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.
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