New York, US, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),” Electric Vehicle Battery Chargers Market Research Report Information by Applications, Region, Level of Charging, and Electric Vehicle Type - Forecast Till 2032”, the Electric Vehicle Battery Chargers market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a considerable CAGR of nearly 20.00%. The study documents offer projections related to the global market's expanding revenue records, which will likely reach a market of USD 29.41 billion by the end of 2032. As per the reports, the market was valued at nearly USD 5.7 billion in 2022.
Electric Vehicle Battery Chargers Market Overview:
The global Electric Vehicle Battery Chargers industry has recently advanced. The primary feature causing a surge in market performance is the government regulations to limit environmental pollution.
Competitive Analysis
The list of the top leaders across the global Market for Electric Vehicle Battery Chargers includes players such as:
- Ficosa Internacional SA (Spain)
- Delphi Automotive L.L.P. (Ireland)
- Lear Corporation (U.S.)
- Clore Automotive L.L.C. (U.S.)
- Baccus Global L.L.C. (U.S.)
- Robert Bosch GmbH (Germany)
- Tesla (U.S.)
- Current Ways Inc. (U.S.)
- CTEK Holding AB (Sweden)
- I.E.S. Synergy (France)
- Meta Systems S.P.A (Italy)
- Schumacher Electric Corporation (U.S.)
- L.G. Electronics (South Korea)
- Among others.
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Electric Vehicle Battery Chargers Market U.S.P. Covered
Market Drivers
The global electric vehicle battery chargers market has advanced extremely in recent years. The primary feature causing a surge in market performance is the government regulations to limit environmental pollution. Furthermore, the related infrastructure and increased demand for electric vehicles across the globe are also projected to positively impact the performance of the global market over the coming years. In addition, the growth in developed and developing regions around the globe is also projected to boost the global market's development over the assessment period.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global electric vehicle battery charger market. One of the primary constraints restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 29.41 billion |
| CAGR during 2023-2032 | 20.00% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Electric Vehicle Type, Level of Charging, Applications, and Region |
| Key Market Opportunities | Strategic initiatives by major players Increase in demand for electric vehicles |
| Key Market Dynamics | Government initiatives to increase the sale of electric vehicles and related infrastructure |
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COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global Electric Vehicle Battery Chargers market. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global electric vehicle battery chargers market over the coming years.
Electric Vehicle Battery Chargers Market Segment Analysis
Among all the vehicle types, the plug-in hybrid vehicle segment secured the top position across the global market for E.V. chargers. The main parameter causing a surge in the performance of the market segment is the increasing government initiatives to encourage the sales of electric vehicles. Furthermore, the escalating demand for alternative fuel vehicles globally is also likely to boost the market segment's growth over the coming years. On the other hand, the battery electric vehicle (BEV) segment will likely showcase the maximum growth rate over the coming years, given the higher presence of BEVs and technological advancements in batteries.
Among all the charging levels, the level 3 segment secured the top position across the global market for E.V. chargers. The main parameter causing a surge in the performance of the market segment is the highly powered charging option with the potential to fully recharge an E.V. in less than 30 minutes.
Among all the application areas, the private segment secured the top position across the global market for E.V. chargers. The main parameter causing a surge in the performance of the market segment is the higher adoption of onboard chargers in private units across the globe. Furthermore, factors such as the growing adoption of the BEV charging infrastructure in the parking spaces of private units and rising investments in the development of modern-day private infrastructures are also projected to positively impact the growth of the market segment over the coming years.
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Electric Vehicle Battery Chargers Market Regional Analysis
The research documents by MRFR indicate that the North American Region secured a top position across the global Electric Vehicle Battery Chargers industry in 2022. The Region is known for vital expansion contributors such as Mexico, the U.S., and Canada. The main aspects backing the expansion of the regional Electric Vehicle Battery Chargers market are the demand for electric vehicles and government initiatives to increase the sale of electric vehicles & related infrastructure.
The European Region projects to ensure the second spot across the global Electric Vehicle Battery Chargers industry over the coming years. The Region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. The Region's main parameters supporting regional market expansion are the improved living standards fueling E.V. sales, the high disposable income of consumers, and the increased awareness regarding carbon emission.
The Asia-pacific Region is anticipated to secure the maximum growth across the global Electric Vehicle Battery Chargers industry over the coming years. The regional electric vehicle battery chargers market will display the maximum expansion rate over the assessment era.
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The Region is known for the presence of vital expansion contributors such as India, China, and Indonesia. The main parameter supporting regional market expansion is the surge in adopting E.V.s for public transport and the increasing adoption of the E.V. charging infrastructure.
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