Electric Vehicle Charger Market Growth at 29.38% CAGR to 2020 Driven by Governments Incentives and Subsidies

22 Mar, 2016, 08:30 ET from ReportsnReports

PUNE, India, March 22, 2016 /PRNewswire/ --

The global electric vehicle charger market report analyzes that manufacturers are focusing on developing charging infrastructure, while reducing charging time and cost. For instance, Envision Solar has invented a portable solar-powered parking space called the EV ARC (Electric Vehicle Autonomous Renewable Charger). This 9/16-foot structure consists of a parking pad and a canopy of solar panels that can charge a 21.6-kWh battery.

Complete report on electric vehicle charger market spread across 67 pages, analyzing 5 major companies and providing 39 data exhibits is now available at http://www.reportsnreports.com/reports/508994-global-electric-vehicle-charger-market-2016-2020.html

The analysts forecast global electric vehicle charger market to grow at a CAGR of 29.38% during the period 2016-2020. Incentives and subsidies provided by governments and regulatory bodies have been driving the growth of the global electric vehicle charger market. Governments of many countries have extended financial incentives to electric vehicle buyers depending on the size of the batteries.

Emerging trends such as wireless charging are expected to aid the electric vehicle charger market growth in the coming years. Wireless technology has become the main focus area for the electric vehicle and PHEV manufacturers because of its convenience. It also helps manufacturers differentiate their products. Wireless charging also facilitates charging on the go, which is expected to increase the sale of electric vehicles. For instance, in Gumi, South Korea, electric buses are charged through in-road wireless chargers. Order a copy of Global Electric Vehicle Charger Market 2016-2020 report @ http://www.reportsnreports.com/purchase.aspx?name=508994

The residential segment accounted for the major share of the market during 2015 and is expected to retain its market leadership until the end of 2020. Market players that cater to this segment follow economies of scale approach. Although these chargers are largely dominant by AC technology, a gradual adoption of advanced DC and wireless technology in this segment is expected to occur during the forecast period.

During 2015, the Americas dominated the electric vehicle charger market, accounting for more than 43% of the market share. The market in the Americas is mainly driven by federal efforts to reduce the dependence on oil and related products. These commitments, subsidies, and incentives provided by governments are expected electric vehicle charging infrastructure is expanding at a fast pace with investments from both the automotive industry and governments. North America is the market leader in this region.

The electric vehicle charger market is fragmented with the presence of many international and regional players. The competitive environment in this market is expected to intensify further with the growing demand for electric vehicles in the coming years. New charging technologies like solar and wireless are anticipated to play a critical role in defining the competitive scenario of this market during the forecast period.

key players in the global electric vehicle charger market: ABB Ltd., Leviton Manufacturing Co. Inc., Plugin Now (Bosch Group), Evatran Group (Plugless), and Siemens AG. Other prominent vendors in the market are: AddÉnergie, AeroVironment, Delphi Automotive, and POD Point.

Further, the electric vehicle charger market report states that infrastructure plays a crucial role in the sale of electric and PHEV vehicles. Finding charging infrastructure remains the primary challenge for electric vehicle owners.

Another related report is Global Wireless Chargers Market 2016-2020, the analysts forecast global wireless chargers market to grow at a CAGR of 33.14% during the period 2016-2020. Increased adoption of wireless EV charging will propel the growth of the market during the forecast period. A surge in the use of power-intensive applications in electronic devices necessitates the need for wireless technology to frequently charge these devices. Browse complete report @ http://www.reportsnreports.com/reports/509027-global-wireless-chargers-market-2016-2020.html

Key players in the global wireless chargers market: Duracell Powermat, Fulton Innovation, Qualcomm and WiTricity. Other prominent vendors in the market are: Anker, Delphi automotive, Energizer holding, Kube Systems, LS Cable & System, Oregon Scientific, PowerbyProxi, Pure Energy Solutions, Samsung Electronics, Texas Instruments, Wisepower and Leggett and Platt.

Explore more reports related to electric vehicle market at http://www.reportsnreports.com/tags/electric-vehicle-market-research.html  

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