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The global car charger market is set to reach US$ 42.15 BN by 2032, at a 7.60% CAGR between years 2023-2032. In the recent past, there has been a fast growth and changing market trends in the car charger industry. The establishment of this market has been largely driven by the rising adoption of electric vehicles (EVs) greatly.
As we move away from less sustainable transportation systems to the more environmentally sound ones, the need for efficient and also reliable car chargers has increased. Various elements determine the market dynamics, particularly technological developments and government policies. The application of the technology innovations did significantly influence the market structure.
One of the main issues related to the electric vehicles is solved with fast-charging technologies. Consumers find car chargers that recharge the battery of EV can replenish quickly meaning total convenience in which case the electric mobility is embraced. Wireless charging technology is another very important trend that continues to increase its presence in the car charger market, allowing users a convenient and comfortable way of charging.
Initiatives and policies that the government has taken to support electric mobility greatly determine how car chargers operate in this market. Countries are using various incentives, subsidies and infrastructure development programs to create electric vehicles in their respective countries. This, in its turn, has promoted the car charger market. Various governments across the world have invested in building a strong charging facility to adress range anxiety associated with the consumers and encourage EV mass adoption.
Being a growing market, the car charger industry has both many established players and new entrants competing for their place in this lucrative sector. Established companies benefit from their existing experience and resources to provide a diverse product line, which will work with several different types of electric vehicle models. Alternatively, the innovative startups concentrate on narrow market segments or introduce distinctive elements to attract consumer groups.
The consumer preferences and behavior are also very important in defining the market dynamics. With the increase in electric vehicle ownership, consumers are looking at what type of chargers they use very closely. Factors like the time to charge, compatibility and usability determine their purchase behavior. Moreover, consumers are starting to require comprehensive solutions with integrated smart functions where they can track and control the recharging process remotely via mobile applications.
The fact that the automotive car charger market is a global has resulted in many collaborations and partnerships among industry players to improve their presence in this field. Businesses continue to establish collaborative partnerships to capitalize on each other’s strengths and the witnessed growth of car charger demand. In this regard, cooperation between automakers and the charging infrastructure providers is increasing for the purpose of implementing combined solutions that can guarantee ease-of-use to the electric vehicle users.
Environmental issues and sustainability have proven to be the core elements of the car charger market dynamics. With consumers who are not only in search of convenient charging alternatives but also those that meet their ecological ideals. Therefore, the producers are paying alot more attention to the design of green and energy efficient chargers that can also drive the market trends.
Car Charger Market Highlights:
Global Car Charger Market Overview
Car Charger Market Size was valued at USD 21.8 Billion in 2022. The Global Car Charger market industry is projected to grow from USD 23.46 Billion in 2023 to USD 42.15 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.60% during the forecast period (2023 - 2032). A number of factors, including the introduction of strict government rules aimed at reducing environmental pollution and the growing popularity of electric vehicles are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Car Charger Electrical Car Charging Market Trends
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Increasing global sales of electric automobiles is driving the market growth
Market CAGR for car charger is being driven by the increasing global sales of electric automobiles. An electric car charger is a gadget that provides the electricity needed to replenish the vehicle's electric battery. It is an essential component of the infrastructure needed to charge electric cars, allowing them to be charged at home, at the office, or in public spaces like parking lots or charging stations. Electric vehicles (EVs) that have a battery and an electrical source that aids in battery charging can be charged using an EV charger.
Additionally, the market for car batteries is anticipated to grow rapidly in the upcoming years due to a number of factors, including the global surge in sales of electric vehicles, the growing demand for zero-emission vehicles, and the expansion of government programs aimed at encouraging the use of electric vehicles. To encourage the use of electric vehicles, the governments of some industrialized and developing countries, including Canada, Japan, and India, provide consumer subsidies. Some of the key elements that are anticipated to support the expansion of the EV charger market globally are technological advancements in electric vehicle and charging infrastructure, such as ultra-fast chargers, portable charging stations, load management with smart charging, automated payment systems for charging, and bi-directional charging.
For instance, the Canadian government offers a $3,700 US dollar incentive to Canadians who purchase electric vehicles. Additionally, the Japanese government provides a subsidy of approximately US$1,800 for PHEV purchases and US$3,700 for BEV purchases. Thus, result in driving the Car Charger market revenue.
Car Charger Market Segment Insights:
Car Charger Charging Type Insights
The Car Charger Market segmentation, based on Charging Type includes Manual Charging, and Automatic Charging. The automatic charging segment dominated the market. When the battery is fully charged, automatic battery chargers will cease charging and transition to a Maintain Mode, also known as Float-Mode. Battery life and safety are less affected by automatic charges than by manual ones. However, they shouldn't be used as maintenance chargers or left connected all the time.
Figure1: Car Charger Market, by Charging Type, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Car Charger Charger Type Insights
The Car Charger Market segmentation, based on Charger Type, includes Smart/Intelligent Charger, Float Charger, and Trickle Charger. The trickle charger category generated the most income. Only enough current is supplied by a trickle charger to prevent a battery from self-discharging after extended periods of inactivity. Certain battery types are intolerant of trickle charging, and attempting to do so could be harmful.
Car Charger Portability Insights
The Car Charger Market segmentation, based on Portability includes Plug-In Charger, and Portable Charger. The plug-in charger segment dominated the market. If you have a spot where you can plug in a home charging station, the benefit is that you can charge up to three times faster than with a portable charger. Two components are often found in home charging stations: a plug and a wall holder. A tiny box called a wall mount is fastened to the wall.
