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Increasing production of hybrid and electric vehicles, and rising demand for passenger hybrid-electric vehicles is a major driving factor for the car charger market. In addition, strict government guidelines and automobile standards relating to hybrid and electric vehicles is a major factor influencing the car charger market. Growth in the automotive sector and rising investments in car charger manufacturing companies across the world is set to influence the market significantly during the forecast period. However, lack of penetration of hybrid and electric vehicles in numerous countries across the world is inhibiting the growth of car chargers market, which finds application in aforementioned vehicles. In addition, cheap substitutes of original car chargers is another major restraint for the global car charger market.
The car charger market can be classified by charging type, by application and by geography. The charging type segment can be classified into battery swapping charging, plug-in charging, wireless, direct current (DC) and alternating current (AC). By application, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
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