LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global DC wallbox charger market predicts a CAGR of almost 67% during the period 2018-2022.
The report segments the global DC wallbox charger market by end-user (residential and commercial) and by geography (APAC, Europe, and North America). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global DC wallbox charger market, according to Technavio automotive researchers:
- Growing volume sales of EVs worldwide: a major market driver
- Technological advances in the field of DC fast charging market: emerging market trend
- APAC held the largest share of the global DC wallbox charger market, accounting for a market share of more than 36%.
- The residential segment accounted for the largest share in the global DC wallbox charger market
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Growing volume sales of EVs worldwide: a major market driver
The growing volume sales of electric vehicles (EVs) worldwide is one of the major factors driving the global DC wallbox charger market. EVs are expected to be the most promising alternative for IC engine-driven vehicles and have already marked their way in the global automotive industry, both in terms popularity and volume sales. The growing volume sales of such vehicles are fundamentally driving numerous markets, and one such market is regenerative braking for automotive applications. The regenerative braking system is mostly used in hybrid and EVs, and their increasing sales volume is driving the market in focus.
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Technological advances in the field of DC fast charging market: emerging market trend
The automotive EV industry is observing technological developments and improvements in the charging infrastructure and equipment. The companies and players working in the EV charging infrastructure and equipment market are concentrating on ultrafast EV charging. During the last few years, activities in the field of developing ultrafast chargers have increased substantially. At present, level 2 DC fast chargers are the most widely used as a part of charging infrastructure. Moreover, the more advanced level 3 DC fast charging provides many advantages in terms of charging speed.
According to a senior analyst at Technavio for research on automotive components, “The companies in the EV charging space have been developing technologies and solutions for charging the EVs up to 80% capacity in less than 10 minutes. The players have been working on the development of modular charging system for EVs that can be upgraded to higher power levels over time. Such fast-charging stations for EVs are expected to have multiple power modules with equal distribution of power.”
Global market opportunities
In terms of regional dominance, APAC held the largest share of the global DC wallbox charger market, accounting for a market share of more than 36%. It was followed by Europe and North America respectively. The APAC region is expected to witness significant growth during the forecast period. But, the market share of the Americas is anticipated to decrease slightly over this period.
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