WiseGuyReports.com adds “Electric Vehicle Charger Global Market 2016 to 2020” to its research database.
This global market research report provides a comprehensive analysis of the electric vehicle charger market by end-user (commercial and residential) and by type (AC, DC, wireless). It outlines the market shares for key regions such as the Americas, APAC, and Europe. The prominent vendors analyzed in this report are ABB, Leviton, Plugin Now, Evatran (Plugless), and Siemens.
Market overview of electric vehicle chargers
Technavio’s market research analyst predicts the global electric vehicle charger market to grow at a CAGR of more than 29% during the forecast period. The incentives and subsidies provided by governments and regulatory bodies worldwide have been driving the growth of this market. Governments of many countries have extended financial incentives to electric vehicle buyers depending on the size of the batteries. For instance, the Sustainable Energy Authority of Ireland (SEAI) provides grants of up to €5,000 ($5,510.5) and exemption from vehicle registration tax to electric vehicle buyers. Attractive incentives for electric vehicle chargers and purchase of electric vehicles are also expected to boost the sales of electric vehicles and attract OEMs and private organizations to invest in the development of electric vehicle charging infrastructure.
Emerging trends such as wireless charging are expected to aid the market growth in the coming years. Wireless technology has become the main focus area for the electric vehicle and PHEV manufacturers because of its convenience. It also helps manufacturers differentiate their products. Wireless charging also facilitates charging on the go, which is expected to increase the sale of electric vehicles. For instance, in Gumi, South Korea, electric buses are charged through in-road wireless chargers.
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End-user segmentation and analysis of the electric vehicle charger market
The residential segment accounted for the major share of the market during 2015 and is expected to retain its market leadership until the end of 2020. Market players that cater to this segment follow economies of scale approach. Although these chargers are largely dominant by AC technology, a gradual adoption of advanced DC and wireless technology in this segment is expected to occur during the forecast period.
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Geographical segmentation and analysis of the electric vehicle charger market
During 2015, the Americas dominated the market, accounting for more than 43% of the market share. The market in the Americas is mainly driven by federal efforts to reduce the dependence on oil and related products. These commitments, subsidies, and incentives provided by governments are expected electric vehicle charging infrastructure is expanding at a fast pace with investments from both the automotive industry and governments. North America is the market leader in this region.
Competitive landscape and key vendors
The market is fragmented with the presence of many international and regional players. The competitive environment in this market is expected to intensify further with the growing demand for electric vehicles in the coming years. New charging technologies like solar and wireless are anticipated to play a critical role in defining the competitive scenario of this market during the forecast period.
The key vendors in the market are -
- Plugin Now
- Evatran (Plugless)
Other prominent vendors in the market include AddÉnergie, AeroVironment, Delphi Automotive, and POD Point.
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