Electric Vehicle Charging Adapter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Electric Vehicle Charging Adapter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Electric Vehicle Charging Adapter Market was valued at USD 405.69 million in 2021 and is expected to surpass a net valuation of USD 2,481.03 million by 2027 end, registering a solid CAGR growth of 35.23% during the forecast period.

The COVID-19 pandemic had a mixed impact on the market as initial lockdowns resulted in a slowdown of demand, the ease in restrictions spurred demand for electric vehicles across the world creating a positive outlook for the charging adapter market. Despite the impact of the COVID-19 pandemic, electric vehicle sales are registering notable growth over recent years. For instance, global EV sales were marked at 8.97 million units in 2021, which was significantly higher compared to the sales figure in 2020. The volume includes all segments, including passenger vehicles, light commercial vehicles, light trucks, and all propulsion types.

Over the medium term, the adoption of electric vehicles is expected to increase notably due to factors such as environmental concerns and stricter government norms to reduce air pollution. In addition, growing investments in electric vehicles and associated electric vehicle charging equipment, specifically in Europe and North America, expected to enhance overall market growth. such trends in market to enhance overall demand in the market during the forecast period.

The fluctatuations in raw material prices and lack of proper charging infastructure expected restrain electric vehicle charging adapter market during the forecast period. However, the market is not limited to only Battery-electric vehicles. For instance, a Plug-in hybrid doesn't necessarily need an expensive charger, as opposed to fully electric cars. Chevrolet Volt or Nissan Leaf do not require a substantial investment compared to fully battery-electric vehicles.

Players in the market are carrying out strategic partnership and launch to elevate the demand for electric vehicle charging adapters globally as various key OEMs are encouraged to offer home chargers, wall chargers, etc. for long term rentention of brand value and its customers. For example, In July 2022, Siemens and ConnectDER partnered to provide homes with plug-in adapters for charging their electric vehicles. The setup includes a meter socket and plug-in adapter which shall reduce electricity consumption by 60-80% cumulatively.

North America and Europe expected to be the key leaders of the market. In North America and Europe, there is already a high level of demand for electric vehicles, because of government regulations and initiatives, these regions are expected to constantly be the leaders of this market. Further, Asia-Pacific region also expected to witness significant growth during teh forecast period as this region expected to see huge surge in adoption of EVs supported by developments in key countries like China, India, Singapore, and other ASEAN countries.

Key Market TrendsGrowing Popularity of Home EV Charger is Driving the Electric Vehicle Charging Adapter Market

Installing home EV chargers is becoming popular amongst owners living in areas with underdeveloped charging infrastructure or are away from public charging ports. EV chargers at home can also be convenient as one can charge anytime, they want and not wait in a line for using public chargers that are occupied.

However, home chargers are expensive and hinder the growth of the home EV charging adapter market. However, available rebates, tax credits, and other incentives may make installing a home EV charger worth the investment. As a result, EV Charging Adapter will also see an increase in demand.

Home Charging adapters will see a significant boost with newer types of home chargers entering the market. For instance, ChargePoint offers Level 2 home chargers that can charge up to 50 amps, adding up to 60 km per hour on most electrified vehicles. These are enabled with WiFi and are available in either hardwired or plug-in versions, with a choice of a NEMA 14-50 plug or a NEMA 6-50 plug. Both options feature a 23-foot-long cable. The ChargePoint Home charger also works with Alexa and can be controlled remotely with an Alexa device. Schedule charging when electricity is cheapest, and setting reminders to plug in the vehicle are a few of the options provided by the app.

In Addition to this, several charging adapter manufacturers have introduced the home electric vehicle charging network to boost the demand. For instance:

• In August 2022, Sunrun who is Ford’s official charging partner recently launched a home EV charger for homes to easily charge electric vehicles. It is equipped with a 40-amp Level 2 EV charger which is compatible with all EV models. In addition, this charger also offers customers to configure its settings and control charging.
• In July 2022, Under the initiatives of Zero Emission Vehicles in Ireland, the government announces a number of new subsidies and initiatives to support the transition to electric vehicles. The government also backed the expansion of the home charger grant, allowing tenants and homeowners to qualify for a subsidy who own an EV.

Considering these developments and government initiatives, demand for home chargers is expected to witness a high growth rate during the forecast period.

Europe has the Largest Share in Electric Vehicle Charging Adapters Market

The Europe region currently dominates the electric vehicle charging adapters with the Netherlands, Germany, France, and the United Kingdom has the largest electric vehicle charging infrastructure. This is due to the higher adoption of EVs and rising sales in the region.

Despite Covid-19, the region witnessed improved growth in terms of electric vehicles. for instance, in 2020, many European countries witnessed a double-digit growth rate in EV sales. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units, compared to 2.26 million in 2019. This spike in sales is the result of an increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emissions vehicles.​

Major European automotive manufacturers are heavily investing in the manufacturing of electric vehicles and related charging infrastructure. For instance, Volkswagen Group is investing strongly in electric vehicle charging adapters. The group plans to invest around EUR 60 billion in development, including areas of adapters, hybridization, and electric mobility between 2020 and 2024.

Governments’ initiatives and investments to enhance electric vehicle charging growing steadily over the past few years and are expected to increase in the coming years. Owing to the demand for charging infrastructure, several companies are also investing in installing chargers throughout major countries worldwide. For instance,

• In July 2022, The Oxford City Council announced the official launch of Europe's most powerful EV charging hub. The Oxford Superhub is being developed by Pivot Power, part of EDF Renewables, and Oxford City Council, as part of Energy Superhub Oxford.
• In April 2022, Volkswagen Group and energy giant BP launched a strategic partnership that will aim to boost the adoption of electric vehicles (EVs) across Europe, unveiling the first charger in Dusseldorf, Germany. The partnership aims to rapidly build a fast-charging network across Europe by 2024.

Considering the aforementioned development in terms of electric vehicle charging networks, demand for charging adapters in Europe is expected to witness a high growth rate during the forecast period.

Competitive Landscape

The Electric Vehicle Charging Adapter Market is fragmented with various international and regional players such as Robert Bosch GmbH, ChargePoint, Inc., Zencar, Pod Point, and Eaton. Although to have the edge over its competitors, the major EV charging adapter manufacturing companies are making joint ventures, and partnerships to launch newer products. For instance,

• In July 2022, Phihong, a global supplier of power products and EV charging stations introduced a new 65W 2C1A USB PD adapter powered with Transphorm’s SuperGaN® Gen IV technology. In addition, the GaN FET platform offers benefits ranging from easy system design to lower system components.
• In September 2021, Bosch has unveiled a new charging cable for electric vehicles equipped without the traditional charging brick with an adapter. According to Bosch, the new charging cable weighs about 40% less than brick-equipped cables at around 3 kg (~6.6 lbs). The new cable has also come with adapters to allow both Level 1 and 2 AC charging.

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