Enjoy complimentary customisation on priority with our Enterprise License!
The EV charging adapter market is estimated to increase by USD 6.32 billion between 2022 and 2027, at a CAGR of 25.08%. The growth of the market depends on several factors, including increasing sales through tax incentives pushing demand for well-built EV charger infrastructure, government subsidies and incentives, and rising demand for rapid charging units to combat range issues.
To learn more about this report, Download Report Sample
The increasing sales through tax incentives pushing demand for well-built EV charger infrastructure are notably driving the market growth, although factors such as increasing cost pressure adversely affecting sales of AC level 2 and DC fast chargers may impede the electric vehicle charging adapter market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Market Driver
The increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure are notably driving the market growth. Governments and regulatory bodies are providing various incentives and subsidies including financial incentives to these buyers depending on the size of the batteries. For instance, the Sustainable Energy Authority of Ireland provides grants of up to USD 5,500- USD 6,000 and an exemption from vehicle registration tax to EV buyers.
Further, in Italy, buyers of full-electric or hybrid vehicles enjoy an exemption from the annual registration tax for five years after they have purchased their vehicle. After these five years, they would benefit from a 75% reduction of the equivalent tax rate for most petrol vehicles. Such tax incentives are pushing the demand for electric vehicles, which is driving the demand for EV chargers, resulting in the growth of the focused market during the forecast period.
Market Trend
Ultracapacitors in EV energy storage systems is the primary trend in the market. An ultracapacitor is an energy storage device, unlike a battery, which stores energy through chemical processes. The use of ultracapacitors for energy storage and discharge function in the battery packs of EVs are a highly attractive futuristic trend. It stores energy as an electric field.
An ultracapacitor conducts electricity through an electric field and can store higher charge quantities than a battery. Therefore, it has a higher energy density and they can draw power from these ultracapacitors during peak power load conditions for instant electric power steering. This helps to reduce the load on the primary energy source, such as a Li-ion battery or an ultracapacitor module. Therefore, the use of ultracapacitors in these will increase the range and efficiency and reduce the impact on power grids while charging during the forecast period.
Market Challenge
Increasing cost pressure adversely affecting sales of AC level 2 and DC fast chargers is the major challenge hindering the market growth. The increasing number of PEVs equipped with AC Level 2 chargers and developments in charging infrastructure in public places will drive the OEMs to invest more during the forecast period.
However, the manufacturers are unable to push the added cost to buyers, as buyers currently are price-sensitive due to the slowing down economy. This has increased the cost pressures on OEMs, reducing the demand during the forecast period.
Key Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Shanghai Zencar Industry - The company offers products that are of different types and levels. The company offers solutions for electric vehicles with components such as EV plugs, sockets, cables, connectors, and charging stations.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the AC segment will be significant during the forecast period. In the alternating-current (AC) adapters, the convertor is kept inside the car and converts AC into DC. It is one of the most common charging methods. The adoption of these charging adapters is more due to their lower cost of maintenance and installation than their counterparts. Therefore, the tariffs to charge from AC adapters is also lesser than their counterpart which will drive the market growth during the forecast period.
Get a glance at the market contribution of various segments Request a PDF Sample
The AC segment was valued at USD 458.23 million in 2017 and continued to grow until 2021. Due to the increasing developments in infrastructure and the emergence of various private firms to develop fast-charging units for PEVs (during office hours), there will be increased adoption of AC Level 2 chargers. This will further drive the electric vehicle charging adapter market during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in APAC is expected to register steady growth during the forecast period. The market is growing rapidly, owing to the increase in demand for these from countries such as China, Japan, Singapore, India, Thailand, and South Korea. The key factor contributing to the growth of the market in this region is the increase in demand for EVs in developing countries such as India and Thailand. Furthermore, countries such as South Korea and China are taking initiatives to reduce greenhouse gas emissions by increasing the use of EVs and offering subsidies and incentives. These initiatives by the governments are expected to create a huge demand for EVs. The increase in demand will also drive the need during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (AC and DC), Application (Public and Private), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
The market is driven by the increasing adoption of battery-electric vehicles and plug-in hybrids, necessitating efficient charging solutions like home EV chargers. These chargers often feature WiFi connectivity for remote monitoring and control. Compatibility with standard plugs like NEMA 14-50 and NEMA 6-50 is essential. Companies like Sunrun, Ford, and Zero Emission Vehicles are investing in EV charging infrastructure.
Technological advancements are helping EV charging cables manufacturers, and addressing concerns like mechanical and corrosive damages, weathering, and temperature fluctuations. Government policies, tax credits, and initiatives like the Energy Superhub Oxford are promoting the growth of the market. Ultra-fast charging stations and public charging stations are key components of the market ecosystem, driving the demand for mode 4 EV charging cables capable of DC fast charging at high rates and capacities. The market focuses on EV Charging infrastructure, EV Charging operations, and EV Charging adoption of electric vehicles. Manufacturers produce interfaces for various vehicles, including heavy-duty vehicles. Startups innovate in charging systems, addressing issues like Mechanical damages and optimizing charging rates and capacity.
EV Charging Adapter Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 25.08% |
Market growth 2023-2027 |
USD 6.32 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
27.64 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, Norway, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Aptiv PLC, ChargePoint Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc, FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE |
Market dynamics |
Parent market analysis, market research report, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.