Electric Car Charger Global Market Report 2021: COVID-19 Growth And Change

New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Car Charger Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06036656/?utm_source=GNW
, Bosch Automotive Service Solutions Inc, Elektromotive Ltd., Hubbell Device-Kellems, Legrand, TurboDock, GE, Chargepoint, and Blink.

The global electric car charger market is expected to grow from $2.24 billion in 2020 to $2.96 million in 2021 at a compound annual growth rate (CAGR) of 31.97%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $10.31 billion in 2025 at a CAGR of 36.6%.

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.

The fast AC charger can recharge small electric vehicles fully in three to four hours.Fast DC chargers convert AC power to DC within the charging station and deliver DC power directly to the battery and hence charge faster.

The electric chargers are used in different areas including home, office, and other commercial areas.

Asia Pacific was the largest region in the electric car charger market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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.

In June 2018, Webasto, a Germany-based company that makes sunroofs, electric-car chargers and air-conditioning systems, acquired AeroVironment electric vehicle charging and test systems business for $35 million.This strategic acquisition accelerates the global development of Webasto’s charging business.

Webasto’s acquisition of AeroVironment’s Efficient Energy Systems (EES) business segment contributes to the company’s dual strategy.With this strategy, Webasto strengthens its existing core business areas in Sunroofs, Convertibles and Thermo Systems and participates in new business areas, focusing on battery systems and plug-in electric vehicle charging solutions.

AeroVironment is a US-based aircraft company.

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 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.

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