EV Charging Adapter Market to Grow by USD19.29 Billion (2024-2028) as Tax Incentives and AI-Driven Innovations, Boost EV Sales and Charging Infrastructure Development - Technavio

NEW YORK, Sept. 20, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global EV charging adapter market size is estimated to grow by USD 19.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.77% during the forecast period. Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure is driving market growth, with a trend towards focus on reducing charging time. However, increasing cost pressure adversely affecting sales of ac level 2 and dc fast chargers poses a challenge - Key market players include ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE.

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              Ev Charging Adapter Market Scope



     Report Coverage                             
     Details



     Base year                                                                                                                                                    2023



     Historic period                             
     2018 - 2022



     Forecast period                             
     2024-2028


      Growth momentum & CAGR                                                                                                             Accelerate at a CAGR of 42.77%


      Market growth 2024-2028                     
     USD 19292.2 million



     Market structure                            
     Fragmented


      YoY growth 2022-2023 (%)                                                                                                                                   31.08


      Regional analysis                           
     APAC, Europe, North America, South America, and Middle East and Africa


      Performing market
       contribution                                                                                                                                         APAC at 50%



     Key countries                               
     China, US, Norway, Japan, and Germany


      Key companies profiled                        ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics
                                                     Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy,
                                                     Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai
                                                     Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE

Market Driver

The Ev Charging Adapter Market is experiencing significant growth due to technological innovations in battery technology and charging infrastructure. Manufacturers are focusing on reducing charging time and cost, leading to advancements such as portable solar-powered charging stations and ultra-fast charging stations. For instance, Envision Solar's EV ARC is a solar-powered parking structure that charges a 21.6-kilowatt-hour battery, while the China State Grid's ultra-fast charging station in Beijing can charge buses to 100% in 10 minutes using Microvast's ultra-fast charging battery and 31 chargers. GE's multi-coil system enables efficient interoperability and charging while driving, and DC fast charging offers a range of 40 miles in 10 minutes. The use of solar energy for charging EVs is an emerging trend, which is expected to be encouraged by private and government bodies due to its low cost, driving the market's growth during the forecast period.

The EV charging adapter market is experiencing rapid growth in the automobile sector due to the increasing popularity of electric vehicles (EVs). By 2027, the market is forecasted to expand significantly. EV charging adapters enable compatibility between charging stations and various EV models with different charging connector types such as CHAdeMO and CCS. Improvements in charging infrastructure networks, installation in public areas, workplaces, residential complexes, and highways, are driving the market. Innovation, efficiency, versatility, safety features, and user-friendly designs are key factors contributing to the popularity of EV charging adapters. Diverse charging standards, including those for battery-electric vehicles and plug-in hybrid vehicles like the Chevrolet Volt and Nissan Leaf, necessitate the use of EV charging adapters. Environmental concerns, government norms, raw material prices, and compatibility with various charging port types are influencing market trends. Brands like ConnectDER, with offerings like meter sockets and home EV chargers, are providing rebates and tax credits to boost consumer adoption.

