Electric Vehicle Battery Charger Market : Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2030

 

Electric Vehicle Battery Charger: Introduction

  • Electric vehicle battery charger is a device that transfers electricity from the electric grid and distributes electricity to charge electric vehicles such as battery electric vehicles and plug-in hybrid electric vehicles.
  • Numerous types of vehicle battery chargers have been developed and manufactured by the electric vehicles battery charger industry to convert AC to DC and to control battery charging. These are classified, based on the level of charging, as level 1, level 2, and level 3.

Key Drivers of Global Electric Vehicle Battery Charger Market:

  • Rise in demand for electric vehicles and mass adoption of electric vehicles from consumers is likely to drive the electric vehicle battery chargers market across the globe
  • Development of advanced version of portable battery charger and automatic electric battery charger is key factor boosting the demand for electric vehicles. Several key players are investing significantly to develop and manufacture this advanced technology, which is likely to propel the demand for electric vehicles battery charger market across the globe.
  • Advancements in the charging process automatic electric battery chargers, wherein the charging process stops once the battery is fully charged, are likely to protect the battery for overheating due to excess charging. This is a key factor that is estimated to propel the electric vehicle battery charger market across the globe during the forecast period.
  • Increase in demand for electric vehicles, strategic initiatives by several key players, and government initiatives to increase the sale of electric vehicles are major factors that are expected to boost the electric vehicle battery charger market across the globe
  • Prices of electric vehicle battery and power electric devices are decreasing consistently. This rapid decline is mostly due to expansion of the manufacturing industry to develop products worldwide, which is likely to drive the electric vehicle battery charger market across the globe.

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Challenges of Global Electric Vehicle Battery Charger Market:

  • Higher price of electric cars, higher investment to develop charging stations, and lack of awareness regarding electric vehicles are key factors that hamper the electric vehicle battery charger market across the globe
  • Several governments have enacted stringent norms and regulations on the development and manufacture of electric vehicles restrain the global electric vehicle battery market

Electric Vehicle Battery Charger Market to Offer Significant Opportunity:

  • Increase in investment by key OEMs to develop electric vehicle battery charger and government initiatives to develop and manufacture of electric vehicles offer significant opportunity for the electric vehicle battery charger market across the globe
  • Development of high power batteries and evolution of fast charging technologies are likely to drive the electric vehicle battery charger market.

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 Asia Pacific to Hold Significant Share of Global Electric Vehicle Battery Charger Market:

  • The automotive industry in Asia Pacific is expanding at a significant pace. Demand for electric vehicles is increasing in the region. Asia Pacific is likely to hold a prominent share of the global electric vehicle battery charger market during the forecast period due to government initiatives, stringent government policies, and affordable prices of electric vehicles in the region. The presence of China, which is the largest market for electric vehicles, further boosts the market in Asia Pacific.

Key Players Operating in Electric Vehicle Battery Charger Market

The global electric vehicle battery charger market is highly fragmented with top manufacturers across the globe. A few of the key players operating in the global electric vehicle battery charger market are:

  • Delphi Automotive LLP
  • Robert Bosch GmbH
  • Tesla Inc.
  • Ficosa International SA
  • Clore Automotive LLC
  • Current Ways Inc.
  • IES Synergy
  • Lear Corporation
  • Baccus Global LLC
  • CTEK Holding AB
  • Meta Systems S.P.A
  • LG Electronics
  • Schumacher Electric Corporation
  • Schneider Electric S.E.
  • General Electric Company

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This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

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