Electric Car Battery Charger Market

Electric Car Battery Charger Market Outlook (2022-2032)

The global electric car battery charger market is estimated to surge at a CAGR of 16% and increase rapidly from its current valuation of US$ 2.5 billion to US$ 11 billion by the end of 2032.

An electric battery charger is a device that assists in the transfer of electricity from the power grid to electric vehicles, such as battery electric vehicles and plug-in hybrid electric vehicles. Many types of electric battery chargers, including inductive, alternating current, and direct current chargers, have been created for usage in home charging, workplace charging, and public or commercial charging.

The automotive industry suffered a significant economic loss in 2020 due to the outbreak of COVID-19. The production facilities of automotive OEMs were forced to temporarily shut down all vehicle production operations due to nationwide lockdowns imposed in many countries. Despite the COVID-19 pandemic, global electric vehicle sales set a new high of 3.66 million units in 2020. Europe registered 1.4 million electric vehicles, a 137% increase over 2019. Moreover, for the first time since 2015, Europe eclipsed China in the electric vehicle market.

Increasing popularity of electric cars is a major factor expected to drive the growth of the electric car battery charger market during the forecast period.

The world is moving towards electrified transportation to reduce pollution emissions from non-renewable fossil fuel vehicles. Electric cars have arisen as the most cost-effective alternative to conventional IC engine-based cars since they are zero-emission vehicles.

Furthermore, technological advancements in the electric car and charging infrastructures, such as portable charging stations, load management with smart charging, and bi-directional charging, are some of the key factors that are likely to present growth opportunities in the electric car battery charger market.

Moreover, the development of advanced charging technologies, such as wireless charging and fast charging, is expected to contribute to the expansion of the market for electric car battery chargers. Fast chargers can charge an EV battery to 80% in under 30 minutes, while wireless chargers do not need any physical contact with the car to charge it.

Automatic electric car battery chargers are also witnessing massive demand. Automatic electric car battery chargers stop charging once the battery is fully charged and prevent the battery from overcharging.

In addition, manufacturers are focusing their efforts on the development and manufacturing of different types of car battery chargers.

These factors are anticipated to raise the sales of electric car battery chargers during the forecast period.

Report Attributes	Details
Market Size (2022)	US$ 2.5 Billion
Projected Market Value (2032)	US$ 11 Billion
Global Market Growth Rate (2022-2032)	16% CAGR
Europe Market Value (2021)	US$ 577.2 Million
Public Segment Share (2021)	60%
Key Companies Profiled	Delphi Automotive LLP Lear Corporation LG Electronics Robert Bosch GmbH Tesla Inc Schumacher Electric Corporation CTEK Holding AB Ficosa International SA Clore Automotive LLC Current Ways Inc Schneider Electric S.E IES Synergy Meta Systems S.P.A General Electric Company Baccus Global LLC

What’s Pushing the Demand for Electric Car Battery Chargers?

“Strong Government Efforts to Promote Adoption of Electric Vehicles”

Demand for electric car battery chargers is predicted to expand rapidly in the next ten years as a result of many factors, such as growing preference for zero-emission vehicles, increased worldwide sales of electric vehicles, and expanding government programs to encourage the adoption of electric vehicles.

The governments of numerous developing and developed countries, including India, Canada, and Japan, are providing consumer subsidies to promote the use of electric vehicles.

• The Canadian government offers a subsidy of approximately US$3,700 for the purchase of electric vehicles in Canada. Furthermore, the Japanese government offers a subsidy of roughly US$3,700 for purchasing a battery electric vehicle (BEV) and a subsidy of approximately US$1,800 for purchasing a plug-in hybrid electric vehicle (PHEV).

“Decreasing Costs of Batteries”

Battery costs are decreasing dramatically as a result of significant investments in research and development and technological breakthroughs.

• The cost of EV batteries has dropped from $1,100 per kWh in 2011 to $137 per kWh in 2020.

Thus, traveling in electric cars is likely to become more cost-effective in the near future, propelling the adoption of electric cars and, as a result, the demand for electric car battery chargers.

“Start-ups to Offer Technologically Advanced EV Battery Solutions”

Global warming is one of the most serious issues confronting the planet, and countries around the world are working to find solutions. Governments, companies, and startups are playing a significant part in addressing this issue.

Since vehicular pollution is one of the key causes of global warming, clean mobility will be critical in addressing the problem. Many startups, like Aviloo, Factorial Energy, BeePlanet Factory, Batron Enerji, and Esmito, are offering technologically advanced EV battery solutions.

• Esmito, an Indian start-up, manufactures lithium-ion batteries for electric two- and four-wheelers. Their batteries come in 48 V, 60 V, and 72 V versions. The batteries include internet of things (IoT)-enabled technologies that allow them to remotely check the health and safety aspects of their battery packs. Their solutions address the issues of long EV charging periods, range anxiety, and queues at charging stations.