Car Charger Battery Capacity Insights
The Car Charger Market segmentation, based on Battery Capacity, includes Up to 12V, 12V-48V, and Above 48V. The above 48V category generated the most income. The alternative higher voltage, above 48V, was chosen by the industry. For greater energy density by weight and volume, this above 48V battery uses lithium chemistry as opposed to the conventional 12V battery's lead-acid chemistry.
Car Charger Product Type Insights
The Car Charger Market segmentation, based on Product Type includes Car Battery Charger, and Electric Car Battery Charger. The electric car battery charger segment dominated the market. The global EV market is expected to grow rapidly in both developed and emerging nations. Air pollution has increased as a result of the greater reliance on biofuels. As a result, the prevalence of many respiratory and other illnesses is rising among people worldwide.
Car Charger Application Insights
The Car Charger Market segmentation, based on Application, includes Garage, and Personal Use. The garage category generated the most income. Personal charging facilities are quite expensive for most people so they tend to use the garages to charge their car batteries as they are more affordable and are quite easily available.
Car Charger Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Car Charger market area will dominate this market. The increasing incentives for setting up charging stations in homes and workplaces, as well as the expanding government push to lower consumer barriers to EVs and charging station installations are what are propelling the growth of this region. However, the market's expansion is constrained by the grid's inability to handle EV charging stations.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: CAR CHARGER MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Car Charger market has the second-largest portion of the market due to the growing government initiatives to construct infrastructure for electric vehicle charging. Further, the German Car Charger market had the biggest market share, and the UK Car Charger market was the European market with the quickest rate of growth.
The Asia-Pacific Car Charger Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is due to government programs to encourage EV adoption and the construction of related infrastructure. Moreover, China’s Car Charger market had the biggest market share, and the Indian Car Charger market was the Asia-Pacific region's fastest-growing market.
Car Charger Key Market Players& Competitive Insights
Leading market players are making significant investments in R&D to improve their product portfolios, which will fuel further growth in the car charger market. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Car Charger industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Electrical Car Charging industry to help customers and expand the market segment. In recent years, the Electrical Car Charging industry has provided the automotive sector with some of the biggest benefits. Major players in the Car Charger market, including CTEK Holding AB, Delphi Automotive, Schumacher Electric Corporation, Clore Automotive LLC, Baccus Global LLC, Robert Bosch GmbH, Current Ways Inc., and others, are engaging in research and development activities in an effort to boost market demand.
Robert Bosch LLC is a well-known international engineering and technology corporation. With a rich history spanning more than a century, it was founded in 1886. Automotive, industrial, consumer goods, energy and building technologies are just a few of the industries in which Bosch is a global leader in supplying cutting-edge solutions. Power tools, smart home solutions, industrial automation technology, and automotive components are all part of its vast offering. Focusing on cutting-edge innovation, Bosch is a major global force behind technological breakthroughs. In 2019, Bosch revealed intentions to invest billions on electric vehicle (EV) and battery technologies, among other major expenditures in electric transportation. Although the announcement's precise date is unknown, this action demonstrated their dedication to environmentally friendly transportation.
AeroVironment, Inc. is a defense contractor based in the United States that creates and produces unmanned aerial vehicles (UAVs). The company was started in 1971 by human-powered aircraft designer Paul B. MacCready Jr. The company's lightweight human- and solar-powered vehicles are its most well-known products. Leading provider of tiny drones to the US military, the business is known for its Raven, Switchblade, Wasp, and Puma variants. For US$405 million in January 2021, the business purchased Arcturus UAV, the company that makes the Arcturus T-20 UAV.
Key Companies in the Car Charger market include
- CTEK Holding AB
- Delphi Automotive
- Schumacher Electric Corporation
- Clore Automotive LLC
- Baccus Global LLC
- Robert Bosch GmbH
- Current Ways Inc
- AeroVironment, Inc.
- IES Synergy and Chargemaster Plc.
Car Charger Industry Developments
April 2023: Bosch Research and the Chair of High-Performance Converter Systems (HLU) at the Technical University of Munich, under the direction of Prof. Heldwein, are developing cutting-edge "Charger-Converter" systems for electric cars. By concentrating on innovative modulation methods and alternate converter topologies, their collaboration seeks to increase power density and efficiency.
February 2020: Kirana Charzer invented an electric car charger that can be deployed in small stores and commercial spaces in order to expedite the establishment of the area's network for charging electric vehicles.
June 2022: Schneider Electric, a digital automation and energy management firm with headquarters in France, purchased EV Connect, Inc. Through the acquisition of EV Connect by Schneider Electric, the business will be able to grow more quickly with the current management group.
Car Charger Market Segmentation
Car Charger Charging Type Outlook
- Manual Charging
- Automatic Charging
Car Charger Charger Type Outlook
- Smart/Intelligent Charger
- Float Charger
- Trickle Charger
Car Charger Portability Outlook
- Plug-In Charger
- Portable Charger
Car Charger Battery Capacity Outlook
- Up to 12V
- 12V-48V
- Above 48V
Car Charger Product Type Outlook
- Car Battery Charger
- Electric Car Battery Charger
Car Charger Application Outlook
- Garage
- Personal Use
Car Charger Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
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Middle East
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Africa
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Latin America
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