Smart EV Charger Market (Connector Type: CHAdeMO, Combined Charging System (CCS), and Supercharger; End-use: Residential Charging Unit and Commercial Charging Station; and Power Supply Range: 3 to 22 kW, 22 to 60 kW, and >60 kW)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

According to Nova one advisor, the global Smart EV Charger market was valued at USD 6.18 billion in 2021 and it is expected to hit around USD 50.8 billion by 2030 with a CAGR of 30.28% during the forecast period 2022 to 2030. Surge in adoption of electric vehicles among consumers, rise in trend of vehicle electrification in the automobile industry as well as government regulations on emissions, and increased fuel efficiency are prominent factors driving the demand for smart EV chargers, unlike other electric vehicles chargers

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Infrastructure Improvement and Awareness Paving Way for Market Expansion Post Coronavirus Pandemic

Even though the automotive sector has been severely hit by the coronavirus crisis, automakers are anticipated to reveal an increasing number of electric vehicles (EVs) post the pandemic. Such trends are anticipated to boost the growth of the smart EV charger market, since post COVID-19 incentives include installing more charging stations. However, there is a need for more attention for improving the infrastructure of home charging.

There is a huge gap between awareness and the actual number of charging stations. Companies in the smart EV charger market should increase signage and awareness about exact locations of public charging stations to encourage people to switch from conventional fuel vehicles to EVs. In the post pandemic period, it is predicted that market stakeholders will provide DC fast charging at high rates.

Report Scope of the Smart EV Charger Market

Report Coverage

Details

Market Size

USD 50.8 Billion by 2030

Growth Rate

CAGR of 30.28% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Connector Type, End-use, Power Supply Range, and Region,

Companies Mentioned

  • ABB
  • Alfen N.V.
  • Allego B.V.
  • Bosch Automotive Service Solutions Inc.
  • Efacec
  • Enervalis
  • EVBox
  • Juuce Limited.
  • OVO Energy Ltd
  • Schneider Electric.
  • Smartev
  • TESLA
  • Wallbox Chargers, S.L.
  • Other Key Players

 Smart Charging Features Help Accelerate Market Growth

User managed charging (UMC) and supplier managed charging (SMC) are growing prominent in the smart EV charger market. SMC also known as vehicle to grid (V2G) is being upgraded with smart charging features such as load balancing, which allows an optimal distribution of the available energy without requiring any upgrade to the existing network infrastructure.

Another important smart charging feature, which is fueling growth of the smart EV charger market is power boost, also known as peak shaving. This feature avoids exceeding the maximum energy capacity available at any charging point.

Complete End-to-End Services for Smart EV Charging Boosting Company Credibility

The burgeoning growth of the India smart EV charger market is grabbing the attention of competitors. Tata Power Company Limited - an Indian electric utility company based in Mumbai, India, is taking advantage of this opportunity to offer next-gen EV charging solutions for fleet organization, commercial spaces, and housing societies.

Companies in the India smart EV charger market are taking cues from established companies and delivering complete end-to-end services, right from captive charger installations to maintenance. Efficient fleet organization is being achieved with the help of EV CMS (Content Management System) software. Cars and buses are fueling the demand for smart EV charging.

Drivers of Smart EV Charger Market

  • Sale and demand for electric vehicles have been increasing across the globe for the last couple of years. Electric mobility has become a mass production market from a niche product. This is majorly due to the deterioration of climatic conditions owing to transportation pollution. For the first time in the world, in 2017, the market share of electric mobility surpassed 1% share of total automobiles. This is a major factor that is likely to boost the smart EV charger market during the forecast period.
  • As per the announcements and current developments by automakers, approximately 500 EV models are estimated to be available by 2022. Several manufacturers, such as Tesla Inc. and Nissan, have introduced electric vehicles that are quieter on the roads and provide smooth and hassle-free ride. Low maintenance cost of electric vehicles has been an added advantage, which is likely to benefit consumers in the long-term.
  • Government initiatives and policies are promoting the adoption of electric vehicles; there exist several policy measures in this regard, which include monetary, traffic regulations, and charging infrastructure on freeways. Monetary policies include subsidies for electric vehicle purchase and support in road tax exemption to EV owners. Such government policies have proved effective in boosting the adoption of EVs. This has resulted in higher rate of adoption of electric vehicles in Asia Pacific and North America. Front running countries, such as those involved in the electric vehicles initiative, are already making progress from their initial phases of EV policy implementation. Various emission standards enacted by governments and various organizations, such as EURO 6 in European Union, Environment Protection Agency (EPA) in North America and Bharat Stage Emission Standards in India, have led toward compliance to these standards by vehicle manufacturers in their respective countries and regions. This, in turn, is likely to propel the demand for smart EV charger across the globe.

