Global Electric Car Battery Charger Market Is Expected to Expand Rapidly at a CAGR of 16% by 2032

Rockville, United States, 2023-Jun-21 — /EPR Network/ —

By the end of 2032, the global market for electric car battery chargers is anticipated to grow quickly from its current value of US$ 2.5 billion to US$ 11 billion at a CAGR of 16%.

In order to transfer electricity from the power grid to electric vehicles, such as battery electric vehicles and plug-in hybrid electric vehicles, a device known as an electric battery charger is used. For use in home charging, office charging, public or commercial charging, a variety of electric battery chargers, including inductive, alternating current, and direct current chargers, have been developed.

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Key Market Trends:

• The demand for fast charging technology is increasing, driven by the need for faster charging times and convenience for consumers. Manufacturers are investing in research and development to improve the speed and efficiency of electric car battery chargers, with some models offering charging times as low as 15-30 minutes.
• The development of wireless charging technology is gaining momentum, offering consumers the convenience of charging without cables. Wireless charging uses electromagnetic fields to transfer energy between the charging pad and the vehicle’s battery, eliminating the need for physical cables.
• Besides this, wall-mounted chargers and charging stations are becoming more popular, with some manufacturers offering easy installation and user-friendly interfaces.
• Many consumers are interested in integrating renewable energy sources such as solar or wind power with their electric car battery chargers. Some manufacturers are offering integrated solar charging solutions that allow consumers to charge their electric vehicles using solar energy generated from panels in their homes or garages.
• Mobile charging solutions are gaining traction, offering consumers the ability to charge their electric vehicles while on the go. These solutions can include portable chargers that can be carried in the trunk of a vehicle, or mobile charging vans that can travel to remote locations to provide charging services.
• Moreover, the development of universal charging standards is gaining momentum, making it easier for consumers to charge their electric vehicles at any charging station. This trend is driven by the need for interoperability between different charging systems, ensuring that all-electric vehicles can be charged regardless of the charging station brand.

Competitive Landscape:

The global electric car battery charger market is highly fragmented due to the presence of several major market competitors. To enhance their position and grow their market share, these market players are continually engaged in numerous development tactics such as new product launches and collaborations.

• Bel Power Solutions released the BCL25-700-8 in January 2021, a bi-directional onboard battery charger that can connect up to four charging units in parallel and has an efficiency of over 94%. According to Bel Power, this charger can be connected to a charging station or straight to the grid to charge EV batteries.
• Brusa Elektronik improved their first-generation wireless charging in January 2021, allowing electric car drivers to charge the traction batteries of vehicles ranging in capacity from 3.7 to 11 kW.

Drivers:

• Government policies and regulations have a significant impact on the electric car battery charger market. Governments across the globe are implementing policies and regulations to promote the use of electric vehicles (EVs) to reduce greenhouse gas emissions and improve air quality.
• As the adoption of electric vehicles continues to grow, the demand for electric car battery chargers also increases. According to the International Energy Agency, the number of electric cars on the road reached 10 million in 2020, and this number is expected to grow to 145 million by 2030.
• Growing environmental concerns are driving the shift towards electric vehicles, which in turn is increasing the demand for electric car battery chargers. Fossil fuels contribute significantly to greenhouse gas emissions, which are a major cause of climate change. The use of electric vehicles powered by renewable energy sources such as solar or wind power can significantly reduce these emissions.
• Technological advancements in electric car battery chargers are making them more efficient, faster, and convenient. For example, the latest fast chargers can charge an electric car in as little as 30 minutes, making them a viable option for long-distance travel. Wireless charging technology is also being developed, which could eliminate the need for cables and make charging even more convenient.

Key Segments of Electric Car Battery Charger Industry Research:

·         By Vehicle Type:

• Battery Electric Vehicles
• Plug-In Hybrid Electric Vehicles
• Hybrid Electric Vehicles

·         By Charging Type:

• Automatic
• Manual

·         By Charger Type:

• Float Chargers
• Smart Chargers
• Trickle Chargers

·         By Battery Capacity:

• Up to 12V
• 12V-48V
• Above 48V

·         By Application:

• Home
• Public
• Workplace

·         By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

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