Electric Car Chargers Market Current Scenario and Future Prospects
Updated · Jun 13, 2023
Published Via 11Press : It is projected that technology developments in both electric vehicle charging hardware and software will change how EV users utilize and benefit from electric car charger apps. The Smartcar API and charging networks, for example, can properly estimate how long it will take an electric car to charge completely before the driver ever plugs it into a charging station. Public and private electric car charging stations are expected to use a significant amount of green energy. The biggest problem for EV owners is carbon emissions. In order to address these issues, businesses are moving swiftly to create their own electric car charging networks. EV charging stations are significantly more often used in commercial settings than they are in residential ones. More commercial charging stations are anticipated to be erected as electric vehicles gain in popularity. In order to encourage the adoption of EVs, improvements to the charging infrastructure in commercial locations are essential because overnight charging at apartment complexes or private houses is insufficient for long-distance travel. The ultra-fast charging rates needed for long-distance travel would also be simpler to achieve with a public charging infrastructure. Domestic EV chargers have a far larger development potential than commercial charging stations even though they provide a more practical and economical way to charge EVs. The market for global electric car chargers is predicted by HTF Market Intelligence to grow at a CAGR of 31.56% from 2017 to 2028.
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|Value Unit||USD (M)|
|Dominating Type||AC Level 2|
|Customization in Scope||Purchase the market research on electric car chargers and get customization. The final result may incorporate additional country, regional, or segment-level breakdowns, depending on practicality.|
The report offers Major leading Key players:
- ABB Ltd.
- Robert Bosch GmbH
- Siemens AG
- Delphi Automotive
- Schneider Electric
- Silicon Laboratories
- Plug-in hybrid electric Vehicles (PHEV)
- Battery electric vehicles (BEV)
- AC Charger
- DC Charger
Key Developments in the Market:
- On July 1, 2022, ABB, a well-known manufacturer, acquired dominating ownership of InCharge Energy, a company that specializes in offering commercial charging infrastructure solutions for electric vehicles.
- By broadening its offering of fleet electrification software and digital services and expanding its client base, the addition of InCharge Energy to ABB’s E-mobility Division in North America will strengthen its position. The acquisition of InCharge Energy to ABB’s E-mobility Division in North America will boost its position by extending its offering of fleet electrification software and digital services and growing its client base.
- InCharge Energy offers specialized EV or electric vehicle charging infrastructure solutions that include all phases, from energy need evaluation and guidance through purchasing, installing, operating, and maintaining charging systems.
- Utilizing this company’s cloud-based software services will enable you to optimize energy management in order to maximize fleet business performance. Competitive Environment Two new electric vehicle (EV) chargers, the EV300 Level 2 EV Charging Station and the EV3000 DC Fast Charger were introduced on July 21, 2022, by Bosch, a major provider of technology and services worldwide.
- The EV300 and EV3000 are UL and cUL compliant, providing the highest degree of safety for drivers, passengers, and the surrounding area. The new items, like earlier Bosch EV chargers, allow electric car owners to customize charging settings and charge electric vehicles more quickly than similar charging apparatus.
- The EV300 charges up to four times faster than a standard plug outlet, but the EV3000 charges up to four times faster than a normal Level 2 charging station. There are several gaps in the electric car chargers industry and technology that need to be solved by businesses and regulators in order to deliver affordable electric car chargers solutions for the next electric automobiles.
- As software is used in electric vehicle chargers and many other devices, partnerships with software businesses are formed. Players are using extremely calculated acquisition methods to increase their client base and product offering in an effort to gain market share.
- Risks and uncertainties may accompany current expectations, including situations that could prevent, delay, or change these decisions and perhaps cause considerable deviations from the initial forecasts. There are several dangers involved, and there is no guarantee that the investment’s projected benefits will materialize.
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- The Build America, Buy America Act compliance strategy for federally sponsored EV chargers was finally laid out by the Federal Highway Administration (FHWA). All EV chargers supported by the Bipartisan Infrastructure Law must be constructed in the United States right away.
