March 07, 2022 13:42 ET | Source: Facts & Factors Facts & Factors
LONDON, UK, March 07, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “EV Charging Adapter Market By User Type (Battery EV, Plug-in Hybrid EV, Fuel Cell EV, and Others), By Product Category (DC Fast, AC Level 1, and AC Level 2) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global EV Charging Adapter Market size & share was valued at around USD 320.24 Million in 2021 and is estimated to grow to about USD 4345.80 Million by 2028, with a compound annual growth rate (CAGR) of approximately 40.76% over the forecast period 2022 to 2028.”
The study examines the market's drivers, restraints, and challenges, as well as the impact they have on-demand throughout the forecast period. The paper also looks at new potential in the Electric Vehicle (EV) charging adapter market, as well as production, market share, key segments, and regional analysis (such as North America, South America, Europe, Asia-Pacific and Middle East & Africa.)
What is EV Charging Adapter? How big is the EV Charging Adapter Market?
Electric Vehicle (EV) adapters function as an EV coupler with the charging pole of the station, allowing power to be transmitted. The adapters aid in the connection of an EV's battery to the charging station's charging point. The electrical standards of EV connections are intended to be in sync with the properties of the battery supplied in an Electric Vehicle (EV).
The main goal of introducing the EV charging adapter is to save non-renewable energy sources by adopting energy conservation measures that safeguard the environment from pollution caused by fuel vehicles, as electric vehicles do not release hazardous gases. This advancement in the automobile business is a revolution; these electric vehicles are both eco-friendly and cost-effective. The idea of electric vehicles supports an environmentally friendly society; it will also rescue the ecosystem from global warming.
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Our Free Sample Report Includes:
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Some of the main competitors dominating the global EV charging adapter market are;
Key questions answered in this report:
Key Insights & Findings from the report:
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Global EV Charging Adapter Market: Growth Factors
The fact that electric vehicles do not require non-renewable energy sources is the key growth driver of the global EV charging adapter market. There is an increasing understanding of the importance of maintaining an eco-friendly ecosystem in order to safeguard the environment against dangerous gases and thereby prevent global warming. Electric vehicles are more cost-effective than gasoline vehicles; the rising cost of gasoline is driving market demand for electric vehicles, as the cost of charging electric vehicles is lower when compared to fuel expenditures.
This, in turn, is expected to raise the EV charging adapter market. However, since the manufacturing cost of electric vehicles is very high, and production is low, companies are unable to achieve economies of scale. While charging, electric automobiles take a long time. These aspects are predicted to stifle market expansion.
In the last 2 years, almost every industry in the world has suffered a setback. This is subject to rapid impediments in their separate processes and supply markets as a result of several preventive lockdowns and other constraints placed by governmental authorities all over the world. The same is relevant for the global EV charging adapter market. Furthermore, consumer preference has subsequently been lowered as people are now more focused on decreasing unessential expenditures from their separate budgets as the overall economic situation of most people has been adversely impeded by this pandemic. These factors are likely to weigh on the revenue profile of the global EV charging adapter market throughout the forecast period.
Global EV Charging Adapter Market: Report Scope
Electric Vehicle (EV) Charging Adapter Market: Segmentation Analysis
The global EV charging adapter market is segregated on the basis of user type, product category, and region.
By user type, the market is divided into battery EV, plug-in hybrid EV, fuel cell EV, and others. Each of these EVs is popular and in high demand, but the plug-in hybrid EV segment is predicted to have a significant market share. By product category, the market is classified into DC fast, AC level 1, and AC level 2. The AC Level 1 Charger has the biggest market share due to its cost-effectiveness characteristic; it has a minimal charging cost and is compatible with standard fitments in PEVs.
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Asia Pacific region is expected to have the largest share in the global EV charging adapter market. The region is home to some of the world's fastest-growing economies, including India and China. Due to government assistance in the form of subsidies, grants, and tax refunds, as well as continuously developing charging infrastructure in nations such as China and Japan, the Asia Pacific region is the greatest market for EV. As a result, the EV charging station would expand, prompting the need for EV adapters.
The primary elements that have contributed to the Asia Pacific being the fastest-growing market are the continuous improvement of charging stations and the expansion of vehicle range. Furthermore, the rising levels of pollution in economies such as China and Japan have spurred the need for low-emission vehicles in such countries, resulting in a massive demand for EV and EV charging stations.
Browse the full “EV Charging Adapter Market By User Type (Battery EV, Plug-in Hybrid EV, Fuel Cell EV, and Others), By Product Category (DC Fast, AC Level 1, and AC Level 2) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/ev-charging-adapter-market
The global EV charging adapter market is segmented as follows:
On the basis of User Type, the market is segmented into:
On the basis of Product Category, the market is segmented into:
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