Technavio Predicts the Global Electric Vehicle Charger Market to Record Around 20.42 Million Units by 2020
This research report titled ‘Global Electric Vehicle Charger Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global electric vehicle charger market into three type segments:
Global AC electric vehicle charger market
The electric vehicle charger market for the AC segment dominated the market with a massive 88.3% of the market share in 2015. Even though Technavio's report predicts the market share of this segment to reduce a tad during the forecast period, they will continue to dominate the global market. By 2020, the AC electric vehicle charger market is expected to reach 17.56 million units, growing at a CAGR of 28.69%. These chargers are mainly used by electric passenger car users, which accounts for over 80% of electric vehicle sales. Though AC chargers take longer to charge, they can extend the life of batteries and also reduce the impact on power grids during peak hours.
According to Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics, "Mass production of electric passenger cars will occur in the near future as electric vehicles are becoming increasingly popular. With the increase in electric vehicle sales like plug-in and battery electric vehicles, implementation of AC charging infrastructure at homes, parking places, and commercial buildings is expected to grow at a rapid pace."
Global DC electric vehicle charger market
By 2020, Technavio analysts predict the DC electric vehicle charger market to reach 2.13 million units, growing at a CAGR of 34.53%. This segment is expected to witness a healthy growth, as many electric vehicle charger manufacturers are focusing on providing fast charging infrastructure. Range anxiety is one of the biggest issues faced by electric vehicle owners as they do not have standardized refueling stations. With the introduction of DC fast chargers that offer a high-voltage charge, a vehicle can be fully charged in less than 20 minutes. This type of charging will play a major role in making electric vehicles equivalent to ICE vehicles in terms of refueling.
Apart from regulatory bodies, many electric vehicle manufacturers are also actively developing public fast charging facilities, to make electric vehicle market more competitive. For instance, Nissan and BMW, in an effort to support Nissan LEAF and BMW i3 customers, respectively, are collaboratively working to set up public DC fast charging facilities at 120 locations across 19 states in the US.
Global wireless electric vehicle charger market
The market share of the wireless electric vehicle charger market in 2015 was just 3.1%. Wireless charging is in its nascent stage and is expected to gain popularity as it has many advantages like improved charging efficiency and reduction in the loss in transmission of power, as wireless chargers do not have coils. These chargers also weigh less and save time as vehicles can be charged while they are in motion.
"New features and innovations in wireless charging are expected to make the technology popular in the future. Researchers are coming up with technologies that enable these chargers to not only charge the vehicles but also discharge the power back to the grid, which helps in stabilizing power usage," says Siddharth.
Wireless chargers are also safer than other chargers as a user does not have to manually fix a chord to charge an electric vehicle, which can be dangerous. These factors are expected to propel the wireless electric vehicle charger market during the forecast period.
The top vendors highlighted by Technavio's research analysts in this report are:
- Plugin Now
- Evatran (Plugless)
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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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