Surge in adoption of electric vehicles among consumers, rise in trend of vehicle electrification in the automobile industry as well as government regulations on emissions, and increased fuel efficiency are prominent factors driving the demand for smart EV chargers, unlike other electric vehicles chargers
Latest Study on "Smart EV Charger Industry Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030".
Drivers of Smart EV Charger Market
- Sale and demand for electric vehicles have been increasing across the globe for the last couple of years. Electric mobility has become a mass production market from a niche product. This is majorly due to the deterioration of climatic conditions owing to transportation pollution. For the first time in the world, in 2017, the market share of electric mobility surpassed 1% share of total automobiles. This is a major factor that is likely to boost the smart EV charger market during the forecast period.
- As per the announcements and current developments by automakers, approximately 500 EV models are estimated to be available by 2022. Several manufacturers, such as Tesla Inc. and Nissan, have introduced electric vehicles that are quieter on the roads and provide smooth and hassle-free ride. Low maintenance cost of electric vehicles has been an added advantage, which is likely to benefit consumers in the long-term.
- Government initiatives and policies are promoting the adoption of electric vehicles; there exist several policy measures in this regard, which include monetary, traffic regulations, and charging infrastructure on freeways. Monetary policies include subsidies for electric vehicle purchase and support in road tax exemption to EV owners. Such government policies have proved effective in boosting the adoption of EVs. This has resulted in higher rate of adoption of electric vehicles in Asia Pacific and North America. Front running countries, such as those involved in the electric vehicles initiative, are already making progress from their initial phases of EV policy implementation. Various emission standards enacted by governments and various organizations, such as EURO 6 in European Union, Environment Protection Agency (EPA) in North America and Bharat Stage Emission Standards in India, have led toward compliance to these standards by vehicle manufacturers in their respective countries and regions. This, in turn, is likely to propel the demand for smart EV charger across the globe.
Challenges for Smart EV Charger Market
- The price of electric vehicles, as compared to that of conventional ICE (internal combustion engine) vehicles, is significantly high and is considered as a primary restraining factor for the smart EV charger market.
- The price of an electric vehicle is majorly contributed by its batteries and replacement of the batteries, after using for certain time period of about 4 to 5 years, could be highly expensive. Batteries of electric vehicles comprise heavy metals such as Lead (Pb), which could lead to multiple health disorders among humans. Furthermore, unavailability of sustainable plan for waste management of these batteries and rising production of electric vehicles is likely to present a serious waste-management challenge for recyclers at end-of-life, which may hinder the smart EV charger market during the forecast period.
- The recent outbreak of COVID-19 pandemic hampered majority of businesses across the globe owing to the forced lockdown, which caused people to stay at home. The forced lockdown led to a decline in vehicle sales; subsequently, contracting the global smart EV charger market. However, the global smart EV charger market is expected to expand from 2021, owing to economic measures taken by governments to recover from financial losses caused by forced shutdown of business activities during the COVID-19 pandemic in 2020.
Smart EV Charger Market Segmentation
- The global smart EV charger market has been segmented based on connector type, end-use, power supply range, and region
- Based on connector type, the combined charging system (CCS) accounted for a major share of the global smart EV charger market, in terms of revenue, in 2020. The segment accounted for more than 45% share of the market in 2020. Combined charging system connectors supports both AC and DC charging, and it allows AC/DC charging through the same port, while vehicles equipped with CHAdeMO connectors have a separate port for AC charging systems. This, in turn, is likely to propel the combined charging system (CCS) segment of the global smart EV charger market during the forecast period.
- Based on end-use, the smart EV charger market has been bifurcated into residential charging unit and commercial charging station. In terms of revenue, the residential charging unit segment accounted for a major share of the global smart EV charger market in 2020. Residential charging unit offers convenience and universal compatibility of home charging stations, constant use and charging also reduce its capacity to hold power. It is recommended to have an almost full battery in order to slow down the degradation of the battery, rather than a few hour taps on a public charging station.
Smart EV Charger Market: Regional Analysis
- 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 accounts for a key share of the global smart EV charger market due to the high rate of adoption of electric mobility in countries such as China, Japan, India, and South Korea. Moreover, a rise in the demand for rapid and fast charging solutions in the region for long-distance rides is anticipated to boost the smart EV charger market in Asia Pacific during the forecast period. Asia Pacific is projected to remain a prominent region of the global market during the forecast period.
- Followed to Asia Pacific, Europe hold major share of the global smart EV charger market, in terms of revenue, in 2020. Major industries across the Europe are planning to shut engine manufacturing plants and shift toward electric vehicles, which is anticipated to enhance the use of smart EV charger across Europe
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