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EV Charging Adapter Market to Grow by USD19.29 Billion (2024-2028) as Tax Incentives and AI-Driven Innovations, Boost EV Sales and Charging Infrastructure Development – Technavio

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global EV charging adapter market size is estimated to grow by USD 19.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 42.77% during the forecast period. Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure is driving market growth, with a trend towards focus on reducing charging time. However, increasing cost pressure adversely affecting sales of ac level 2 and dc fast chargers poses a challenge – Key market players include ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Ev Charging Adapter Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 42.77%

Market growth 2024-2028

USD 19292.2 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

31.08

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 50%

Key countries

China, US, Norway, Japan, and Germany

Key companies profiled

ABB Ltd., Aptiv Plc, ChargePoint Holdings Inc., CHONGQING SENKU MACHINERY IMP AND EXP Co. Ltd., Delta Electronics Inc., Eaton Corp. Plc, EDF Energy Holdings Ltd, Enel Spa, EV Safe Charge Inc., FLO Services USA Inc., Kempower Oy, Lectron EV, Leviton Manufacturing Co. Inc., Phihong USA Corp., Robert Bosch GmbH, Schneider Electric SE, Shanghai Mida EV Power Co. Ltd., Shanghai Zencar Industry Co Ltd, Siemens AG, and Webasto SE

 

Market Driver

The Ev Charging Adapter Market is experiencing significant growth due to technological innovations in battery technology and charging infrastructure. Manufacturers are focusing on reducing charging time and cost, leading to advancements such as portable solar-powered charging stations and ultra-fast charging stations. For instance, Envision Solar’s EV ARC is a solar-powered parking structure that charges a 21.6-kilowatt-hour battery, while the China State Grid’s ultra-fast charging station in Beijing can charge buses to 100% in 10 minutes using Microvast’s ultra-fast charging battery and 31 chargers. GE’s multi-coil system enables efficient interoperability and charging while driving, and DC fast charging offers a range of 40 miles in 10 minutes. The use of solar energy for charging EVs is an emerging trend, which is expected to be encouraged by private and government bodies due to its low cost, driving the market’s growth during the forecast period. 

The EV charging adapter market is experiencing rapid growth in the automobile sector due to the increasing popularity of electric vehicles (EVs). By 2027, the market is forecasted to expand significantly. EV charging adapters enable compatibility between charging stations and various EV models with different charging connector types such as CHAdeMO and CCS. Improvements in charging infrastructure networks, installation in public areas, workplaces, residential complexes, and highways, are driving the market. Innovation, efficiency, versatility, safety features, and user-friendly designs are key factors contributing to the popularity of EV charging adapters. Diverse charging standards, including those for battery-electric vehicles and plug-in hybrid vehicles like the Chevrolet Volt and Nissan Leaf, necessitate the use of EV charging adapters. Environmental concerns, government norms, raw material prices, and compatibility with various charging port types are influencing market trends. Brands like ConnectDER, with offerings like meter sockets and home EV chargers, are providing rebates and tax credits to boost consumer adoption. 

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 Market Challenges

The global EV charging adapter market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the development of charging infrastructure. Governments worldwide prioritize vehicle safety, leading to the integration of advanced safety systems like antilock braking systems, airbags, tire pressure monitoring systems, and advanced driver assistance systems in both premium and entry-level vehicles. In particular, the US and China have shown high adoption rates for advanced driver assistance systems. However, the added cost of these safety features and EV charging adapters is a concern for Original Equipment Manufacturers (OEMs). Price-sensitive buyers are unwilling to bear the extra cost, putting pressure on OEMs to absorb the expenses. This situation may negatively impact the growth of the EV charging adapter market during the forecast period. Moreover, the increasing number of EVs equipped with AC Level 2 chargers and the expansion of charging infrastructure in public places necessitate further investment from OEMs. To meet these demands, they must comply with standards such as the European New Car Assessment Programme (Euro NCAP) and other regional regulations. Despite the challenges, the long-term outlook for the EV charging adapter market remains positive due to the growing demand for electric vehicles and the need for reliable charging solutions.The Ev Charging Adapter Market is experiencing significant growth due to the increasing popularity of battery-electric and plug-in hybrid vehicles. However, challenges persist in improving charging infrastructure networks, particularly in public areas, workplaces, and residential complexes along highways. Innovation, efficiency, and versatility are key focus areas for manufacturers to meet diverse charging standards and user needs. Safety features and user-friendly designs are essential for gaining brand value and customer trust. Environmental concerns and government norms are driving the transition to zero emission vehicles, leading to the availability of rebates, tax credits, and incentives. Raw material prices and diverse charging standards pose challenges, but companies like ChargePoint, Sunrun, and ConnectDER are addressing these issues with Level 2 home chargers, WiFi capabilities, and various plug types (NEMA 14-50, NEMA 6-50). Brand value, convenience, and charging speed are crucial factors for consumers considering the Chevrolet Volt and Nissan Leaf. As the market evolves, the focus on efficiency, versatility, and safety features will continue to be essential for market success.

