Press release
Surge in demand for luxury vehicles & Rise in market penetration of electric vehicles boosting electric vehicle chargers market by 2023
Government regulations regarding the use of electric vehicles to curb the environmental pollution drives the demand for electric vehicles, which boosts the market. Further, rise in demand for electric vehicles is also expected to fuel the market growth. However, high price of such electric vehicles and lack of presence EV chargers at public places is anticipated to hinder the growth of the market.
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In 2016, the on-board chargers segment dominates the global electric vehicle chargers in charging type segment, in terms of revenue. However, based on vehicle type, hybrid electric vehicle led the global market followed, by plug-in hybrid electric vehicle in 2016.
Top Growth Drivers:
•Government regulations to curb environment pollution
•Rise in market penetration of electric vehicles
•Growth in disposable income of a population
•Limited number of EV charging stations
•Lack of standardization of EV charging
•Surge in demand for luxury vehicles
•Wireless charging for electric vehicles
Commercial users segment led the electric vehicle chargers market by end user in 2016. However, residential users segment is anticipated to depict highest CAGR throughout the forecast period.
Key Findings of the Electric Vehicle Chargers Market:
•On-board chargers generated the highest revenue of the global electric vehicle chargers market in 2016.
•In 2016, the hybrid electric vehicle type generated the highest revenue among the electric vehicle chargers market.
•Asia-Pacific is anticipated to exhibit a highest CAGR during the forecast period.
•In 2016, the commercial end user segment contributed the highest market shares in the electric vehicles chargers market.
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The key players profiled in the report include ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point.
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