What Can Limit the Demand for Electric Car Battery Chargers?

“Market Stumbling Due to High Cost of Electric Cars”

The cost of purchasing an electric car is high. Electric cars are new to the market, and the initial expenses are considerable, making it difficult for low and middle-income consumers to embrace them. This also makes it difficult to sell electric car battery chargers in the residential sector.

“Lack of Charging Infrastructure in Developing Countries”

The lack of charging infrastructure in developing and underdeveloped countries is a significant factor projected to limit the demand for electric car battery chargers. Moreover, these countries' limited financial resources prevent them from investing in the construction of EV charging infrastructure.

Furthermore, the lack of electrification in rural areas may restrict the use of electric cars.

Country-wise Insights

Why is Germany at the Forefront of the European Market for Electric Car Battery Chargers?

The European market garnered US$ 577.2 million in 2021. Favorable government policies, stringent emission rules, growing vehicle electrification, and the availability of essential charging infrastructure are crucial factors pushing the adoption of electric cars in Europe.

Germany is at the forefront of the European market. The booming automotive industry and increasing investments by OEMs for the development of electric car battery chargers are anticipated to boost the market growth in Germany.

Why are South Korea and Japan Strong Pillars Behind Market Growth in Asia Pacific?

Demand for electric cars in Asia Pacific is projected to surge during the forecast period. This is due to the expanding government initiatives, increasing disposable income, and rising environmental consciousness among consumers. The rising demand for electric cars will increase the need for electric car battery chargers.

Furthermore, the presence of numerous top manufacturers in the region is expected to assist the sales growth of electric car battery chargers.

South Korea and Japan are strong pillars behind market growth in Asia Pacific. South Korea and Japan intend to expand the number of charging stations to encourage the adoption of electric cars in their respective countries.

How is Tesla Supporting Market Growth in the United States?

The sales of electric car battery chargers in the United States are expected to grow during the forecast period. Companies such as Tesla are supporting market growth in the United States.

Tesla has launched cost-effective, innovative battery electric vehicles such as the Tesla Model X. Moreover, Tesla has created a charging infrastructure network in the United States, which has increased the adoption of electric cars, thereby propelling the sales of electric car battery chargers.

Category-wise Insights

Why Do Battery Electric Vehicles Outsell Plug-in Hybrid Electric Vehicles?

The demand for battery electric vehicles is anticipated to rise during the forecast period. Battery electric vehicles and plug-in hybrid electric vehicles both contain an electric motor that is recharged using an external outlet; nevertheless, the key operating distinction is that battery electric vehicles are powered by electricity. Plug-in hybrid electric vehicles have a fuel tank to support their battery-powered motors.

Since plug-in hybrid electric vehicles have an IC Engine to power them, there is less space for batteries, and as a result, the vehicle's travel range and speed are less compared to a battery electric vehicle.

Battery electric vehicle offers a greater travel range combined with high endurance energy storage. Moreover, battery electric vehicles are preferred over plug-in hybrid electric vehicles due to the expanding charging infrastructure and government backing. This drives consumers' purchase preference towards the battery electric vehicle over the plug-in hybrid electric vehicle.

Why are Electric Car Battery Chargers More Commonly Found in Public Places?

Based on application, the electric vehicle battery charger market is divided into home, public, and workplace.

Public charging accounted for 60% of the global market in 2021. This is due to the growing number of charging outlets in public places.

Electric car battery chargers are also employed in homes. The majority of consumers charge their electric cars at night and utilize them during the day for varied purposes.

Competitive Landscape

The global electric car battery charger market is highly fragmented due to the presence of several major market competitors. To enhance their position and grow their market share, these market players are continually engaged in numerous development tactics such as new product launches and collaborations.

• Bel Power Solutions released the BCL25-700-8 in January 2021, a bi-directional onboard battery charger that can connect up to four charging units in parallel and has an efficiency of over 94%. According to Bel Power, this charger can be connected to a charging station or straight to the grid to charge EV batteries.
• Brusa Elektronik improved their first-generation wireless charging in January 2021, allowing electric car drivers to charge the traction batteries of vehicles ranging in capacity from 3.7 to 11 kW.

Key Segments of Electric Car Battery Charger Industry Research

• By Vehicle Type:

  • Battery Electric Vehicles
  • Plug-In Hybrid Electric Vehicles
  • Hybrid Electric Vehicles

• By Charging Type:

  • Automatic
  • Manual

• By Charger Type:

  • Float Chargers
  • Smart Chargers
  • Trickle Chargers

• By Battery Capacity:

  • Up to 12V
  • 12V-48V
  • Above 48V

• By Application:

  • Home
  • Public
  • Workplace

• By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA