Technavio analysts forecast the global electric vehicle charger market to post a CAGR of over 34% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Technavio has released a new market research report on the global electric vehicle charger market for the period 2018-2022.
OEMs focusing on connected EVs is one of the major trends being witnessed in the
global electric vehicle charger market 2018-2022. The adoption rate of EVs by end-users is mainly restricted owing to range anxiety. Several OEMs have started developing a connectivity module, which will be a standard unit in EVs to alleviate the problem shortly. This report is available at a $1,000 discount for a limited time only: View market snapshot before purchasing
According to Technavio analysts, one of the key factors contributing to the growth of the global electric vehicle charger market is the increasing sales of electric vehicles:
Global electric vehicle charger market: Increasing sales of electric vehicles
The growing demand for vehicles by daily commuters or long-distance travelers is contributing towards the rising vehicle production across different regions. For example, in countries such as India and China, the number of vehicles is estimated to be more than 50 million and is continually increasing at a significant rate, which could have a detrimental impact on the environment due to the constant increase in automotive exhaust emissions. Thus, the government worldwide are enforcing regulations for both automotive manufacturers and consumers to control the rate of exhaust emissions.
According to a senior analyst at Technavio for research on automotive components,
“Electric vehicles are being developed at a rapid pace as the governments worldwide are pushing the adoption of these vehicles among consumers by implementing initiatives aimed at generating awareness and offering incentives. When compared to mid-size and full-size ICE vehicles, mid-size EVs and full-size EV have reduced CO2 emissions by 51% and 53%, respectively. The push for electrification in ICE segment is allowing the ICE passenger cars to reduce the emissions while increasing effectiveness.” Global electric vehicle charger market: Segmentation analysis
The global electric vehicle charger market research report provides market segmentation by type (AC charger, inductive wireless charger, and DC fast charger) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC led the market in 2017 with a market share of nearly 43%. This region is expected to dominate the market through 2022, with nearly 9% increase in its market share.
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