Electric Vehicles Portable Charging Devices Market
Global EV Portable Charging Devices Market to Expand at Robust 34.8% CAGR during 2018–2028
Published | 13 October 2022
Global electric vehicle (EV) portable charging devices market size growth is at a fast track owing to a high demand for the devices spurred by rapidly increasing number of EVs sold across the world.
BlueWeave Consulting, a leading strategic research and consulting company, in its recent study, forecasts the Global EV portable charging devices market size to grow at an impressive CAGR of 34.8% during the forecast period between 2022 and 2028. The market expansion is due to rising demand for electric vehicles (EVs) as well as growing environmental concerns. Government programs and schemes to promote the usage of EVs are also expected to contribute to the global EV portable charging devices market growth. Furthermore, when compared to other types of chargers on the market, portable chargers are simple to install and require less maintenance.
Global EV Portable Charging Devices Market - Technology Advancements
A portable EV charger is a device that can be used to charge the battery of an EV. There are two types of portable EV chargers: gas-fueled and battery-powered. The gas-powered version uses compressed natural gas or propane, while the battery-powered version uses rechargeable batteries. Various technology developments, such as the integration of all-EV charging station systems with the internet of things (IoT) and real-time information solutions, are fueling the market expansion. These technologies assist customers in finding nearby charging stations, delivering real-time information on vacant spots, and arranging convenient fill-up times. Additionally, rising levels of disposable income and urbanization will boost the growth of market. The execution of numerous government schemes to improve the adoption of hybrid and EVs, as well as the extensive deployment of supercharging stations in distant locations, are other key factors positively impacting the market growth rate.
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Global EV Portable Charging Devices Market
High acceptance of EVs driving demand for portable EV chargers
Electric vehicle acceptability is expected to rise because of a growing emphasis on the development of low-emission vehicles, which will lead to an increased demand for portable charging devices. Zero or low registration costs, road tax, purchase tax, and import tax exemptions are expected to boost the market expansion. Governments across countries provide tax breaks and other incentives to encourage the usage of EV charging stations. Moreover, rising fuel prices further speed up vehicle owners’ transition from fossil fueled vehicles to EVs. These factors could help global EV portable charging devices market thrive.
Global EV Portable Charging Devices - Segmentation
Global EV portable charging devices market by product type is divided into two types: gas-fueled EV chargers and battery EV chargers. There are sub-segments, such as Roadside Assistance Companies, Utilities, Shared Fleet Operator, and Others, in the market by application. By technology, global EV portable charging devices market is segmented into
Portable Chargers, Charging Vans, and Temporary Chargers. There are two vehicle type segments: Passenger Vehicles and Commercial Vehicles in the market.
Global EV Portable Charging Devices Market - Regional Insights
Global EV portable charging devices market by geography is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America (the United States and Canada) is a significant contributor to the growth of global portable EV charging devices market. Because of the strict pollution regulations, the region has experienced a considerable increase in the adoption of EVs. With a substantial number of firms producing EVs, the United States is one of the major markets for EVs. Government initiatives to promote the usage of EVs are also expected to contribute to the market's growth in North America.
Brazil is a country in Latin America for the portable EV charging devices market. EV sales have increased significantly in the country because of rising environment concerns and government efforts to promote their use. Brazil also has a considerable number of EV charging stations, which could help the Latin American market flourish. The United Kingdom, Germany, and France are key contributors to the European market for portable EV chargers. Due to strict emission regulations and government attempts to promote the use of EVs, the region has seen tremendous development in EV sales. Furthermore, Europe has a high number of EV charging stations, which is projected to further drive the market growth.
Impact of COVID-19 on Global EV Portable Charging Devices Market
As a result of the coronavirus outbreak, the global economy slowed down in 2020. However, the market for EV portable charging devices is projected to grow once again as rules are relaxed and trade borders are opened. As the car industry has been among the hardest hit by the pandemic, market participants are relying on contingency planning to address supply chain, operational, and inventory management difficulties. Both domestic and international enterprises use governments’ stimulus schemes to increase their EV sales. As a result, the demand for EV portable charging devices could increase.
Major players in global EV portable charging devices market include Power Sonic Corp (EVESCO), SparkCharge, Blink Charging, FreeWire Technologies, JTM Power, GoFuel, Boost EV, Ez4EV, Portable Electric, and Lightning eMotors (Lighting Mobile Solutions). To enhance their competitive position in the market, these companies execute various strategies, including mergers and acquisitions, joint ventures, partnerships, collaborations, and licensing deals.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Electric Vehicle (EV) Portable Charging Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Electric Vehicle (EV) Portable Charging Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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