Electric Car Battery Charger Market to reach revenue worth US$ 1.2 Bn towards the end of 2024

A breakthrough innovation involving the development of wireless charging pads is presumed to be the game-changer in the electric car battery charger realm. While the wireless charging technology employed in the designing of these charging pads is yet to be practically implemented, industry experts already anticipate it to shift the mechanism of charging electric vehicles over the years. The pioneer of this technology – WiTricity, is currently proposing collaborations with auto giants with an objective to introduce an exceptionally easy, convenient, and efficient means of charging electric vehicle batteries. This is foreseen to benefit the electric car ecosystem to a great extent; however, will possibly restrict the adoption of electric car battery charger in the near future. Some opinions also project further technological innovations in electric car battery charger with the introduction of wireless charging pads.

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Steady Growth Forecast for Global Electric Car Battery Charger over 2017-2022

Fact.MR, in its recently released market research report on electric car battery charger, offers the bird’s-eye view of the global electric car battery charger market. With disruptive technologies continuing to transform a plethora of industrial sectors, electric cars and the electric car battery charger will also consistently witness new waves of innovation over the next few years. The global market for electric car battery charger will observe steady growth throughout the five-year forecast period – 2017-2022, approaching the revenue worth US$ 1.2 Bn towards the end of 2024.

Globally, Europe is foreseen to spearhead the market for electric car battery charger throughout 2017-2022. Japan will however exhibit a significant incremental opportunity in terms of electric car battery charger innovation. Based on the charging type, the sales of automatic electric car battery charger are expected to witness massive growth through 2024. On the basis of the type of electric car battery charger, float charger is anticipated to remain maximum shareholder over the forecast period. – Senior Research Analyst, Automotive Domain, Fact.MR

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Brand New Opportunities to Spring up with Escalating Deployment of Electric Car Battery Charger at Public Facilities

With rapidly escalating number of electric car owners, there has been a substantially growing demand for state-of-the-art electric car battery charger stations at public places, and along roads. Although more than one-fourth of the electric car battery recharging is accomplished at homes, recent market scenario repeatedly points at the critical need for appropriate electric car battery charger infrastructure. As indicated by the report, home applications of electric car battery charger will possibly exhibit higher revenue growth at a steady pace. The application of electric car battery charger at public facilities accounted for more than one-fourth of the total electric car battery charger market revenue in 2017.

Electric Car Battery Charger Manufacturers Set to Unlock Opportunities Driven by Commercial Vehicle Segment

The new-age mobility solutions such as mobile carpooling and E-sharing have been gathering decent momentum over the past decade, following the paradigm shift of emerging economies to urban agglomerations. Such technology-enabled transformations are expected to provide a strong push to vehicle electrification in the near future. While this will possibly help electric car battery charger manufacturers leverage new growth opportunities, FMR anticipates that commercial electric vehicles will create more opportunities for electric car battery charger over personal electric cars. This estimation has been attributed to relatively shorter replacement cycles of the former.

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Manual Electric Car Battery Charger Continues to Lose Share to Automatic Electric Car Battery Charger 

Automatic charging technology has been luring the key stakeholders in electric car battery charger market over the years. With more than three-fourth of the share in total revenue of electric car battery charger market, automatic electric car battery charger aspires to account for over US$ 1 Bn in terms of revenue by the end of 2024. Although automatic electric car battery charger is estimated to witness steadily growing revenue over the assessment period, the manual electric car battery charger is poised to sustain modest growth through 2024.