We brought you the news yesterday that the worldwide electric vehicle (EV) industry is predicted to reach $1,869 billion by 2030. Following this ResearchAndMarkets.com have revealed their predictions for EV charging adapters.
The global market for electric vehicle charging adapters estimated at $404.1 million in 2022, is projected to reach a revised size of $5.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 37.9% over the analysis period 2022-2030.
AC Charging, one of the segments analysed in the report, is projected to record 35.4% CAGR and reach $3.6 billion by the end of the analysis period in 2030. Taking into account the ongoing post pandemic recovery, growth in the DC charging segment is readjusted to a revised 45.3% CAGR for the next eight-year period.
The main competitors in the charging adaptor market and predictions are outlined below:
Select Charger Competitors in the Market
- ABB Group
- AddEnergie Technologies Inc.
- AeroVironment, Inc.
- ChargePoint, Inc.
- Delphi Automotive PLC
- Eaton Corporation PLC
- EFACEC Group
- Leviton Manufacturing Co., Inc.
- POD Point
- Robert Bosch GmbH
US Market Estimated at $118.2 Million While China Forecast to Grow 36.3%
The EV charging adapters market in the US is estimated at $118.2 million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of $869.5 million by the year 2030 trailing a CAGR of 36.3% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 34.5% and 32.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 26.3% CAGR.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war’s role in creating global instability means that the trouble on the inflation front is not over yet.
Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession.
Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
While it’s currently a tough time economically around the globe, the electric vehicle charging adapter charging market is expected to grow considerably as the transition to electric vehicles continue rise at a rapid rate.