Demand for electric vehicles has increased in the wake of diminishing oil and gas assets. As the production of electric vehicles is increasing significantly, the electric vehicle battery market is set to witness an upward growth trend in the coming years.
As electric vehicle battery is an indispensable part of electric vehicles, significant R&D investments are underway to develop efficient and optimum-sized electric vehicle battery. With the diminishing crude oil reserve, growing emphasis on the adoption of hybrid and electric vehicles is likely to increase.
While a number of on-road electric vehicles continues to grow, several national organizations have undertaken required measures and are gaining consumer traction by providing concessions on the purchase of electric and hybrid vehicles. Further, as environmental regulatory policies become more stringent, several countries are engaged in delivering wide reception of electric battery powered vehicles.
Leading manufacturers in potential markets of Europe, Asia and the United States are scaling up their lithium-ion manufacturing capacities to accommodate the increasing demand for electric vehicles. With the increasing demand for electric power and development in electric power storage capacities, costs of battery-pack have declined significantly in the recent past.
Although the growth forecast of electric vehicle battery market is steady, a number of caveats are likely to impede the market growth. Fluctuations in raw material availability such as cobalt and lithium can restrict the growth of the electric vehicle battery charger market. Also, declining sources of lithium also pose threat to the growth of the electric vehicle battery market in the coming years.
Electric Car Battery Charger Demand to Generate US$ 1.2 Bn by 2022
Growing sales of passenger car across world countries present lucrative opportunities for electric car landscape, thereby generating demand for electric car battery chargers in the long run. Forecast of the electric car battery charger market estimates a moderate growth during the review period.
The study finds that the global electric car battery charger market will surpass revenues worth US$ 1.2 billion by the end of 2022. At the global stage, Europe is estimated to share a significant bulk of the global electric car battery charger market revenue share during the estimation period. Also, a significant incremental opportunity is presented by Japan owing to the country’s stronghold in electric battery charger innovation.
Automatic Electric Car Battery Charger Top-selling
According to the study, automatic electric car battery chargers will account for three-fourth of the global revenue share, equaling revenues worth over US$ 1 billion by the end of 2022. Increasing demand for automation significantly contributes to the significant penetration of smart devices such as automatic electric car battery charger.
While revenue share of automatic electric car battery charger is slated to witness a promising outlook, revenues for manual electric car battery charger are poised to witness moderate increase by the end of the forecast period.
Increased EV Adoption Alludes at Need for Charging Facilities at Public Facilities
Current electric vehicle charging landscape is witnessing an urgent need of appropriate charging infrastructures. While majority of the electric vehicles are recharged at home, with the growing dependence on electric vehicles demand for charging facilities at public facilities is set to escalate in the future. As per the study valuation, deployment of electric car battery chargers at public facilities is expected to account for over one-fourth of the total market revenue share in 2019.
Major R&D efforts are aimed at developing the fastest electric car battery charger design that delivers efficient charging in less time. Leading manufacturers such as Toshiba, Tesla, ABB and others have introduced a fast electric car battery chargers.
Aforementioned insights are derived from the electric car battery charger market report published by Fact.MR. The report tracks growth of the electric car battery charger market for the period of 2017-2022.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.