The rising demand for electric vehicles is expected to propel the growth of AC wall box chargers over the forecast period.

Newark, NJ, May 12, 2022 (GLOBE NEWSWIRE) -- As per the report published by MRInsights.biz, the global AC Wallbox Charger market is expected to grow from USD 1604.4 million in 2021 to USD 27277.4 million by 2030, at a CAGR of 37.00% during the forecast period 2022-2030.

The AC wall box charger is the most cost-effective charger available and is designed to adapt to offer the most optimal charge today and, in the future, due to its connectivity and smart capabilities. Many companies in the market are laying the groundwork for a future of smarter, more dependable, and emission-free mobility that is available to everyone irrespective of the region. The companies are even deploying infrastructure that meets the needs of the next generation of smarter transportation, from compact, high-quality AC wall boxes chargers with solid communication to revolutionary on-demand electric bus charging systems. The AC wall box chargers are gaining popularity for residential and commercial sites, hospitality businesses, and businesses that provide overnight charging services. The wall box chargers are available in different specification levels and are compatible with the industry-standard vehicles, making them fully future-proofed and enabled for authentication and load balancing.

Competitive Strategy

To enhance their market position in the global AC wall box charger market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• September 2021 – Sono Motors which is a mobility service provider is fulfilling the Community’s desire for an affordable wall charging station, suitable for home charging, vehicle-to-grid (V2G), and vehicle-to-home (V2H) with the first bidirectional AC wall box in the market.

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Market Growth & Trends

The rising demand for AC Wallbox Chargers is driven by the increasing demand for electric vehicles. Electric vehicles are expected to help in the reduction of greenhouse gases from fuel-driven vehicles. However, the slow charging by the wall box charger is expected to challenge the growth of the market. Most slow charging points are rated at 3kW (3.6kW) and will recharge an electric car in eight to 12 hours. This makes them perfect for overnight charging. Therefore, slow charging may hamper the growth of the market over the forecast period. The surge in the sale of electric vehicles is an opportunity for the growth of the market. Driving sales have been attributed to many factors, including customer outreach, falling battery prices, improved charging infrastructure, and rising fuel. As more electric vehicles hit the market, the demand for electric vehicle charging stations will continue to increase. Therefore, rising demand for electric vehicles is expected to propel the growth of AC wall box chargers over the forecast period.

Key Findings

• In 2021, the hybrid electric vehicle (HEV) segment dominated the market with the largest market share of 49.65% and market revenue of 796.58 million.

The vehicle type segment is divided into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).  In 2021, the hybrid electric vehicle (HEV) segment dominated the market with the largest market share of 49.65% and market revenue of 796.58 million. The increasing demand for electric vehicles because of the rise in fuel prices and increasing initiatives to reduce carbon emissions is driving the growth of the market in the segment. AC wall box chargers are suitable for hybrid electric vehicles which are propelling the growth of the segment during the forecast period.

• In 2021, the AC Type 2 wall box charger segment accounted for the largest share of the market, with 62.04% and a market revenue of 995.3 million.

The product type segment is divided into AC Type 1 wall box charger and AC Type 2 wall box charger. In 2021, AC Type 2 accounted for the largest share of the market, with 62.04% and a market revenue of 995.3 million. The AC type 2 wall box chargers are being widely used in electric vehicles which are driving the growth of the market in the segment.

• In 2021, the commercial segment accounted for the largest share of the market, with 56.32% and market revenue of 903.5 million.

The application segment is divided into residential, commercial, and others. In 2021, the commercial segment accounted for the largest share of the market, with 56.32% and market revenue of 903.5 million. The AC Wallbox Chargers are being widely used in the commercial sector. The rising sale of electric vehicles is driving the growth of the market. Apart from this hybrid electric vehicles are also increasing the demand for wall box chargers in the commercial sector driving the growth of the market in the segment.

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Regional Segment Analysis of the AC Wallbox Charger Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, Asia Pacific emerged as the largest market for the global AC wall box charger market, with a market share of around 38.25% and 613.6 million of the market revenue in 2021. The market for AC wall box chargers in the Asia Pacific region has been rising due to the presence of prominent automotive manufacturers in the region. Countries like Japan and China in the Asia Pacific region are the largest manufacturers and consumers of electric vehicles which are driving the demand for the wall box chargers in the region. Along with this an upsurge in the automotive infrastructure and rising initiatives to reduce carbon emission offers lucrative growth opportunities for AC wall box chargers in the Asia Pacific region.

Key players operating in the global AC wallbox charger market are:

• ABB
• Webasto
• Bosch
• Delta Electronics
• Lafon Technologies
• Deltrix
• Allego BV
• Wallbe GmbH
• Alfa Power
• WallboxUK
• Senku Machinery
• ENPLUStech

This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Market Research Insights has segmented the global AC wall box charger market based on the below-mentioned segments:

Global AC Wallbox Charger Market by Vehicle Type:

• Battery Electric Vehicles (BEV)
• Plug-in hybrid electric vehicles (PHEV)
• Hybrid electric vehicles (HEV)

Global AC Wallbox Charger Market by Product Type:

• AC Type 1 wall box charger
• AC Type 2 wall box charger

Global AC Wallbox Charger Market by Application:

• Residential
• Commercial
• Others

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About the report:

The global AC wall box charger market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

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