Market Trends of Electric Vehicle Charging Adapter Industry
This section covers the major market trends shaping the Electric Vehicle Charging Adapter Market according to our research experts:
Growing Popularity of Home EV Charger is Driving the Electric Vehicle Charging Adapter Market
Installing home EV chargers is becoming popular amongst owners living in areas with underdeveloped charging infrastructure or are away from public charging ports. EV chargers at home can also be convenient as one can charge anytime, they want and not wait in a line for using public chargers that are occupied.
However, home chargers are expensive and hinder the growth of the home EV charging adapter market. However, available rebates, tax credits, and other incentives may make installing a home EV charger worth the investment. As a result, EV Charging Adapter will also see an increase in demand.
Home Charging adapters will see a significant boost with newer types of home chargers entering the market. For instance, ChargePoint offers Level 2 home chargers that can charge up to 50 amps, adding up to 60 km per hour on most electrified vehicles. These are enabled with WiFi and are available in either hardwired or plug-in versions, with a choice of a NEMA 14-50 plug or a NEMA 6-50 plug. Both options feature a 23-foot-long cable. The ChargePoint Home charger also works with Alexa and can be controlled remotely with an Alexa device. Schedule charging when electricity is cheapest, and setting reminders to plug in the vehicle are a few of the options provided by the app.
In Addition to this, several charging adapter manufacturers have introduced the home electric vehicle charging network to boost the demand. For instance:
- In August 2022, Sunrun who is Ford's official charging partner recently launched a home EV charger for homes to easily charge electric vehicles. It is equipped with a 40-amp Level 2 EV charger which is compatible with all EV models. In addition, this charger also offers customers to configure its settings and control charging.
- In July 2022, Under the initiatives of Zero Emission Vehicles in Ireland, the government announces a number of new subsidies and initiatives to support the transition to electric vehicles. The government also backed the expansion of the home charger grant, allowing tenants and homeowners to qualify for a subsidy who own an EV.
Considering these developments and government initiatives, demand for home chargers is expected to witness a high growth rate during the forecast period.
Europe has the Largest Share in Electric Vehicle Charging Adapters Market
The Europe region currently dominates the electric vehicle charging adapters with the Netherlands, Germany, France, and the United Kingdom has the largest electric vehicle charging infrastructure. This is due to the higher adoption of EVs and rising sales in the region.
Despite Covid-19, the region witnessed improved growth in terms of electric vehicles. for instance, in 2020, many European countries witnessed a double-digit growth rate in EV sales. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units, compared to 2.26 million in 2019. This spike in sales is the result of an increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emissions vehicles.
Major European automotive manufacturers are heavily investing in the manufacturing of electric vehicles and related charging infrastructure. For instance, Volkswagen Group is investing strongly in electric vehicle charging adapters. The group plans to invest around EUR 60 billion in development, including areas of adapters, hybridization, and electric mobility between 2020 and 2024.
Governments' initiatives and investments to enhance electric vehicle charging growing steadily over the past few years and are expected to increase in the coming years. Owing to the demand for charging infrastructure, several companies are also investing in installing chargers throughout major countries worldwide. For instance,
- In July 2022, The Oxford City Council announced the official launch of Europe's most powerful EV charging hub. The Oxford Superhub is being developed by Pivot Power, part of EDF Renewables, and Oxford City Council, as part of Energy Superhub Oxford.
- In April 2022, Volkswagen Group and energy giant BP launched a strategic partnership that will aim to boost the adoption of electric vehicles (EVs) across Europe, unveiling the first charger in Dusseldorf, Germany. The partnership aims to rapidly build a fast-charging network across Europe by 2024.
Considering the aforementioned development in terms of electric vehicle charging networks, demand for charging adapters in Europe is expected to witness a high growth rate during the forecast period.