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Market Challenges

    --  The global EV charging adapter market is experiencing significant growth
        due to the increasing adoption of electric vehicles (EVs) and the
        development of charging infrastructure. Governments worldwide prioritize
        vehicle safety, leading to the integration of advanced safety systems
        like antilock braking systems, airbags, tire pressure monitoring
        systems, and advanced driver assistance systems in both premium and
        entry-level vehicles. In particular, the US and China have shown high
        adoption rates for advanced driver assistance systems. However, the
        added cost of these safety features and EV charging adapters is a
        concern for Original Equipment Manufacturers (OEMs). Price-sensitive
        buyers are unwilling to bear the extra cost, putting pressure on OEMs to
        absorb the expenses. This situation may negatively impact the growth of
        the EV charging adapter market during the forecast period. Moreover, the
        increasing number of EVs equipped with AC Level 2 chargers and the
        expansion of charging infrastructure in public places necessitate
        further investment from OEMs. To meet these demands, they must comply
        with standards such as the European New Car Assessment Programme (Euro
        NCAP) and other regional regulations. Despite the challenges, the
        long-term outlook for the EV charging adapter market remains positive
        due to the growing demand for electric vehicles and the need for
        reliable charging solutions.
    --  The Ev Charging Adapter Market is experiencing significant growth due to
        the increasing popularity of battery-electric and plug-in hybrid
        vehicles. However, challenges persist in improving charging
        infrastructure networks, particularly in public areas, workplaces, and
        residential complexes along highways. Innovation, efficiency, and
        versatility are key focus areas for manufacturers to meet diverse
        charging standards and user needs. Safety features and user-friendly
        designs are essential for gaining brand value and customer trust.
        Environmental concerns and government norms are driving the transition
        to zero emission vehicles, leading to the availability of rebates, tax
        credits, and incentives. Raw material prices and diverse charging
        standards pose challenges, but companies like ChargePoint, Sunrun, and
        ConnectDER are addressing these issues with Level 2 home chargers, WiFi
        capabilities, and various plug types (NEMA 14-50, NEMA 6-50). Brand
        value, convenience, and charging speed are crucial factors for consumers
        considering the Chevrolet Volt and Nissan Leaf. As the market evolves,
        the focus on efficiency, versatility, and safety features will continue
        to be essential for market success.

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Segment Overview

This ev charging adapter market report extensively covers market segmentation by

    1. Type
        --  1.1 AC
        --  1.2 DC
    2. Application
        --  2.1 Public
        --  2.2 Private
    3. Geography
        --  3.1 APAC
        --  3.2 Europe
        --  3.3 North America
        --  3.4 South America
        --  3.5 Middle East and Africa

1.1 AC- The Ev Charging Adapter Market is experiencing significant growth due to the increasing adoption of electric vehicles. These adapters enable charging at home or on the go, providing convenience for consumers. Manufacturers are focusing on developing efficient and cost-effective solutions to meet the rising demand. Key players in the market include Aptiv, Bosch, and Schneider Electric, among others. Collaborations and partnerships are common strategies to expand market reach and enhance product offerings. The market is expected to continue growing, driven by government initiatives and consumer preferences for sustainable transportation.

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Research Analysis

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to connect to various charging stations, with compatibility for different charging connector types such as CHAdeMO and CCS. The market forecast period projects continued expansion, fueled by the improvement of charging infrastructure networks. Individual charging stations, public areas, workplaces, residential complexes, highways, and other locations are installing charging ports to cater to the diverse charging standards of EVs. Safety features and user-friendly designs are key considerations for charging adapters, ensuring a seamless charging experience for users during the transition to electric vehicles. The diverse charging standards and the need for compatibility have led to the development of various connector types. CHAdeMO and CCS are currently the most common, but other standards may emerge. The convenience offered by EV charging adapters is a significant factor in the growth of the market, as they enable EV owners to charge their vehicles at a wider range of charging stations.

Market Research Overview

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to charge at various charging stations using different connector types such as CHAdeMO and CCS. The market is forecast to expand during the period due to the improvement of charging infrastructure networks, installation in public areas, workplaces, residential complexes, highways, and the transition to zero emission vehicles. The versatility, efficiency, safety features, and user-friendly designs of EV charging adapters are key factors driving their popularity. However, diverse charging standards and compatibility concerns may pose challenges. Environmental concerns, government norms, raw material prices, and the availability of rebates, tax credits, and incentives also influence market dynamics. Brands like ChargePoint, Sunrun, and ConnectDER offer Level 2 home chargers, meter sockets, and public charging ports. The market is expected to benefit from the increasing popularity of battery-electric vehicles and plug-in hybrid vehicles, including models like the Chevrolet Volt and Nissan Leaf.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

    --  Type
        --  AC
        --  DC
    --  Application
        --  Public
        --  Private
    --  Geography
        --  APAC
        --  Europe
        --  North America
        --  South America
        --  Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio