According to the new market research report “Smart EV Charger Market by Connector Type: CHAdeMO, Combined Charging System (CCS), And Supercharger; End-Use: Residential Charging Unit And Commercial Charging Station; And Power Supply Range: 3 To 22 KW, 22 To 60 KW, And >60 KW) – Global Forecasts to 2027,” published by Nova One Advisor , The global Smart EV Charger market gathered revenue around USD 2.0 Billion in 2020 and market is set to grow USD 37.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 31.65% during the prediction period 2021 to 2027.
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Smart EV chargers offer numerous benefits such as maximize the consumption of own-generated green energy, charges when the grid electricity is clean, offers low charging cost, faster charging, restricts the risks of overshooting the fuse, and avoids expensive fixed grid infrastructure costs. This is projected to propel the smart EV charger market during the forecast period.
Increase in investment by key OEMs in the development of smart EV charger and government initiatives to invest in the development and manufacture of electric vehicles offer significant opportunity for the market. Market for electric vehicles is expanding at a significant pace and investment at the early stage is significantly high for buses, as governments in most regions are investing a large amount in major cities in order to tackle carbon emission by two ways‒by boosting public transport and electrification. The demand for electric hatchbacks and crossovers is increasing in most developing and developed economies, except for those in North America. Recently, leading manufacturers, such as Volkswagen AG, have announced the launch of the electric version of their current hatchback models.
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Smart EV Charger Market Dynamics
In terms of connector type, the CHAdeMO segment accounted for a notable share of the global smart EV charger market. However, the combined charging system (CCS) segment is expected to gain market share by the end of the forecast period, owing to an increase in the demand for electric vehicles among consumers across the globe. The combined charging system (CCS) provides both AC and DC supply and offers a feasible solution for the charging station provider, which, in turn, is likely to enhance the use of combined charging system connectors across the globe. This, in turn, is estimated to propel the combined charging system (CCS) segment during the forecast period.
In terms of power supply range, the 22 to 60 kW segment dominated the global smart EV charger market, in terms of revenue, in 2020. Rise in number of public charging stations across the globe, owing to an increase in government support is likely to boost the 22 to 60 KW power supply range connectors segment. The 3 to 22 KW power supply range chargers have significant use for residential purposes and the > 60 KW segment held a major share of the global market, in terms of revenue, in 2020.
Higher investment for the development of smart EV charger, lack of awareness regarding electric vehicles, absence of standardization of EV charging, and rise in the demand for luxury and feature enabled vehicles are key factors that restrain the smart EV charger market across the globe.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Smart EV Charger market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Market Segmentation analysis:
Based on connector type, the combined charging system (CCS) accounted for a major share of the global smart EV charger market, in terms of revenue, in 2020. The segment accounted for more than 45.1% share of the market in 2020. Combined charging system connectors supports both AC and DC charging, and it allows AC/DC charging through the same port, while vehicles equipped with CHAdeMO connectors have a separate port for AC charging systems. This, in turn, is likely to propel the combined charging system (CCS) segment of the global smart EV charger market during the forecast period.
Based on end-use, the smart EV charger market has been bifurcated into residential charging unit and commercial charging station. In terms of revenue, the residential charging unit segment accounted for a major share of the global smart EV charger market in 2020. Residential charging unit offers convenience and universal compatibility of home charging stations, constant use and charging also reduce its capacity to hold power. It is recommended to have an almost full battery in order to slow down the degradation of the battery, rather than a few hour taps on a public charging station.
Based on region, the global smart EV charger market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global smart EV charger market. Asia Pacific has major presence of developed countries that are home to advanced research and development facilities for smart EV charger, which in turn is likely to enhance the use of smart EV charger across the region. The rise in demand for electric vehicles across the region is likely to increase the demand for charging stations and consequently, propel the demand for smart EV charger across the region. China held a major share of the market, in terms of revenue, in 2020. Major presence of electric vehicle manufacturers and major ongoing charging infrastructure development across China are also key factors boosting the demand for smart EV charger across the region.
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Recent report on the Smart EV Charger market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Smart EV Charger market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Smart EV Charger market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Smart EV Charger market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Smart EV Charger market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Smart EV Charger market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Smart EV Charger market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Smart EV Charger market is analyzed at both regional and country levels.
Some of the prominent players in the Smart EV Charger Market include: ABB, Juuce Limited., Alfen N.V., Bosch Automotive Service Solutions Inc., Efacec, Enervalis, OVO Energy Ltd., Schneider Electric., TESLA, and Wallbox Chargers, S.L.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Smart EV Charger Market, by Connector Type
- Combined Charging System (CCS)
- Smart EV Charger Market, by End-use
- Residential Charging Unit
- Commercial Charging Station
- Smart EV Charger Market, by Power Supply Range
- 3 to 22 kW
- 22 to 60 kW
- >60 kW
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Smart EV Charger market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Smart EV Charger market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Smart EV Charger market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Smart EV Charger market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Smart EV Charger are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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