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Electric Vehicle Charging Adapters Market Segmented By Type such as AC Level 1 Charging Adapter, AC Level 2 Charging Adapter, DC Charging Adapter with Application such as Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)
Electric vehicle charging adapters are type of connectors used in charging of electric vehicle from an electric charging station. Electric vehicle charging adapters’ demand has been on rise globally due to the rise in demand for electric vehicles, specifically in Europe and North America.
Growing environmental concerns and respective measures by various governments to reduce air pollution are driving the demand for electric vehicles, which in turn is driving the Electric vehicle charging adapters demand.
On the basis of type, Electric vehicle charging adapters market is segmented into AC level-1, AC level-2 and DC type chargers. In terms of application, the Electric vehicle charging adapters market is segmented into PEVs, BHEVs and FCEVs.
Electric vehicle charging adapters market growth can be attributed to a various factors concerning energy conservation. Growing concerns about rising GHG emissions and energy conservation is one of the prime factors driving the demand for Electric vehicle charging adapters. Global energy consumption is primarily driven by non-renewable energy sources, which is the cause of growing pollution and GHG emissions.
To reduce the dependence on non-renewable energy sources, governments of various regions are promoting the use of electric vehicles by introducing subsidies to consumers and for manufacturers for setting up of charging stations.
For example, the U.S. government offers subsidy in form of federal tax credit of up to US$ 7,500 for buying electric vehicles. These initiatives are expected to drive the demand for Electric vehicle charging adapters market as well.
Governments and OEMs are taking initiatives to improve electric vehicle charging infrastructure to improve access for charging stations in respective countries, like Norway, Germany, U.S. and Canada. All these initiatives and promotions, coupled with the low maintenance costs and long life-span of electric vehicles and Electric vehicle charging adapters, growing demand for rapid charging points and growing sales of electric vehicles are expected to drive the demand for Electric vehicle charging adapters market in the coming years.
Electric vehicle adoption is already prominent in Europe and North America, which has been driving the Electric vehicle charging adapters market on the technology front as well. Companies are developing new technologies, such as P2P charging network and improving the range of single charging, to further promote the use electric vehicles.
Electric vehicles have low range and require multiple refueling for continuous operation. This combined with slow charging capability of cables is expected to hamper the growth of Electric vehicle charging adapters market.
On regional basis, Europe and North America are expected to lead the market share in terms of volume demand for Electric vehicle charging adapters due to the high amount of electric vehicle adoption and sales in these regions. This coupled with respective governments taking initiatives to improve electric vehicle charging stations is also expected to drive the Electric vehicle charging adapters market in the mentioned regions.
South Asia and East Asia regions are still in the introduction stage of electric vehicle demand, but given the large number of automobile sales and shifting focus towards energy conservation in countries like India and China, the Electric vehicle charging adapters market is expected to witness robust demand in these regions in the coming years. Middle East & Africa region is not expected to create huge demand for Electric vehicle charging adapters market given the low adoption rate of electric vehicles in the region.
Examples of some of the key market participants identified across the global Electric vehicle charging adapters market value chain include:
The research report presents a comprehensive assessment of the Electric vehicle charging adapters market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Electric vehicle charging adapters market segments such as geographies, application and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Electric vehicle charging adapters market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Electric vehicle charging adapters market segments and geographies.