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Segment Overview 

This ev charging adapter market report extensively covers market segmentation by

Type 1.1 AC1.2 DCApplication 2.1 Public2.2 PrivateGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 AC- The Ev Charging Adapter Market is experiencing significant growth due to the increasing adoption of electric vehicles. These adapters enable charging at home or on the go, providing convenience for consumers. Manufacturers are focusing on developing efficient and cost-effective solutions to meet the rising demand. Key players in the market include Aptiv, Bosch, and Schneider Electric, among others. Collaborations and partnerships are common strategies to expand market reach and enhance product offerings. The market is expected to continue growing, driven by government initiatives and consumer preferences for sustainable transportation.

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Research Analysis

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to connect to various charging stations, with compatibility for different charging connector types such as CHAdeMO and CCS. The market forecast period projects continued expansion, fueled by the improvement of charging infrastructure networks. Individual charging stations, public areas, workplaces, residential complexes, highways, and other locations are installing charging ports to cater to the diverse charging standards of EVs. Safety features and user-friendly designs are key considerations for charging adapters, ensuring a seamless charging experience for users during the transition to electric vehicles. The diverse charging standards and the need for compatibility have led to the development of various connector types. CHAdeMO and CCS are currently the most common, but other standards may emerge. The convenience offered by EV charging adapters is a significant factor in the growth of the market, as they enable EV owners to charge their vehicles at a wider range of charging stations.

Market Research Overview

The Ev Charging Adapter Market is poised for significant growth in the Rapidly Automobile Sector, driven by the increasing popularity of electric vehicles (EVs). Charging adapters enable EVs to charge at various charging stations using different connector types such as CHAdeMO and CCS. The market is forecast to expand during the period due to the improvement of charging infrastructure networks, installation in public areas, workplaces, residential complexes, highways, and the transition to zero emission vehicles. The versatility, efficiency, safety features, and user-friendly designs of EV charging adapters are key factors driving their popularity. However, diverse charging standards and compatibility concerns may pose challenges. Environmental concerns, government norms, raw material prices, and the availability of rebates, tax credits, and incentives also influence market dynamics. Brands like ChargePoint, Sunrun, and ConnectDER offer Level 2 home chargers, meter sockets, and public charging ports. The market is expected to benefit from the increasing popularity of battery-electric vehicles and plug-in hybrid vehicles, including models like the Chevrolet Volt and Nissan Leaf.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeACDCApplicationPublicPrivateGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Cangzhou Forum Seeks to Deepen Ties Between Chinese and Central/Eastern European SMEs

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The 6th China-CEEC (Cangzhou) SME Cooperation Forum Launches

CANGZHOU, China, Nov. 10, 2024 /PRNewswire/ – A news report by Xinhuanet:

On November 7, the 6th China-Central and Eastern European Countries (CEEC) (Cangzhou) SME Cooperation Forum commenced in Cangzhou, Hebei Province. The forum was jointly hosted by the China Centre for Promotion of SME Development (ProSME) of the Ministry of Industry and Information Technology (MIIT), the Hebei Provincial Department of Industry and Information Technology, and Cangzhou Municipal People’s Government. Supporting organizations include the China International Cooperation Association of SMEs (CICASME) and the Office of Foreign Affairs Commission of the CPC Hebei Provincial Committee. The event was co-organized by the China-CEEC (Cangzhou) SME Cooperation Zone and the Cangzhou Municipal Bureau of Industry and Information Technology.

This year’s forum, themed “Deepening Cooperation and Sharing Opportunities,” combines both offline and online formats, with a primary focus on in-person engagement. Key activities include the Opening Ceremony and Keynote Forum, the Zero-Carbon Energy and Green Industry Innovation Forum, the International Forum on Remanufacturing Industry, the International Forum on Aviation Industry and Low Altitude Economy, and the SMEs’ Cross-border Collaboration and Matchmaking Meeting, and the European Segment of the 2024 International SME Innovation and Entrepreneurship Competition.

