EV charger: Key market research findings
- Focus on reducing charging time
- Wireless charging to become a key charging technology in future
Technavio has released a new market research report on the global EV charger market, which is expected to produce 20.42 million units by 2020. Several regulatory bodies across the globe are focusing on increasing the number of electric vehicles on the road as it helps in reducing the dependency on oil and internal combustion engines (ICEs). This rise in electric vehicles (EVs), has surged the demand for electric chargers. The Americas lead the global market for EV chargers, accounting for 43% of the total market share. Much of this region’s growth comes from the rising investments from private and public organizations in electric vehicle charging technologies, owing to incentives provided by the government.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The manufacturers have come up with hybrid electric vehicles (HEVs) and PHEVs and are developing higher energy density batteries, which can store more energy in the same space. Vendors are focusing on developing charging infrastructure, and reducing charging time and cost. Also, the use of solar energy to charge electric vehicles is expected to gain traction among private and government organizations, owing to its cost-effectiveness,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research
Wireless technology has gained prominence among electric vehicle and PHEV manufacturers because of its convenience. Vendors are trying to develop wireless charging banks, through which multiple vehicles can be charged wirelessly when parked close to a charging bank. This system helps in eliminating the use of cables and allows simultaneous charging of multiple vehicles. Electric vehicle manufacturers are also focusing on the concept in which these vehicles could be charged while they are moving. For instance, in Gumi, South Korea, electric buses are charged through in-road wireless chargers.
The key players in the global EV charger market include ABB, Leviton, Plugin Now, Evatron/Plugless, and Siemens. The market is fragmented with the presence of many international and regional players. Competition in this market is expected to intensify during the forecast period with the growing demand for electric vehicles in the future. Though a niche market, it is estimated to grow rapidly in the coming years.
A more detailed analysis is available in the Technavio report, Global EV Charger Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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