DUBLIN, Nov. 2, 2023 /PRNewswire/ — The “Global Low Voltage Charger Market (by Product Category, Type, End Use, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global low voltage charger market is set to witness substantial growth, with a projected value of US$1.15 billion by 2023, demonstrating a robust Compound Annual Growth Rate (CAGR) of 2.91% during the forecast period.
Understanding Low Voltage Chargers
Low voltage chargers are designed to charge, recondition, and maintain 12-24V starting, lighting, ignition, and service batteries (SLI and SB). These batteries find applications not only in automobiles but also in motorcycles, leisure boats, recreational vehicles, and more. The market is expected to expand in the coming years due to the growing demand for electric vehicle supply equipment and increasing urbanization.
- By Product Category: The global low voltage charger market is segmented into two product categories: non-premium low voltage charger and premium low voltage charger. The non-premium low voltage charger segment currently holds the majority share in the market. However, the premium low voltage charger segment is expected to exhibit significant growth in the coming years, driven by the expansion of the fleet vehicle business worldwide.
- By Type: Within the premium low voltage charger market, there are five segments based on type: regular cars, workshops, motorcycles, enthusiast cars, and others. Currently, the regular cars segment leads the market, followed by workshops and motorcycles. Consumers play a substantial role in driving demand for regular cars, thereby increasing the market value of regular car low voltage chargers globally.
- By End Use: The market is divided into two end-use segments: consumers and professionals. While the consumers segment currently holds the largest share in the market, the professionals segment is expected to grow at a significant CAGR in the coming years due to technological advancements and a heightened focus on sustainable development.
The global low voltage charger market is analyzed across four regions: North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America comprises the US, Mexico, and Canada, while Europe includes the UK, Germany, France, Italy, Spain, and the Rest of Europe. The Asia Pacific region consists of China, Japan, South Korea, India, and the Rest of Asia Pacific. Europe currently holds the largest share in the market, driven by the increasing adoption and registration of electric vehicles in the region. Germany leads the European market, reflecting a rising demand for electric vehicles. In North America, the US dominates the market due to growing environmental concerns.
Top Impacting Factors
- Rising Number of Ride-hailing Fleet Vehicles
- Rising Sales of Smartphones
- Decline in Price of Lithium-ion Batteries
- Rising Demand for Electric Vehicle Supply Equipment
- Lack of Standardization in Charging Infrastructure
- Challenge of Charging Station Financing and Ownership
- Rising CO2 Emission from Transportation Sector
- Rising Trend of Recreational Vehicles (RV)
- Reducing Cost of Electric Vehicle (EV) Batteries
Rising Number of Ride-hailing Fleet Vehicles: The ride-hailing industry is on track to overtake traditional taxi services in the coming years. Ride-hailing companies are raising investments to enhance their technology and service offerings, leading to an expansion of their vehicle fleets, with a major focus on electric vehicles (EVs). This surge in fleet vehicles, particularly EVs, is driving the consumption of various battery types, thereby promoting the growth of the global low voltage charger market.
Lack of Standardization in Charging Infrastructure: Establishing a robust EV charging infrastructure is essential for the widespread adoption of electric vehicles. Standardization of charging technology has become a central concern in the development of the electric vehicle concept, given the size of the market and the variations in charging loads. The lack of industry-wide standards for EV charging is a hindrance, leading to slow manufacturing and longer lead times for charger companies.
Rising CO2 Emissions from the Transportation Sector: The transportation sector is a significant contributor to greenhouse gas emissions worldwide. To combat rising CO2 emissions, governments across various nations are initiating measures to accelerate the adoption of electric vehicles. Electric vehicles, powered by electric motors and devoid of emissions, are gaining popularity, driven by the promotion efforts of auto companies, which is expected to boost the global low voltage charger market.
Impact of COVID-19
The COVID-19 pandemic disrupted the low voltage charger market, as mobility rates declined during lockdowns, affecting consumer purchasing behavior towards automobiles. The electric vehicle segment was adversely impacted due to government restrictions on production activities and manufacturing facility closures. This, in turn, hampered the trading of auto parts, negatively affecting the global low voltage charger market.
Analysis of Key Players
The global low voltage charger market, though relatively small, is emerging rapidly due to the increasing penetration of electric vehicles worldwide. Key players in the market include:
- Tesla, Inc.
- ABB Group
- Siemens AG
- Schumacher Electric
- Robert Bosch GmbH
- Victron Energy
For more information about this report visit https://www.researchandmarkets.com/r/ha9d1n
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SOURCE Research and Markets