Jun 16, 2017   SOURCE: BusinessWire

Global EV Charging Adapter Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global EV charging adapter market to grow at a CAGR of more than 50% during the forecast period, according to their latest report.

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Technavio has published a new report on the global EV charging adapter market from 2017-2021. (Graph ...

Technavio has published a new report on the global EV charging adapter market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global EV charging adapter market for 2017-2021. The market is segmented on type (AC level 1 charger, AC level 2 charger, and DC fast charger) and geography (APAC, North America, and the Europe).

Plug-in electric vehicle (PEVs) will be the highly preferred mode of transportation in the future. These vehicles reduce air and noise pollution and improve the overall performance. EVs are relatively cheaper and viable for long-term use due to the long lifespan and low maintenance costs. Countries across the world will focus on improving infrastructural facilities to increase the sales of PEVs. The subsidies and incentives on PEVs offered by the governments and the growing emphasis on reducing vehicular emissions will drive the growth in the market. For instance, in the US, the purchase of PEVs are supported by federal tax credits up to USD 7500.

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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global EV charging adapter market:

  • Increased investments in developing charging infrastructure by governments and OEMs
  • Growing sales of PEVs in China, Japan, the US, and other countries
  • Rising demand for rapid charging units to combat range issues

Increased investments in developing charging infrastructure by governments and OEMs

Governments across the world focus on saving energy, reducing GHG (greenhouse gas) emissions and providing subsidies to companies for establishing charging stations. These subsidies are given in the form of reduced taxes. For instance, the SEAI (Sustainable Energy Authority of Ireland) provides grants of up to USD 7,800 in addition to exemption from vehicle registration tax up to USD 8,250.

Siddharth Jaiswal, a lead automotive electronics research analyst at Technavio, says, “The US and Canada extend investments in developing charging infrastructure in North America. In 2016, the federal government extended incentives for EV charging stations as a continuation of the 2015 program. Most of the states in the US are introducing zero-emission vehicle programs that focus on increasing the sales of EVs and development of charging infrastructure.”

Growing sales of PEVs in China, Japan, the US, and other countries

The development and adoption of green vehicles reduce GHG levels in the atmosphere to an acceptable level. These vehicles run on alternative sources of energy like electricity, hybrid energy, and other power sources such as solar energy, wind energy, or biofuels. Stringent emission norms are implemented to reduce GHG emissions. A reduction in these emissions also helps in controlling global warming. APAC, North America, and Europe implement stringent regulations on fuel emissions and provide tax incentives for the adoption of EVs.

“The tax incentives and subsidies for PEV manufacturers and end-users drive the demand for these vehicles. China, Japan, the US, and European countries formulate various policies to increase the sales of PEV. For instance, the US allows a federal tax up to USD 7,500 on the purchase of a PEV. State level tax incentives are offered on hybrid vehicles,” adds Siddharth.

Rising demand for rapid charging units to combat range issues

Range anxiety prevents customers from purchasing PEVs. Vehicles powered by ICEs (internal combustion engines) or engine-powered hybrid vehicles offer a higher range. The refueling process takes approximately five minutes, and the fueling stations are widely available.

PEVs must be regularly recharged to stay operational due to the limited energy densities of the existing battery chemistries. Vehicles powered by conventional engines take less time to recharge, whereas PEVs take hours to recharge as energy is transferred via cables. There is a strong demand for fast chargers that can recharge the vehicles in 20 minutes.

Top vendors:

  • ABB
  • AeroVironment
  • Robert Bosch
  • Delphi Automotive

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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