Smart EV Charger Market: Introduction
According to the report, the global smart EV charger market is projected to reach US$ 38.4 Bn by 2031, expanding at a CAGR of 32.42% during the forecast period. Smart EV chargers offer numerous benefits such as maximize the consumption of own-generated green energy, charges when the grid electricity is clean, offers low charging cost, faster charging, restricts the risks of overshooting the fuse, and avoids expensive fixed grid infrastructure costs. This is projected to propel the smart EV charger market during the forecast period.
Expansion of Smart EV Charger Market
Increase in investment by key OEMs in the development of smart EV charger and government initiatives to invest in the development and manufacture of electric vehicles offer significant opportunity for the market. Market for electric vehicles is expanding at a significant pace and investment at the early stage is significantly high for buses, as governments in most regions are investing a large amount in major cities in order to tackle carbon emission by two ways‒by boosting public transport and electrification. The demand for electric hatchbacks and crossovers is increasing in most developing and developed economies, except for those in North America. Recently, leading manufacturers, such as Volkswagen AG, have announced the launch of the electric version of their current hatchback models.
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China is a leading manufacturer of electric vehicles across the globe. It is likely to boost the production of electric vehicles during the forecast period. Therefore, China is anticipated to be a key country for the investment of smart EV charger manufacturing. Most countries in Europe have announced a ban on conventional ICE vehicles to come into effect by 2030. Therefore, production of new energy vehicles including electric vehicles in the region is likely to increase significantly in the near future.
Development of high power batteries and evolution of fast charging technologies are likely to drive the smart EV charger market. Several key players and manufacturers are focused on the development of EV charger and power electric devices, which, in turn, is estimated to drive the smart EV charger market across the globe.
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Smart EV Charger Market Dynamics
In terms of connector type, the CHAdeMO segment accounted for a notable share of the global smart EV charger market. However, the combined charging system (CCS) segment is expected to gain market share by the end of the forecast period, owing to an increase in the demand for electric vehicles among consumers across the globe. The combined charging system (CCS) provides both AC and DC supply and offers a feasible solution for the charging station provider, which, in turn, is likely to enhance the use of combined charging system connectors across the globe. This, in turn, is estimated to propel the combined charging system (CCS) segment during the forecast period.
In terms of power supply range, the 22 to 60 kW segment dominated the global smart EV charger market, in terms of revenue, in 2020. Rise in number of public charging stations across the globe, owing to an increase in government support is likely to boost the 22 to 60 KW power supply range connectors segment. The 3 to 22 KW power supply range chargers have significant use for residential purposes and the > 60 KW segment held a major share of the global market, in terms of revenue, in 2020.
Higher investment for the development of smart EV charger, lack of awareness regarding electric vehicles, absence of standardization of EV charging, and rise in the demand for luxury and feature enabled vehicles are key factors that restrain the smart EV charger market across the globe.
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Regional Analysis of Smart EV Charger Market
Based on region, the global smart EV charger market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global smart EV charger market. Asia Pacific has major presence of developed countries that are home to advanced research and development facilities for smart EV charger, which in turn is likely to enhance the use of smart EV charger across the region. The rise in demand for electric vehicles across the region is likely to increase the demand for charging stations and consequently, propel the demand for smart EV charger across the region. China held a major share of the market, in terms of revenue, in 2020. Major presence of electric vehicle manufacturers and major ongoing charging infrastructure development across China are also key factors boosting the demand for smart EV charger across the region.
Smart EV Charger Market Players
Prominent players operating in the global smart EV charger market include ABB, Juuce Limited., Alfen N.V., Bosch Automotive Service Solutions Inc., Efacec, Enervalis, OVO Energy Ltd., Schneider Electric., TESLA, and Wallbox Chargers, S.L.
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