Wired Electric Charging Market Forecast to Reach $35.8 Billion by 2026

(MENAFN- GetNews)

“Wired Electric Charging Market” Technological Advances in Wired EV Charging and Deployment of Smart Grid for EVs Driving the Growth of Wired Electric Charging Market

Wired Electric Charging market is forecast to reach $35.8 billion by 2026, growing at a CAGR 8.1% from 2021 to 2026. Wired charging requires metal communication between the electric vehicle supply unit (EVSE) and the battery charging inlet. Wired Electric Chargers provide a direct link to the electric vehicle supply equipment by a power cord attached to the wall outlet at one end and the vehicle inlet at the other end. They are common in architecture, they are easy and they have high performance. The growing need for energy-efficient vehicles is one of the key factors for growth in the market for the Wired EV charging infrastructure driving the use of on board battery chargers and off board battery chargers. In effort to reduce air emissions generated by diesel and coal engines, governments around the globe are promoting the usage of energy-efficient automobiles such as EVs. EV use would continue to reduce the global carbon footprint. Countries such as China, Norway, Iceland and Sweden have seen a significant growth in the selling of electric battery vehicles and all-electric clean vehicle technology Factors such as developments in electric car technology, improvements in charging facilities and improving socio-economic conditions are also projected to further boost demand for BEVs and PHEVs. Therefore, with the rising acceptance of BEVs and PHEVs, demand for wired EV charging stations would rise significantly over the forecast period.

Wired Electric Charging Market Segment Analysis – By Mode

During the forecast period the Mode 2 segment is expected to grow at a CAGR 10.2%. For cars that do not endorse Mode 1 charging. Mode 1 is banned in USA as it includes earth link which is not a standard feature of domestic electric plants in the USA. Mode 2 charging solves the issue by utilizing an inline electronics box in the center of the charging cord gets around this issue. This package emulates clever charge point contact and enables the cable to connect with the vehicle (instead of the charge point). Usually Mode 2 charging is defined as semi-fast or nominal charging. Mode 2 uses single phase supply for charging. This charging is mainly mounted at home, in public spaces and in shopping centres. It is commonly referred to as “chance charging” as operator of a car normally does this form of charging if they have the chance. This charging requires around 3 – 8 hours for full charge. This is cheap and most versatile option for charging and this is anticipated to help in the growth of this market.

Wired Electric Charging Market Segment Analysis – By Vehicle Type

During the forecast period Plug-in Hybrid EV is expected to grow at a CAGR 9.9%. Plug-in Hybrid Vehicle (PHV) is a car running on batteries, an internal combustion engine (IC Engine) and an electric motor. The substantial increase in the demand for plug-in hybrid cars can be related to reduced noise emissions, decreased gasoline usage and more. Furthermore, the production and manufacture of modern electric passenger cars is projected to fuel the growth of plug-in hybrid vehicles. Growing concern over environmental emissions and consumer’s high disposal income on the plug-in hybrid vehicle sector is assumed to benefit from the increasing demand for Light Motor Vehicle. Continuous advances in batteries and automotive control systems are expected to fuel PHV automotive development and growth of PHV vehicles would result in the growth of wired electric charging market.

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Wired Electric Charging Market Segment Analysis – By Geography

APAC currently dominates the global Wired Electric Charging market with a share of more than 36.5% in 2020. It is anticipated the APAC region should retain its domination over the sector throughout the forecast period. This is due to the rising stringency of emission norms in the region’s developing economies. The rise of the market share of wired EV charging stations is due to rising demand for EVs from countries such as China, Japan, India, Singapore, Thailand, and South Korea. Electric cars are starting to use high-end automotive models for wired charging. The benefit such as emissions control and effective usage of renewable energy has contributed to a strong demand for the industry for wired EV charging. With massive foreign investment coming from major car manufacturers, the Asia Pacific has seen huge investments over the last few years. The availability of cheap labor, infrastructural development along with subsidized government policies to improve the car manufacturing sector were a few major regions that decided Asia Pacific’s high growth in the wired EV charging industry.

Wired Electric Charging Market Drivers

Technological Advances in Wired EV Charging

While the use of EVs is growing, some of the major companies are focused on creating improved charging technologies. The growing need for quick and efficient charging systems for different EVs has increased the need for better technically fitted wired EV charging stations. The growing focus on reducing the charge time for EVs has increased the adoption of fast charging. Factors such as the increase in the adoption of renewable energy EV charging stations and the ongoing production of new technologies would have a direct effect on the growth of the market value of wired electric charging during the forecast period.

Deployment of Smart Grid for EVs

Smart grids enable the broader implementation of variable energy technology which provide users with real-time information on load demands which resource quality. They also provide grid technologies such as smart energy meters, data collection and supervisory control (SCADA) systems. Countries such as China, the US, India, Spain, Germany and France are aggressively participating in smart grid implementation for EVs. Many guidelines for implementing smart grids for EVs have been established by organizations such as the International Electromechanical Commission (IEC) and the Institute of Electrical and Electronic Engineers (IEEE). Those innovations would affect positively the growth of wired electric charging market. Growing number of launches in the field of EV charging solutions and the production of vehicle to grid infrastructure for decentralized power generation would further fuel market growth during the forecast period.

Wired Electric Charging Market Challenges

Safety Issues in Changing Climate

Although wired electric charging system is normal, due to problems with sloppy wires and safety concerns in the humid environment, this device has major drawbacks. These issues can be overcome by charging the vehicle’s batteries without wires and this device is known as Wireless Power Transmission (WPT). This problem is likely to obstruct demand growth for wired electric charging market.

Wired Electric Charging Market Landscape

Technology launches, acquisitions, and R & D activities are key strategies adopted by players in Wired Electric Charging Market. Wired Electric Charging Market is expected to be dominated by major companies such as Tesla, ABB, Siemens, Continental AG, Robert Bosch GmbH, Qualcomm Inc., Toyota Motor Corporation, Leoni AG, TE Connectivity, BESEN Group, Aptiv , Phoenix Contact, Coroplast.

Acquisitions/Technology Launches

In March 2019, Tesla announced the next phase in Tesla’s Supercharger network expansion, V3 Supercharging. Built from Tesla’s expertise of developing the world’s biggest grid-connected battery, V3 helps cars to charge more easily than any other electric vehicle on the road today.

In Aug 2019, ABB launched its DC Wallbox for electric vehicle (EV) charging at the Cenex LCV event at Millbrook.

Key Takeaways

Factors such as advances in electric car technology, better charging infrastructure and improving socio-economic conditions are expected to further boost demand for EVs which will enhance demand for wired EV charging stations over the forecast period.

Mode 2 Charging takes around 3-8 hours for complete charging. It is the cheapest and most flexible charging choice and is anticipated to help this market grow.

Continuous developments in batteries and automotive control systems are projected to drive the production of PHV automotive and growth of PHV automobiles will result in wired electric charging market growth.

It is expected that over the projected period the APAC region will maintain its supremacy over the market. This is due to the growing stringency of the pollution norms in the emerging economies of the region.

Growing the number of launches in the field of EV charging solutions and the production of vehicles to grid infrastructure for decentralized electricity generation will further boost the market during the forecast period.

Wired electric charging device has a significant drawback owing to sloppy wiring issues and safety problems in the wet atmosphere

Related Reports

A. Electric Vehicle Charging Services Market

B. Wireless Electric Vehicle Charging (WEVC) Market

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