The global car chargers market is projected to account for around 55 million units by 2024 and is expected to grow at the CAGR of 28% over the forecast period. Stringent emission control norms, repeated replacement of air filters in case of IC based engines, and decreased maintenance & operational cost as compared to conventional IC engine based vehicles are some of the factors that are expected to drive the car charger industry.
The market is segmented by the charging into Alternating Current (AC), Direct Current (DC), Plug-in Charging, Wireless, and Battery Swapping charging.
The AC segment dominated the industry with approximately 85% market share in 2015, and this trend is expected to continue over the forecast period on account of the growing electric vehicle market. The AC segment is projected to grow at a CAGR of 28% from 2016 to 2024.
Some of the factors that contribute to the demand for the AC car charger segment are its growing acceptance in the electric passenger car market. The electric vehicles segment accounted for 80% sales of AC car chargers, in 2015. The anticipated high demand of AC type charging is projected to result in new installations of AC charging infrastructures at homes, parks, parking areas, and commercial complexes.
DC charging offers a fast charging alternative which would completely charge the car within 20 minutes. The DC car charging segment is expected to grow at a high rate owing to its fast charging capability as compared to AC chargers, which takes comparatively longer to charge. Increasing research and development activities in the DC car charging is projected to have a positive impact on the growth of this segment over the forecast period.
Wireless chargers account for a subtle market share in the industry. However, wireless chargers are projected to grow at a high CAGR in developed countries of North America and Europe. Advantages such as reduction in loss of transmission, light-weight, hassle-free features, and compatible charging while driving is expected to drive the demand for wireless charging over the forecast period.
Japan is one of the leading markets for car chargers on account of the number of refueling stations followed by the Netherlands, the UK, and Norway. Germany and France are one of the leading players in e-mobility, but underdeveloped refueling and charging stations in these countries are restraining the market growth.
Global electric vehicle production was approximately 3.5 million units and is projected to grow to around 9 million units by 2024. The increase in production of electric vehicles would boost the demand for electric car chargers.
Lack of standard products from manufacturers and producers is expected to hinder the vehicle chargers market growth during the forecast period. Research & development activities have resulted in a range of standardized products that help reduce the cost associated with acquiring resources.
Manufacturers of electric and hybrid cars such as Toyota and Nissan are leading in the market in consumption of electric car chargers.
A New York-based wireless charging solutions company, Hybrid Electric Vehicle Optimization Power (HEVO Power) collaborated with New York University to roll out a pilot project of “Charging Manholes” wherein the cars can be charged at a parking place. The Chargers are embedded into the pavement, city streets, garages and highways to provide efficient and reliable charging while the car parked at a parking lot.
The Department of Energy’s Oak Ridge National Laboratory (ORNL), Tennessee in partnership with Cisco Systems, Toyota, Clemson University, and Evatran developed a 20kw charging system which is the world’s highest power wireless system.
The car chargers market was dominated by Europe and was followed by North America in 2015. The Asia Pacific region is projected to grow at a fast rate on account of supportive governmental activities, especially in China, to make transportation clean and reduce emission levels. The Government of Hong Kong allocated USD 180 million for franchised bus companies to purchase 36 single deck electric buses. It also waived off first registration tax on electric vehicles till the end of March 2017 and allowed 100% profits tax deduction in the first year of procurement. Increasing government spending in car charger infrastructural activities and supportive norms prescribed by the government are some factors that are projected to drive the market demand in Asia Pacific during the forecast period.
The key players in the car chargers market are ABB Group, Leviton Manufacturing Co., Evatran Group, Siemens AG, Bosch Group, Energizer Holdings Inc., LG Electronics Inc., Intel Corporation, Qualcomm Inc., General Electric Company, Schneider Electric SE, Aerovironment Inc., Sony Corporation
Others are Amazon.com Inc., Anker International PLC, Conductix-Wampfler GmbH, The Procter & Gamble Company, HLC Electronics, MC Power Technology, Samsung Electronics Company Limited, Rexpower Industrial Development, Daimler AG, Denso Corporation, and Alliance for Wireless Power (A4WP).
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