Plug-in Electric Vehicle Battery Charging market are used to charge electric vehicle with the help of a battery and electrical source that supplies energy that is used for charging. There are 3 levels (level 1, 2, and 3) through which such vehicles can be charged. As these can be charged-on-the-go, the vehicles are economical and offer low maintenance over conventional petrol/diesel cars. They also help reduce the carbon footprints released in the atmosphere, which contains toxic gas particles.
Plug-in electric vehicle battery charging systems are used to charge the batteries of electric vehicles and hybrid plug-in electric vehicles by connecting such vehicles to an external source of electricity. In 2018, over 5 million electric & hybrid electric cars were sold worldwide with an increase of 63% from the previous year. There were approximately 5.2 million charging points for plug-in electric vehicles and most of these were for private use. China, the U.S., Japan and the European countries are focusing on the adoption of electric vehicles and building better battery charging infrastructure to reduce toxic emissions.
The Global Electric Vehicle Chargers Market was valued at $189 billion in 2018, and is projected to reach at $2,786 billion by 2030, growing at a CAGR of 41.5% from 2020 to 2030.
The global plug-in electric vehicle market is driven by factors, such as enhancements in battery technology, rising investments in the development of fast charging systems and the large-scale acceptance of electric and plug-in hybrid vehicles. Moreover, increasing awareness regarding the environmental impacts of fossil fuel vehicles, and government initiatives aimed toward replacing fossil fuel vehicles with electric vehicles in coming future will also propel market growth during the forecast period. However, the high cost of electric vehicles & electric vehicle charging infrastructure and battery swapping options are affecting market growth adversely.
Based on charger type, the global plug-in electric vehicle battery charging market can be segmented into AC chargers and DC chargers. The DC chargers segment is anticipated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the faster charging through DC chargers. Electric vehicle manufacturers, including Tesla, are introducing vehicles that are compatible with DC charging systems.
Some of the prominent players in the plug-in electric vehicle battery charging market include Tesla, ChargePoint, Inc, Bosch Automotive Service Solutions Inc, Delphi Technologies, Siemens, Eaton, Leviton Manufacturing Co., Inc., Schneider Electric, GENERAL ELECTRIC, and Baccus Global LLC, among others.
Based on region, the global Plug-in Electric Vehicle Battery Charging Market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is the largest market for plug-in electric vehicle battery charging systems and is expected to grow at the highest growth rate during the forecast period. The rising demand for electric vehicles, extensive EVs production in the region, and the growing potential consumer base in the region are expected to drive market growth in the coming years.
Plug-in Electric Vehicle Battery Charging Market Key Segments:
By Vehicle Type
• Battery Electric Vehicles (BEV)
• Plug-in Electric Vehicles (PHEV)
• Hybrid Electric Vehicles (HEV)
By Charging Type
• On-Board Chargers
• Off-Board Chargers
By End User
• North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
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