Car chargers are essential components of hybrid and electric vehicles. In terms of charging, there five notable types such as battery swapping charging, plug-in charging, wireless, direct current (DC) and alternating current (AC). AC charging dominates the global car charger market due to its rising acceptance among electric car owners. In countries such as North America and Europe, there has been an increase in the rate of AC charging infrastructure installations at homes, parking areas, parks and commercial areas. Moreover, in the coming years, AC charging infrastructures are expected to be installed in roads so that the car can charge itself while in motion. DC charging, is a faster method of charging a vehicle. It is comparatively a better alternative to AC charging. However, DC charging, lacks the kind of infrastructure as installed for AC charging in homes and other places. Wireless charging ensures reduction in the loss of transmission in vehicles and is hassle-free, compatible and light weight. Such a charging medium is considered expensive and is yet to get commercialized at a large scale.
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Increasing production of hybrid and electric vehicles, and rising demand for passenger hybrid-electric vehicles is a major driving factor for the car charger market. In addition, strict government guidelines and automobile standards relating to hybrid and electric vehicles is a major factor influencing the car charger market. Growth in the automotive sector and rising investments in car charger manufacturing companies across the world is set to influence the market significantly during the forecast period. However, lack of penetration of hybrid and electric vehicles in numerous countries across the world is inhibiting the growth of car chargers market, which finds application in aforementioned vehicles. In addition, cheap substitutes of original car chargers is another major restraint for the global car charger market.
The car charger market can be classified by charging type, by application and by geography. The charging type segment can be classified into battery swapping charging, plug-in charging, wireless, direct current (DC) and alternating current (AC). By application, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
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In the car charger market, Asia Pacific holds the largest market share in terms of revenue followed by North America, Europe, Latin America and, Middle East and Africa (MEA). In the Asia Pacific region, countries such as China and Japan are considered to be the leading manufacturers of car chargers across the world. The market in North America and Europe tends to be a bit saturated but the market is expected to remain stable during the forecast period. By the end of the forecast period, Middle East and Africa, and Latin America are expected to show significant growth, considering the growth in automotive sector and rising application of car chargers in vehicles manufactured in the aforementioned regions.
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