Global EV Charging Adapter Market Share Is Likely To Grow At A CAGR Value Of Around 40.76% By 2028

04-Mar-2022 | Facts and Factors

According to Facts & 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.

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.

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Browse the full “EV Charging Adapter Market By User Type (Battery EV, Plug-in Hybrid EV, Fuel Cell EV, and Others), By Product Category (DC Fast, AC Level 1, and AC Level 2) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028”  report at https://www.fnfresearch.com/ev-charging-adapter-market

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. However, since the manufacturing cost of electric vehicles is very high, and production is low, companies are unable to achieve economies of scale. While charging, electric automobiles take a long time. These aspects are predicted to stifle market expansion.

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.

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.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 320.24 Million

Projected Market Size in 2028

USD 4345.80 Million

CAGR Growth Rate

40.76% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Addenergie Technologies, Eaton, AeroVironment, POD point, Delphi Automotive, Leviton Manufacturing, Robert Bosch, Signet Electronic Systems, ChargePoint, Efacec, and ABB., among others

Key Segment

By User Type, By Product Category, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Key players functioning in the global EV charging adapter market include Addenergie Technologies, Eaton, AeroVironment, POD point, Delphi Automotive, Leviton Manufacturing, Robert Bosch, Signet Electronic Systems, ChargePoint, Efacec, and ABB.

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., global industrial technology business with key roles in sensing and connectivity technologies, has completed its public buyout of First Sensor AG.

The global EV charging adapter market is segmented as follows:

On the basis of User Type, the market is segmented into:

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

On the basis of Product Category, the market is segmented into:

  • DC Fast
  • AC Level 1
  • AC Level 2

On the basis of Region, the market is segmented into:

  • 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 Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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