Global Electric Vehicle Charging Adapter Market Size - Segmented by Charger Type, Propulsion Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)

The global electric vehicle charging adapter market is expected to grow at a CAGR of 50.21% during the forecast period, 2018-2023, owing to the growing electric vehicle sales.

With the electric vehicle sales growth across the globe, different adapters for EV charging have been evolving over the period. Manufacturers follow the standards of the respective regions to meet compatibility with the availability of the type of charging power sources, i.e., AC and DC. In Europe, most of the EV adapters follow IEC 62196 standards, while in North America it is mainly SAE J1772.

Increasing Investment in the Development of EV Charging Station
Governments, automakers, EV charging equipment manufacturers, technology companies, etc. have significantly invested in developing EV charging stations to support the growing EV sales. The trend of investment began with the oil and gas companies trying to sustain their business with the changing trends in the automotive industry. Deployment of EV charging facilities in gas stations is one of the crucial strategies of the oil and gas companies in the current market scenario. Among oil and gas companies, BP and Shell have started collaborating with electric charging network operators to capture the growing demand for EV charging facility in the potential markets of Europe and North America.

Increasing Demand for Quick Charging of EVs
Quick charging of EV has been achieved by DC fast charging facilities. Thus, DC charging stations have been experiencing a rapid increase across the countries, especially in Europe and Japan compared to North America and other Asian countries. ChAdeMo Combined Charging System (CCS) and Tesla Supercharger are the prominent suppliers of fast charging adapters in the EV market. With DC fast charging equipment, an EV battery can charge 80% of its capacity in just 20-30 minutes. Therefore, along with the increasing electric vehicle sales, the need for quick charging equipment is also likely to increase the demand for DC chargers during the forecast period.

Key Developments in the Electric Vehicle Charging Adapter Market
Jun 2018: Tesla Supercharger has successfully installed about 10,000 Supercharger across 1,261 Supercharger Stations across the world.
Jan 2018: BP has invested USD 5 million in FreeWire, a US based electric vehicle charging company, to capture the growing electric vehicle demand and provide rapid charging facility at its retail sites in the United Kingdom and Europe.

Electric Vehicle Charging Adapter Market Major Players: Robert Bosch GmbH, Chargepoint, Pod Point, Aptiv PLC, and Efacec among others

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