Throughout the forum, leading experts and dignitaries from around the world delivered speeches under the theme ‘New Path for Pragmatic Cooperation between SMEs of China and CEECs.’ They emphasized the critical roles of sustainable energy, the digital economy, and trade and logistics in strengthening ties between China and Central and Eastern European countries. In parallel, the event featured a range of innovative activities aimed at building an international platform to foster industrial cooperation and exchanges among SMEs from the participating nations.

At the Zero-Carbon Energy and Green Industry Innovation Forum, participating specialists and researchers engaged in discussions on developing a zero-carbon economy. They explored new opportunities, technologies, models, and challenges associated with lithium, hydrogen, and energy storage, with the aim of collaboratively advancing the green economy.

By attracting leading European innovation projects, the European division of the 2024 International SME Innovation and Entrepreneurship Competition has successfully transformed a number of innovative ideas into real-world applications, enhancing the collaborative development of new technologies between Chinese and European SMEs.

The China-CEEC (Cangzhou) SME Cooperation Forum, now in its sixth year, has emerged as Hebei Province’s leading foreign affairs initiative. The forum has drawn high-profile participants from Slovakia, Serbia, Germany, Finland, and neighboring countries, as well as ambassadors to China, and executives from leading Chinese and international industry associations and businesses. It has also spurred numerous collaborative projects between China and Central and Eastern European countries, enhancing cultural exchanges, educational partnerships, and technology transfers.  

Cangzhou is positioning the forum as a premier, open platform designed to be engaging, impactful, and competitive. The city’s objective is to significantly improve and sustain high-level interactions and collaborations between China and Central and Eastern European countries across the manufacturing, technology, investment and trade sectors.

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ZURU backed BONKERS and Millie Moon brands achieve extraordinary recognition at the US 2024 Target Vendor Summit

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The ZURU-Backed Pet Treat and Nappy Companies Both Continue Record-Breaking Growth in the US Market

AUCKLAND, New Zealand, Nov. 11, 2024 /PRNewswire/ —  ZURU Edge brands, BONKERS and Millie Moon, are proud to announce that they have been recognized for Demand Generation at Target’s 2024 Essentials and Beauty Vendor Summit. The Target Vendor Summit honors a select group of vendors and partners who have demonstrated outstanding performance in driving traffic to Target stores. These brands are recognized for strong brand, content, and media strategies, packaging, and a consumer experience that drives repeat sales through product superiority.

Target is one of the largest retail chains in the United States, boasting over 1,900 stores across the country and generating approximately USD $100 billion in annual revenue. Known for its wide range of affordable products, from groceries and clothing to electronics and home goods, it caters to millions of American shoppers each week. An alternative to Walmart, Target has a distinct brand image, known for its clean stores, trendy merchandise, and iconic red bullseye logo.

This recognition is particularly special as New Zealand’s ZURU Edge brands were represented in 2 out of the 5 categories within consumables, and BONKERS was the only national, non-exclusive-to-Target brand to win across all categories.

Millie Moon Nappies are exclusive to Target in the US, and since launching in 2021, they have sold over 6.7 million packs, quickly becoming Target’s fastest-growing nappy brand. Millie Moon is the #1 most productive nappy brand at Target retailers, in both dollars and unit sales. Parents are passionate about Millie Moon nappies, as reflected in the 16,000+ 5-star reviews on Target.com, and best-in-class repeat purchase rates – In a Numerator study, Millie Moon holds the top spot for trip frequency within nappies, above Target’s other leading nappy brands.

BONKERS launched in October 2022 in response to the growing share of Millennial and Gen Z pet owners. The brand is part of the ZURU owned Rhodes Pet Science portfolio of brands and was built first-and-foremost to foster the bond between pets and their people, based on the insight that new generation pet parents expect more from their petcare brands. In just over 2 years, it has grown from a non-existent brand to one sitting on shelves in 13,500 stores across 3 countries with distribution points growing at 50% year-over-year. Within 1 week, it became the most-liked pet treats brand on TikTok globally, with over 80 million views on the BONKERS page and over 700 community posts under the #betterwhenitsBONKERS hashtag. The BONKERS award-winning marketing campaigns, matched with products that deliver on quality and affordable pricing have driven tremendous growth: 19% of total US industry cat treat growth last year with just 1.6% of shelf space. The momentum continues, with viral product BONKERS Purrpops hitting 8 of the top 25 emerging Google search terms against the topic ‘cat treat’ in the US. 