- The proposal stipulates that as of right now, all manufacturing operations for any iron or steel charger enclosures or housing must take place in the United States, including final assembly. At least 55% of the cost of all components must be produced domestically by July 2024.
- The Administration emphasized significant manufacturing and other new facilities prompted by these reserves and the Biden-Harris Administration’s Made in America policy, including new pledges from domestic EV charging makers and network providers.
- The main factor preventing the widespread use of electric car chargers is now software. Software development will be crucial to the adoption of EVs or electric vehicles since it is already tackling many scalability challenges.
- Software for electric vehicle chargers, one of the fastest-growing segments of the software market today, is anticipated to increase, providing founders and venture capitalists with a major potential to add value. The main trend in the market for electric car chargers is the adoption of the Plug and Charge a smooth and secure link that allows for automated identification and authorization of electric vehicles (EVs).
- User experience will be a prominent trend in the following years, as seen by the rise of smart charging stations throughout the world. Wi-Fi, a characteristic of smart EV charging stations, allows for the monitoring of the vehicle’s condition and battery during the charging session.
Market Growth Drivers:
- One major factor affecting the market for electric car chargers is the quick growth of electric vehicle sales. To generate demand for electric car chargers, the government, utilities, manufacturers, and charging network providers are spending more and more in charging infrastructure.
- As the bulk of everyday electric vehicle charging activities occurs at homes, residential electric car charger stations would rise. At work or another commuter location, electric car charges are the second-most common location.
- When electricity rates are cheaper at home throughout the night, consumers are more inclined to charge their automobiles there. Among commuters, the prevalence of home electric car chargers rises.
- According to the current situation, there will be more electric car chargers in both commercial and residential locations.
- For the majority of EV drivers, there are currently not enough charging stations available. EV or electric car drivers must still plan their journeys and remain a substantial barrier for many willing consumers, despite the fact that the network of electric car charges is still insufficient.
- The expansion of the EV sector will pressure the grid. Peak power consumption on local systems may increase as a result by 15–50%, needing expensive upgrades to meet the growth in demand.
- The difficulty for EV or electric car owners to charge their vehicles overnight is a major obstacle brought on by the incompatibility of various electric car charger systems, a shortage of off-street parking, and poor trip planning.
- Charger hardware is still somewhat expensive. Electric car charging stations come in a wide range of prices; they are made for both public and commercial networks, and installation costs are included.
- Soft charges, in addition to hardware and installation fees, raise operational costs. These soft costs include things like difficult permitting processes, sluggish utility and provider communication, and high maintenance costs if not properly maintained.
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Data Sources for the Market Study on Electric Car Chargers
- HTF Market Intelligence has utilized a targeted and realistic research methodology for the electric car chargers market. Our analysts also conduct in-depth analyses of geographic regions to give clients and businesses the ability to excel in niche markets for Electric Car Chargers Market and grow in developing countries.
- The examination of the global market for electric car chargers also demonstrates how the shifting competitor dynamics are influencing the industry’s expansion. Additionally, our market researchers carefully study the goods and services provided by various companies in the electric car chargers market that are vying for market dominance and presence.
The Report’s personalization
Along with offering extensive value-added remarks, HTF Market Intelligence also provides thorough market predictions on the following subjects:
- Electric car chargers Influencing Trends
- Technological Trends and Innovations
- Growth Indicators and Restrictions for the Electric Car Chargers Market
- New Entrants into the Electric Car Chargers Market and Entry/Exit Barriers
- To Seize Significant Market Chances
- Determine Key Business Segments, Market Position, and Gap Analysis
- The electric car chargers study sheds light on the current state and essential aspects of the electric car chargers market against this challenging backdrop.
- HTF Market Intelligence analysts organized surveys of the companies in the electric car chargers sector to put an end to this. The resulting overview provides a foundation for understanding why and how the electric car chargers market is anticipated to develop.
- where the market for electric car chargers is going. Insights are derived from financial analyses, surveys, and expert interviews.
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