Corporation and AeroVironment, Inc., among others.
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