EV Charging Adapter Market Size, Share Global Analysis Report, 2022–2028

Industry Insights

[218+ Pages Report] According to Facts and Factors, the global EV charging adapter market was worth around USD 320.24 million in 2021 and is estimated to grow to about USD 4345.80 million by 2028, with a compound annual growth rate (CAGR) of approximately 40.76% over the forecast period. The report analyzes the EV charging adapter market’s drivers, restraints, and challenges and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the EV charging adapter market.

Market Overview

EV adapters function as an EV coupler with the charging pole of the station, allowing power to be transmitted. The adapters aid in the connection of an EV's battery to the charging station's charging point. The electrical standards of EV connections are intended to be in sync with the properties of the battery supplied in an EV. The main goal of introducing the EV charging adapter is to save non-renewable energy sources by adopting energy conservation measures that safeguard the environment from pollution caused by fuel vehicles, as electric vehicles do not release hazardous gases. This advancement in the automobile business is a revolution; these electric vehicles are both eco-friendly and cost-effective.

The idea of electric vehicles supports an environmentally friendly society; it will also rescue the ecosystem from global warming. EV charging adapter is the future of the automobile business since electric vehicles have numerous advantages and it is a completely new technology in the sphere of the automobile industry; therefore, the EV charging adapter market will soon take the greatest market in the automobile industry. Electric vehicles are lighter in weight and produce less noise than gasoline vehicles, saving the environment from noise pollution. These electric vehicles are equipped with cutting-edge technology and all necessary safety features.

COVID-19 Impact:

In the last 2 years, almost every industry in the world has suffered a setback. This is subject to rapid impediments in their separate processes and supply markets as a result of several preventive lockdowns and other constraints placed by governmental authorities all over the world. The same is relevant for the global EV charging adapter market. Furthermore, consumer preference has subsequently been lowered as people are now more focused on decreasing unessential expenditures from their separate budgets as the overall economic situation of most people has been adversely impeded by this pandemic. These factors are likely to weigh on the revenue profile of the global EV charging adapter market throughout the forecast period.

Growth Drivers

• Eco-friendly environment and cost-effectiveness are factors fueling the market’s growth

The fact that electric vehicles do not require non-renewable energy sources is the key growth driver of the global EV charging adapter market. There is an increasing understanding of the importance of maintaining an eco-friendly ecosystem in order to safeguard the environment against dangerous gases and thereby prevent global warming. Electric vehicles are more cost-effective than gasoline vehicles; the rising cost of gasoline is driving market demand for electric vehicles, as the cost of charging electric vehicles is lower when compared to fuel expenditures. This, in turn, is expected to raise the EV charging adapter market. Electric vehicles offer cheaper maintenance costs than gasoline vehicles, which have extremely expensive maintenance costs.

Restraints

• High cost and slow charging capability may hinder the global market’s growth

The global EV charging adapter market is hampered by the fact that the EV sector is young, and thus there isn't a wide selection of automobiles for clients, which hinders the market for electric vehicles. Another problem is that the manufacturing cost of electric vehicles is very high, and production is low, so companies are unable to achieve economies of scale. While charging, electric automobiles take a long time. This aspect is predicted to stifle market expansion.

Opportunities

• Government initiatives in improving access to charging stations offer significant growth opportunities

The increased number of charging stations in the country enhances the demand for electric vehicles because charging outlets are now available at every place, so electric vehicles can now be utilized for lengthy journeys as well. Because electric vehicles are both environmentally benign and cost-effective, governments in many countries are pushing for them. Thus, the EV charging adapter market will have a lot of exciting opportunities in the near future.

To minimize reliance on non-renewable energy sources, governments in many countries are encouraging the use of electric vehicles by offering subsidies to users and manufacturers for the installation of charging stations.

For instance, the United States government provides a subsidy in the form of a federal tax credit of up to USD 7,500 for the purchase of electric vehicles. These measures are projected to boost demand for electric vehicle charging adapters.

Governments and OEMs are working together to develop electric vehicle charging stations in nations such as Germany, Norway, Canada, and the United States. All of these initiatives and promotions, coupled with the long survival of electric vehicles and electric vehicle charging adapters, low maintenance costs, huge potential for rapid charging points, and rising electric vehicle sales, are expected to drive demand for electric vehicle charging adapters in the coming years.

Challenges

• The fast-charging standards for EV: Fast charging for EV is regarded as a difficult and well-organized technology. Most chargers today are "level 2," which means they generate 6 to 18 kW per hour. A typical Level 2 charger would take about eight hours to charge a pure EV. Installing DC fast chargers to considerably reduce charging time can be challenging.
• Lithium plating: Charging electric vehicles is found to induce lithium plating, which occurs at low temperatures when lithium deposits build around the electrode of the battery upon charging, thus reducing battery life and safety. Thus, the path forward is the development of novel anode materials with enhanced lithium-ion diffusion coefficients.
• Challenges with the economy and infrastructure: The economic and infrastructure concerns that are impeding the successful implementation of charging for electric vehicles have technological challenges that must be overcome; access to charging infrastructure must be improved. Fast charging at this timeline must occur at a cost that is affordable to customers, who regard a lack of access to effective charging stations as one of the most critical barriers to owning an EV.

Segmentation Analysis

The global EV charging adapter market is segregated on the basis of user type, product category, and region.

By user type, the market is divided into battery EV, plug-in hybrid EV, fuel cell EV, and others. Each of these EVs is popular and in high demand, but the plug-in hybrid EV segment is predicted to have a significant market share.

By product category, the market is classified into DC fast, AC level 1, and AC level 2. The AC Level 1 Charger has the biggest market share due to its cost-effectiveness characteristic; it has a minimal charging cost and is compatible with standard fitments in PEVs.

Report Scope

Regional Landscape

• Asia Pacific region is expected to be the fastest-growing market during the forecast period

The Asia-Pacific region is expected to have the largest share in the global EV charging adapter market. The region is home to some of the world's fastest-growing economies, including India and China. Due to government assistance in the form of subsidies, grants, and tax refunds, as well as continuously developing charging infrastructure in nations such as China and Japan, the Asia Pacific region is the greatest market for EV. As a result, the EV charging station would expand, prompting the need for EV adapters. The primary elements that have contributed to the Asia Pacific being the fastest-growing market are the continuous improvement of charging stations and the expansion of vehicle range. Furthermore, the rising levels of pollution in economies such as China and Japan have spurred the need for low-emission vehicles in such countries, resulting in a massive demand for EV and EV charging stations.

Recent Developments

• July 2020: Jaguar Land Rover, Cabonline, a Nordic cab operator, Fortum Recharge, the leading charge point provider, Momentum Dynamics, and the City of Oslo have all joined the ElectriCity effort to construct high-powered, wireless, charging infrastructure for cabs in the city.
• March 2020: TE Connection Ltd., a global industrial technology business with key roles in sensing and connectivity technologies, has completed its public buyout of First Sensor AG.

Competitive Landscape

Some of the main competitors dominating the global EV charging adapter market are:

• Addenergie Technologies
• Eaton
• AeroVironment
• POD point
• Delphi Automotive
• Leviton Manufacturing
• Robert Bosch
• Signet Electronic Systems
• ChargePoint
• Efacec
• ABB

The global EV charging adapter market is segmented as follows:

By User Type Segment Analysis

• Battery RV
• Plug-in Hybrid EV
• Fuel Cell EV
• Others

By Product Category Segment Analysis

• DC Fast
• AC Level 1
• AC Level 2

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America