The increasing sales of electric vehicles and the rising government support to propel the adoption of electric vehicles are primarily driving the growth of global wallbox electric vehicle charger market.
According to TechSci Research report on, “Wallbox Electric Vehicle Charger Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global wallbox electric vehicle charger market is anticipated to witness robust CAGR over the forecast period 2023-2027. The market growth can be attributed to the increasing sales of electric vehicles, which has accentuated the need for wallbox electric vehicle chargers. The electric vehicle manufacturers are investing heavily in electric vehicle charging tools and infrastructure to offer efficient charging systems. Moreover, the cost of maintaining electric vehicles is lower than the traditional petrol/diesel cars. Apart from this, the depleting non-renewable resources are adding to the need for electric vehicles. In addition, with the rising carbon footprints from the conventional ICE combustion vehicles, the governments of several nations are introducing favorable initiatives to proliferate the adoption of electric vehicles and home wallbox charger units to curb the emission levels. Vehicles are the primary contributor to air pollution as they generate significant amounts of particulate matter, nitrogen oxide, and carbon monoxide. The growing adoption of electric vehicles will help in curbing greenhouse gases and carbon emissions along with saving non-renewable resources. Besides, the electric vehicle wallbox charger facilitates safer charging because these chargers automatically test the connection between the car and the device before starting the charging event. Moreover, safety can be increased with dynamic load management if there are multiple charging points in the same property. Additionally, the wallbox electric vehicle charger enables much faster charging. For instance, electric cars with an average battery capacity of 55kWH need to be connected to the electric vehicle charger for approximately 24 hours to be charged from the minimum level to the maximum level. As a result, the global wallbox electric vehicle charger market holds a huge potential and is anticipated to grow at a rapid pace in the coming years.
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The global wallbox electric vehicle charger market is segmented by product type, end use, competitive landscape, and regional distribution. Based on the product type, the market is bifurcated into AC type 1 wallbox charger and AC Type 2 wallbox charger. Among these, the AC Type 2 wallbox charger segment is anticipated to hold a significant market share. This type of charger is considered to be the most versatile and cost-effective electric vehicle charger. The type-2 charger has both single-phase (7.4 KW) and three-phase (22KW) variants. AC type 2 charger provides power to the onboard charger of the vehicle, which helps in converting the AC power to DC power and recharging the battery. Type-1 wallbox charger features a single-phase plug and can charge up to 7.4 kW, whereas Type 2 wallbox charger is a triple-phase plug and can charge at a level of up to 43 kW. Moreover, the type 2 charger has become a standard charger from 2018 onwards, particularly for vehicles across Europe and Asia.
By end user, the market is divided between residential and commercial. Among these, the residential segment is projected to hold a considerable market share over the forecast years. This is primarily because the procedure of installing a wallbox charger in a commercial space is more complex than the residential locations. A commercial installation requires permits, community guidelines, electrical source or metering, zoning requirements, and inspection fees. As a result, the number of wallbox electric vehicle chargers is more in the residential segment as compared to the commercial segment.
A list of major market players of the global wallbox electric vehicle charger market includes:
- Wallbox AB
- E-Station
- BJA trading group (Sevadis)
- Enel X S.r.l.
- Lectron electric vehicle.
- LUAO
- ChargePoint
- United Chargers Inc.
- Enphase Energy, Inc. (Clipper Creek)
- Tesla Inc.
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“Governments of various nations are offering subsidies, rebates, fixed quotas, and tax exemptions to electric vehicle manufacturers in order to increase the adoption of electric vehicles. This eventually is augmenting the need for wallbox electric vehicle chargers. Moreover, stringent regulations by the concerned authorities regarding vehicle emissions have pushed consumers to opt for electric vehicles. Apart from this, the leading market players are increasingly introducing technologically advanced products, which is providing a thrust to the market. For instance, KEBA has recently launched 1.9.2 wall box software which will have OCPP 1.6 control options via web interface. New market players are advised to introduce chargers that match the standards set by the government. Also, offering the installation of wallbox electric vehicle chargers at a low cost can be a viable strategy to attract a larger customer base, which is expected to boost the growth of the global wallbox electric vehicle charger market.” said Mr. Karan Chechi, Research Director, TechSci Research, a research based global management consulting firm.
“Wallbox electric vehicle charger Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Product Type (AC Type 1 Wallbox Charger, AC Type 2 Wallbox Charger), By End Use (Residential, Commercial), By Region (North America; Europe; Asia Pacific; Rest of the World) and By Region” has evaluated the future growth potential of global wallbox electric vehicle charger market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global wallbox electric vehicle charger market.
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