Wallbox Electric Vehicle Charger Market Projected to Register an Impressive Growth Through 2027
The increasing sales of electric vehicles and the
rising government support to propel the adoption of electric vehicles are
primarily driving the growth of global wallbox electric vehicle charger market.
According to TechSci Research report on, “Wallbox Electric Vehicle Charger Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2027”,
the
global wallbox electric vehicle charger market is anticipated to witness
robust CAGR over the forecast period 2023-2027. The market growth can be
attributed to the increasing sales of electric vehicles, which has accentuated
the need for wallbox electric vehicle chargers. The electric vehicle
manufacturers are investing heavily in electric vehicle charging tools and
infrastructure to offer efficient charging systems. Moreover, the cost of
maintaining electric vehicles is lower than the traditional petrol/diesel cars.
Apart from this, the depleting non-renewable resources are adding to the need
for electric vehicles. In addition, with the rising carbon footprints from the
conventional ICE combustion vehicles, the governments of several nations are
introducing favorable initiatives to proliferate the adoption of electric
vehicles and home wallbox charger units to curb the emission levels. Vehicles
are the primary contributor to air pollution as they generate significant
amounts of particulate matter, nitrogen oxide, and carbon monoxide. The growing
adoption of electric vehicles will help in curbing greenhouse gases and carbon
emissions along with saving non-renewable resources. Besides, the electric
vehicle wallbox charger facilitates safer charging because these chargers
automatically test the connection between the car and the device before
starting the charging event. Moreover, safety can be increased with dynamic
load management if there are multiple charging points in the same property.
Additionally, the wallbox electric vehicle charger enables much faster
charging. For instance, electric cars with an average battery capacity of 55kWH
need to be connected to the electric vehicle charger for approximately 24 hours
to be charged from the minimum level to the maximum level. As a result, the
global wallbox electric vehicle charger market holds a huge potential and is
anticipated to grow at a rapid pace in the coming years.
Browse over XX market data Figures
spread through 110 Pages and an
in-depth TOC on "Global Wallbox electric
vehicle Charger Market"
The global wallbox electric vehicle charger market is segmented by product
type, end use, competitive landscape, and regional distribution. Based on the
product type, the market is bifurcated into AC type 1 wallbox charger and AC
Type 2 wallbox charger. Among these, the AC Type 2 wallbox charger segment is
anticipated to hold a significant market share. This type of charger is
considered to be the most versatile and cost-effective electric vehicle
charger. The type-2 charger has both single-phase (7.4 KW) and three-phase
(22KW) variants. AC type 2 charger provides power to the onboard charger of the
vehicle, which helps in converting the AC power to DC power and recharging the
battery. Type-1 wallbox charger features a single-phase plug and can charge up
to 7.4 kW, whereas Type 2 wallbox charger is a triple-phase plug and can charge
at a level of up to 43 kW. Moreover, the type 2 charger has become a standard
charger from 2018 onwards, particularly for vehicles across Europe and Asia.
By
end user, the market is divided between residential and commercial. Among
these, the residential segment is projected to hold a considerable market share
over the forecast years. This is primarily because the procedure of installing
a wallbox charger in a commercial space is more complex than the residential
locations. A commercial installation requires permits, community guidelines,
electrical source or metering, zoning requirements, and inspection fees. As a
result, the number of wallbox electric vehicle chargers is more in the
residential segment as compared to the commercial segment.
A
list of major market players of the global wallbox electric vehicle charger
market includes:
·
Wallbox AB
·
E-Station
·
BJA trading group (Sevadis)
·
Enel X S.r.l.
·
Lectron electric vehicle.
·
LUAO
·
ChargePoint
·
United Chargers Inc.
·
Enphase Energy, Inc. (Clipper Creek)
·
Tesla Inc.
·
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“Governments
of various nations are offering subsidies, rebates, fixed quotas, and tax
exemptions to electric vehicle manufacturers in order to increase the adoption
of electric vehicles. This eventually is augmenting the need for wallbox electric
vehicle chargers. Moreover, stringent regulations by the concerned authorities
regarding vehicle emissions have pushed consumers to opt for electric vehicles.
Apart from this, the leading market players are increasingly introducing
technologically advanced products, which is providing a thrust to the market.
For instance, KEBA has recently launched 1.9.2 wall box software which will
have OCPP 1.6 control options via web interface. New market players are advised
to introduce chargers that match the standards set by the government. Also,
offering the installation of wallbox electric vehicle chargers at a low cost
can be a viable strategy to attract a larger customer base, which is expected
to boost the growth of the global wallbox electric vehicle charger market.”
said Mr. Karan Chechi, Research Director, TechSci Research, a research based
global management consulting firm.
“Wallbox electric vehicle charger
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027 Segmented By Product Type (AC Type 1 Wallbox Charger, AC Type 2
Wallbox Charger), By End Use (Residential, Commercial), By Region (North
America; Europe; Asia Pacific; Rest of the World) and By Region” has
evaluated the future growth potential of global wallbox electric vehicle
charger market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global wallbox electric
vehicle charger market.
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