About Rhodes Pet Science:

Rhodes Pet Science is reimagining the future of pet care by engineering products that completely redefine what is possible. Its mission is to build a new generation of brands to better serve modern consumers: brands loved by pets and their people. Rhodes Pet Science’s portfolio of brands include: BONKERS, NOOD, Goodlands, Smart Box and Business Litter. Right now, Rhodes Pet Science is the fastest-growing pet food company in the world.

Rhodes Pet Science is proudly part of the ZURU Group. One of the fastest-growing consumer goods companies in the world, ZURU has established brands in 120+ markets worldwide, with a team of 5000+ employees based out of 26 global offices.

For more on Rhodes Pet Science, please visit: www.rhodespetscience.com  

About Millie Moon

Millie Moon launched in 2021 exclusively at Target in the US and expanded to Loblaws in Canada in 2023. The brand has made it their mission to provide a range of luxury nappies and sensitive wipes that are expertly crafted, luxuriously soft and designed to perform, all at an affordable price. They are passionate in their belief that every child deserves the best. Their award-winning products are available in over 2,000 stores in the US and Canada. As a company, they are also proud to support Reach Out and Read, an early literacy nonprofit helping children on their reading journey. 

For more on Millie Moon, please visit: https://mymilliemoon.com/

About ZURU

From its origins in toys, ZURU Group has grown to six consumer vertical brands, operating out of 26 offices worldwide, with products sold in 120+ markets.

ZURU is on a mission to disrupt across industries, challenge the status quo and catalyze change through radical innovation and automation advances. This is evident in different pillars of the company: ZURU Toys are reimagining what it means to play; ZURU Tech is reimagining the future of housing by leading the next building revolution; ZURU Edge is reimaging new generation FMCG brands to better serve modern household consumers. 

For more on ZURU, please visit: https://zuru.com/

For More Information:
Nicole Daley / Daley Public Relations
nicole@daleypr.com / 415.408.8664

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PropXP Launches, Redefining Prop Trading with Global Access

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PropXP Launches Global Prop Trading Platform, Empowering Traders with Flexible Challenges and Comprehensive Resources

HONG KONG, Nov. 10, 2024 /PRNewswire-PRWeb/ — PropXP, a new proprietary trading firm, is excited to announce its official launch on November 5, 2024, offering traders worldwide a unique and accessible approach to prop trading. With a focus on providing traders of all experience levels with attainable challenges and unparalleled resources, PropXP aims to reshape the prop trading landscape.

At PropXP, we’re breaking down barriers in prop trading to give every trader—from beginners to seasoned pros—the opportunity to succeed on their own terms. We’re here to empower and elevate the global trading community.

PropXP’s lineup includes both One-Step and Two-Step challenges, allowing traders to select a path that best aligns with their goals. Challenge prices range from just $30 for a $3,000 account up to $499 for a $100,000 account, making it possible for more traders to participate and advance their careers. Distinguishing itself from competitors, PropXP does not enforce a high watermark, a feature that allows traders to keep their focus on consistent growth without restrictive conditions.

“As we launch PropXP, our mission is clear: we aim to be the new gold standard for prop trading and open the doors for more traders than ever before to achieve their trading goals,” said Giorgos Piskopianos, CEO of PropXP. “Our accessible challenges, supportive trading resources, and commitment to providing realistic opportunities are at the heart of PropXP. We want to empower traders to reach new heights in their careers.”

In addition to its flexible challenge parameters, PropXP offers a comprehensive trading academy filled with educational resources, including in-depth tutorials and guides. With a commitment to accessibility, PropXP is poised to serve as a valuable platform for traders looking to refine their skills and achieve sustainable success in the financial markets.

About PropXP

PropXP is a global proprietary trading firm based in Limassol, Cyprus. Designed to support traders of all levels, PropXP provides accessible challenges, competitive trading conditions, and extensive educational resources. With a dedication to advancing prop trading, PropXP aims to empower traders worldwide.

For more information, please visit https://propxp.com

Media Contact

Giorgos Piskopianos, PropXP, 44 7789874973, social@propxp.com, https://propxp.com

Twitter, LinkedIn

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