Electric Vehicle (EV) Charger Market - Trends Forecast Till 2030

Market Snapshot

Market Overview

The global EV Charger Market size of 25.15 billion USD in 2022 is projected to reach a CAGR of 30.6% from 2023-2030.

Electric vehicle (EV) chargers are utilized to supply charging to EVs equipped with batteries and the electrical source that aids in battery charging. These vehicles can be charged at one of three charging levels, namely level 1, level 2, and level 3. Electric vehicles are less expensive than traditional petrol/diesel cars in terms of purchase price as well as maintenance costs. The harmful gas-containing carbon footprints that are discharged into the atmosphere are decreased by electric automobiles.

Government restrictions to reduce environmental pollution, a rise in the market share of electric vehicles, and a surge in government initiatives to provide infrastructure for electric vehicle charging are some of the key factors influencing the growth of the electric vehicle charger market. The market is also significantly impacted by the small number of EV charging stations, the lack of EV charging standards, the surge in demand for luxury and feature-equipped cars, and wireless charging for EVs. Each of these elements is expected to have a significant impact on the market for electric vehicle chargers. The way EV owners use and profit from electric car charging applications is anticipated to alter as a result of technology advancements in both electric vehicle charging hardware and software.

The COVID-19 pandemic has had a moderate impact on the EV charging industry. The demand for EV chargers ad EV charging stations increased after the pandemic because of the increasing demand for EVs and Incentives provided by the government worldwide for the manufacturing of EV chargers. EVs are anticipated to continue receiving a lot of attention as governments around the world concentrate on developing a stronger and more resilient economy to come out of the pandemic.

Delvens Industry Expert's Standpoint

The market for electric vehicle chargers is expanding as a result of governments enforcing ever-stricter laws to reduce environmental pollution. It is crucial for automakers to switch to cutting-edge technology that lower vehicle emission levels since numerous governments have imposed strict government rules to minimize dangerous vehicular emissions. Green energy is also anticipated to be a major factor in both public and private electric vehicle charging stations. Carbon emissions are the main issue for EV owners. Companies are quickly developing their electric vehicle charging networks' charging technologies to solve these worries.

Market Portfolio

Key Findings

• The charger type segment is segmented into the  Plug-in Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV), and Hybrid Electric Vehicle (HEV). The plug-in hybrid vehicle (PHEV) segment dominated the global EV charger market in 2022 based on the type of vehicle. One of the main factors that contributed to the PHEV segment's domination in the global market was the growing number of government programs to promote the sales of electric vehicles. During the projection period, the battery-electric vehicle (BEV) segment is predicted to experience the greatest growth rate. BEVs are more prevalent on the market than PHEVs. In the upcoming years, it is anticipated that the sales of BEVs will be fueled by technological breakthroughs in batteries and steadily falling battery prices, which will increase demand for EV chargers.
   
• The charging type segment is further segmented into On-board Charger, and Off-board Charger. In 2022, the onboard chargers market held the majority of the worldwide EV charger market share. Due to their ability to be used with easily available AC power, onboard chargers are becoming more and more popular all over the world. Off-board chargers are becoming more popular because of their capacity to charge electric vehicle batteries quickly. In the upcoming years, it's anticipated that the rise of public charging stations would accelerate the off-board charger market's expansion.
   
• The end-user segment is further fragmented into the residential and commercial segments. In 2021, the residential sector dominated the market for EV chargers globally. The residential segment of the EV charger market has expanded as a result of the increased use of onboard chargers in residential buildings around the world. During the projected period, the commercial segment is anticipated to increase at the fastest rate. This is due to the rise in the quantity of charging stations in public areas. The primary factors anticipated to propel the expansion of this market in the near future are the expanding government efforts and the expanding corporate investments in the construction of EV charging infrastructure around the world.

Regional Analysis

Asia Pacific to Dominate the Market

• In 2021, the market for EV chargers was dominated by Asia Pacific. The market for EV chargers in the Asia Pacific region is primarily driven by the expansion of EV charging infrastructure and rising interest in electric vehicles.
   
• The EV charger market is expanding thanks to China and India. To encourage the use of electric vehicles in the nation, growing economies like China, South Korea, and Japan intend to increase the number of charging stations.

Competitive Landscape

• AeroVironment, Inc.
• ABB
• BP Chargemaster
• ChargePoint, Inc.
• ClipperCreek, Inc.
• Eaton Corp.
• General Electric Company
• Leviton Manufacturing Co., Inc.
• SemaConnect, Inc.
• Schneider Electric
• Siemens AG
• Tesla, Inc.
• Webasto SE

Recent Developments

• In November 2021, Tesla launched the new version of Den 2 wall connector that is compatible with all types of EVs available in the North American Region.
   
• In October 2021, Terra 360, the world’s fastest EV charging station, was launched by ABB. It has the capacity to charge most EVs in less than 15 minutes and can deliver up to 100 km range in less than 3 minutes.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
   
• Gain authentic and granular data access for EV Charger Market so as to understand the trends and the factors involved in changing market situations
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
  
   

Report Scope