New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Charger Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06187350/?utm_source=GNW
The main types of vehicles in electric vehicle chargers are battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).Battery electric vehicles employ an electric motor instead of an internal combustion engine.
Battery electric vehicles use a traction battery pack to power the electric motor that needs to be plugged into the charging outlet. The different charging types include on-board chargers, off-board chargers and are used in various end-use sectors such as residential, commercial.
The global electric vehicle charger market is expected to grow from $3.23 billion in 2020 to $3.94 billion in 2021 at a compound annual growth rate (CAGR) of 21.8%. 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 $10.91 billion in 2025 at a CAGR of 29%.
The electric vehicle charger market consists of sales of electric vehicle chargers that deliver energy to the vehicle battery system per unit of time.The electric vehicle charger is a part of electric vehicle supply equipment that provides electrical power to plug-in electric automobiles.
Electric vehicle charging is divided into four stages, with Level 4 being the fastest.
Asia Pacific was the largest region in the electric vehicle 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 increasing stringent regulations by the governments to limit environmental pollution are contributing to the growth of the electric vehicle charger market.Many governments have implemented stringent government regulations to limit harmful vehicular emissions, making it vital for vehicle manufacturers to shift to advanced technologies that reduce vehicle emission levels.
For instance, the California Air Resources Board passed new laws in 2020 that require truck manufacturers to switch to electric zero-emission trucks by 2024, and Governor Brown signed an MOU with 14 other states to develop and expedite the market for electric medium- and heavy-duty vehicles. Therefore, the rising stringent regulations by the governments are projected to drive the growth of the electric charger market in the coming years.
The growing technological advancements are shaping the electric vehicle charger market.Major companies operating in the electric vehicle charger sector are focused on developing technological solutions for electric vehicle chargers to reduce carbon emissions and meet customer demand.
For instance, in April 2021, Envision Group, a China-based green technology company introduced Mochi charging robot which is 100% powered by green electricity.Mochi is a small, flexible robot with accurate location-sensing technology that allows it to navigate with centimeter-level precision.
Mochi can be installed in a variety of settings and can automatically locate and charge electric vehicles, saving drivers time and effort. Mochi will give a versatile solution to help accommodate the growing demand for charging stations as more EVs hit the road.
In March 2021, Eaton Corporation, a US-based power management company acquired Green Motion SA for an undisclosed amount.Through this acquisition, Eaton Corporation expands its electric vehicle charging capabilities.
Green Motion SA is a Switzerland-based company that manufactures electric vehicle charging hardware and related software.
The countries covered in the electric vehicle charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06187350/?utm_source=GNW
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