Challenges for Smart EV Charger Market

  • The price of electric vehicles, as compared to that of conventional ICE (internal combustion engine) vehicles, is significantly high and is considered as a primary restraining factor for the smart EV charger market.
  • The price of an electric vehicle is majorly contributed by its batteries and replacement of the batteries, after using for certain time period of about 4 to 5 years, could be highly expensive. Batteries of electric vehicles comprise heavy metals such as Lead (Pb), which could lead to multiple health disorders among humans. Furthermore, unavailability of sustainable plan for waste management of these batteries and rising production of electric vehicles is likely to present a serious waste-management challenge for recyclers at end-of-life, which may hinder the smart EV charger market during the forecast period.
  • The recent outbreak of COVID-19 pandemic hampered majority of businesses across the globe owing to the forced lockdown, which caused people to stay at home. The forced lockdown led to a decline in vehicle sales; subsequently, contracting the global smart EV charger market. However, the global smart EV charger market is expected to expand from 2021, owing to economic measures taken by governments to recover from financial losses caused by forced shutdown of business activities during the COVID-19 pandemic in 2020.

Smart EV Charger Market Segmentation

  • The global smart EV charger market has been segmented based on connector type, end-use, power supply range, and region
  • Based on connector type, the combined charging system (CCS) accounted for a major share of the global smart EV charger market, in terms of revenue, in 2020. The segment accounted for more than 45% share of the market in 2020. Combined charging system connectors supports both AC and DC charging, and it allows AC/DC charging through the same port, while vehicles equipped with CHAdeMO connectors have a separate port for AC charging systems. This, in turn, is likely to propel the combined charging system (CCS) segment of the global smart EV charger market during the forecast period.
  • Based on end-use, the smart EV charger market has been bifurcated into residential charging unit and commercial charging station. In terms of revenue, the residential charging unit segment accounted for a major share of the global smart EV charger market in 2020. Residential charging unit offers convenience and universal compatibility of home charging stations, constant use and charging also reduce its capacity to hold power. It is recommended to have an almost full battery in order to slow down the degradation of the battery, rather than a few hour taps on a public charging station.

Smart EV Charger Market: Regional Analysis

  • Based on region, the global smart EV charger market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
  • Asia Pacific accounts for a key share of the global smart EV charger market due to the high rate of adoption of electric mobility in countries such as China, Japan, India, and South Korea. Moreover, a rise in the demand for rapid and fast charging solutions in the region for long-distance rides is anticipated to boost the smart EV charger market in Asia Pacific during the forecast period. Asia Pacific is projected to remain a prominent region of the global market during the forecast period.
  • Followed to Asia Pacific, Europe hold major share of the global smart EV charger market, in terms of revenue, in 2020. Major industries across the Europe are planning to shut engine manufacturing plants and shift toward electric vehicles, which is anticipated to enhance the use of smart EV charger across Europe.

Some of the prominent players in the Smart EV Charger Market include:

  • ABB
  • Juuce Limited.
  • Alfen N.V.
  • Bosch Automotive Service Solutions Inc.
  • Efacec
  • Enervalis
  • OVO Energy Ltd.
  • Schneider Electric.
  • TESLA
  • Wallbox Chargers, S.L.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Smart EV Charger market

  • Connector Type
    • CHAdeMO
    • Combined Charging System (CCS)
    • Supercharger
  • End-use
    • Residential Charging Unit
    • Commercial Charging Station
  • Power Supply Range
    • 3 to 22 kW
    • 22 to 60 kW
    • >60 kW

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Smart EV Charger industry analysis from 2022 to 2030 to identify the prevailing Smart EV Charger industry opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the global Smart EV Charger industry segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global Smart EV Charger industry trends, key players, market segments, application areas, and market growth strategies.

Report Detail

  • Report Code:5950
  • No. of Pages:150+
  • Format:PDF/PPT/Excel

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