Electric Vehicle Charger Market is To Witness High Growth Owing Demand up to 2028

 

Electric Vehicle Charger

The impact of COVID-19 on the world has been unprecedented and astounding, and the pandemic has had a detrimental effect on demand for wireless charging for electric vehicles (EV) in every region. According to our data, the global market showed a 4.12% fall in 2020 compared to the average annual growth between 2017 and 2019. When the pandemic is finished, this Electric Vehicle Charger Market demand and growth will resume to pre-pandemic levels, which will explain the increase in CAGR.

Electric vehicle wireless charging has a number of benefits, including convenience, efficiency, and beauty. Electric vehicle wireless charging is still in its infancy as of right now. The Electric Vehicle Charger Market is expected to be driven by quick technical advancements, an increased emphasis on research and development (R&D) activities, and strict emission regulations.

Furthermore, unlike wired electric car charging stations, wireless charging for electric vehicles involves sending energy wirelessly from a power source to a vehicle. Wireless electric vehicle charging is anticipated to grow in popularity over the next several years since it is dependable, practical, and long-term cost-effective.

Electric car wireless charging has been suggested for future electric highway lanes and is anticipated to be appealing for some vehicle types with established routes, such as public buses. For instance, the state of Michigan's government began a pilot project in September 2021 to construct a wireless charging route for EVs in Metro Detroit. Similarly to this, Sweden has tested wireless electric roadways for trucks and buses with success. Consequently, these projects are crucial in advancing the Global Electric Vehicle Charger Market.

Due to the COVID-19 issue, which caused lockdown in some nations and limited EV production, the global auto part and car manufacturing industries were experiencing a slowdown in 2020. Significant changes have been made to the demand for EV charging infrastructure. Because of widespread lockdowns and governmental limitations, significant investments in the construction of electric vehicle charging infrastructure have been put on hold.

The COVID-19 pandemic has also had an effect on the functioning of certain significant businesses, including Tesla, Inc., Daimler AG, BMW AG, Kia Motors Corp., and Nissan Motor Co. The majority of these players have stopped producing EVs and are instead concentrating on producing personal defence devices. The demand for Electric Vehicle Charger Market has marginally increased as a result of the gradual lifting of lockdowns in a number of nations, and this is anticipated to drive the market from 2022 to 2028.

Major players operating in the Electric Vehicle Charger Market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point.

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