The global electric vehicle charger market is expected to amass immense revenues by 2021, according to a report on Radiant Insights, Inc. It is anticipated to exhibit a CAGR above 43% from 2017 to 2021 (forecast period). The market is estimated to expand amid tough energy conservation regulations and conscious efforts by governments worldwide to curb carbon emissions.
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Electric vehicle (EV) chargers supply power to recharge batteries in electric vehicles. They are also known as EV supply equipment (EVSE) or EV charging points. The trend of wireless charging is expected to encourage construction of EV charging stations. Incentives and subsidies provided by governments are encouraging the production of these vehicles and outlets. For instance, the Sustainable Energy Authority of Ireland (SEAI) provides exemption of up to USD 5,510 for EV owners.
Manufacturers are constantly upgrading the capacity of batteries as well as the technology of EV charging outlets. For instance, Mercedes-Benz has allowed wireless charging of its vehicle, Mercedes-Benz S 500 e, starting from 2017. It also offers a 3.6kW (kilowatt) charging station, which is ideal for plug-in or hybrid electric vehicles (PHEV or HEV). In a bid to encourage the growth of EVs, SWTCH, a Toronto-based startup, has launched a website that allows EV owners to rent their power from homeowners.
The worldwide EV charger market is segmented by type, end user, and region. EV AC (alternating current) charger, EV DC (direct current) charger, and EV wireless charger are various EV charger types. EV DC chargers can charge a vehicle in half an hour. EV AC chargers are used to charge cars in residential settings. The EV AC charger segment is expected to capture a major share in the market as they are less expensive than EV DC chargers. EV wireless chargers are still at a nascent stage but may acquire a larger share in the years ahead. Combined Charging System (CCS) is a method to charge these vehicles. Other standards include CHArge de Move (CHAdeMO) and Tesla Superchargers. The CCS method allows charging of AC and DC dependent vehicles.
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On the basis of end user, the market is divided into commercial and residential. The latter captured a lion’s share in the EV charger market in 2015. It is expected to continue its reign till the end of the forecast period. The commercial segment may grow at a faster rate than its counterpart with governments heavily investing in EV infrastructure.
Regions in the electric vehicle charger market are North America, Europe, and Asia Pacific (APAC). North America can dominate the global market as it may register significant EV sales in the forthcoming years. The APAC market had accounted for major value share in 2016. China is expected to contribute to regional market growth by producing nearly 5 million EVs by 2020. Japan is also supporting the trend by encouraging the installation of EV outlets. South Korea has decided to invest more than 180 million to expand the EV charger market.
Prominent market players include AeroVironment, Inc.; Leviton Manufacturing Company, Inc.; Evatran, LLC; and ChargePoint. Other notable players are Delphi Automotive and ABB. The market is highly competitive, more so with the introduction of technologies such as solar and wireless. Difficulty in accessing chargers as well as lack of EV infrastructure is a hurdle the market may face in the years ahead.
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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