Global Low Voltage Charger Market (by Product Category, Type, End Use, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Global Low Voltage Charger Market (by Product Category, Type, End Use, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Market Insight:

Low voltage chargers are used to charge, recondition, and/or maintain 12-24V starting, lighting, ignition, and service batteries (SLI and SB). These batteries are utilised not just in automobiles, but also in motorbikes, leisure boats, and recreational vehicles.

The market would expand in the approaching years due to increased demand for electric vehicle supply equipment and expanding urbanization. The global low voltage charger market is projected to reach US$1.15 billion by 2023, witnessing growth at a CAGR of 2.91%, during the forecasted period.

Segment Covered:

• By Product Category: On the basis of product category, the report provides the bifurcation of the global low voltage charger market into two segments: non-premium low voltage charger and premium low voltage charger. The non-premium low voltage charger segment held maximum share in the market. On the other hand, the premium low voltage charger segment is expected to grow at a significant CAGR in the forthcoming years owing to growth in the fleet vehicle business around the world.
• By Type: In terms of type, the report provides the bifurcation of the low voltage charger market into five segments: regular cars, workshops, motorcycles, enthusiast cars and others. The regular cars segment held a major share in the market. This was being followed by workshops and motorcycles. Customers hold a significant share in the regular cars market, which would generate demand for maintenance as well as portable chargers, and thereby would add to the market value of regular cars low voltage chargers worldwide.
• By End Use: According to the end use, the report provides the bifurcation of the market into two segments: consumers and professionals. The consumers segment held largest share in the market, whereas the professionals segment is expected to grow at a significant CAGR in the forthcoming years owing to technological advancements and rising focus on sustainable development.

Geographic Coverage:

The report provides insight into the low voltage charger market based on the geographical operations, namely North America, Europe, Asia Pacific and rest of the world. The countries covered in North America region are the US, Mexico, Canada, while Europe includes UK, Germany, France, Italy, Spain and Rest of Europe. Moreover, China, Japan, South Korea and Rest of Asia Pacific are included in the Asia Pacific region.

Europe held the largest share in the market, owing to rising electric vehicle adoption and registration in this region. Within Europe, Germany is leading the market, due to increasing demand of electric vehicles. Whereas, in the North America region, the US is dominating the market due to growing environmental concerns.

Top Impacting Factors:

Growth Drivers

• 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

Challenges

• Lack of Standardization in Charging Infrastructure
• Challenge of Charging Station Financing and Ownership

Trends

• Rising CO2 Emission from Transportation Sector
• Rising Trend of Recreational Vehicles (RV)
• Reducing Cost of Electric Vehicle (EV) Batteries
• Driver: Rising Number of Ride-hailing Fleet Vehicles

Ride-hailing is anticipated to takeover the conventional taxi over in coming years. Several ride hailing companies are raising funds from investors with an aim to improve their technology and provide better services to its customers. Such companies are expanding their fleet of vehicles in order to increase the chances of maximum growth. In recent years, passenger preferences for utilizing ride-hailing services across the developing countries, such as India, China, Vietnam, etc., have increased. As a result of the rising number of fleet vehicles, with major focus on EV, the consumption of various types of batteries is rising, which is promoting the growth of the global low voltage charger market.

• Challenge: Lack of Standardization in Charging Infrastructure

Creating a robust EV charging infrastructure is one of the key requirements to ensure the adoption of electric vehicles (EVs). Standardization of charging technology has emerged as the focal point for development of the electric vehicle concept, considering the size of the market itself and the variation in charging loads. To promote electric vehicles, it is crucial to have charging infrastructure standards that are both practical and applicable. However, companies are failing to set standards for EV charging due to the involvement of lengthy legal procedures. This implies that there is no limits and standards at EV charging stations regarding the charging systems. As a result of this, OEMs and EVSE providers are unable to focus on the production of just one type of product, which is leading to slower manufacturing and more lead times for charger companies and thereby hindering the growth of the global low voltage charger market.

• Trend: Rising CO2 Emission from Transportation Sector

The transportation sector is one of the largest contributors to greenhouse gas emissions in the world. With the growing concerns towards the rise in CO2 emissions, governments across different nations are taking a number of initiatives to accelerate the adoption of electric vehicles. an electric vehicle uses an electric motor powered via a continuous supply of current; hence, it does not create any pollutants. As a result of this, electric vehicle are becoming popular among people because auto companies are promoting them using various approaches, which is eventually likely to help in the growth of the global low voltage charger market.

The COVID-19 Analysis:

The outbreak of the COVID-19 pandemic caused disruption in low voltage charger market. As people were restricted to step out of the home, the mobility rate declined during the lockdown period, which impacted the purchasing behavior of consumers towards automobiles. Further, the electric vehicles segment has been adversely impacted due to the government restriction on production activities and closure of manufacturing facilities. As a result of this, OEMs and auto dealers faced difficulties in trading auto parts, which negatively impacted the market value of low voltage charger globally.

Analysis of Key Players:

The global low voltage charger market is a small but emerging market, due to the rising penetration of electric vehicles worldwide. The key players in the global low voltage charger market are:

• Tesla, Inc.
• ABB Group
• Siemens AG
• Schumacher Electric
• CTEK
• NOCO
• Robert Bosch GmbH
• DEFA
• GYS
• Victron Energy

Some of the strategies among key players in the market for low voltage charger market are mergers, acquisitions, and collaborations. For instance, in 2022, CTEK announced that uniPark, Lithuania’s largest parking operator, has installed 40 CTEK CHARGESTORM CONNECTED 2 charge points in the underground car park at the K29 business centre in Šnipiškės, having invested near US$97 thousand in equipment and infrastructure. Whereas, DEFA secured agreements with all major OEMs, and launched their line of no-idle charging and heating systems in Canada"