by Electric vehicle chargers are used to charge electric vehicles by transferring energy from the power grid. There are various types of chargers such as level 1, level 2, and DC fast chargers. Level 1 chargers use standard 120V outlets and charge EVs slowly while level 2 chargers use 240V outlets and deliver faster charging times. DC fast chargers use direct current and can fully charge an EV in 30 minutes or less. Electric vehicle chargers are essential infrastructure for the adoption of electric vehicles as they enable convenient charging of EVs.
The global Electric Vehicle Charger Market is estimated to be valued at US$ 11.52 Billion in 2023 and is expected to exhibit a CAGR of 28.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Two key drivers contributing to the growth of the electric vehicle charger market include government support through subsidies and incentives as well as increasing electric vehicle sales and adoption. Many governments around the world are offering subsidies and incentives to promote the adoption of electric vehicles. This positively impacts the demand for EV chargers. Electric vehicle sales have been rising rapidly over the past few years and analysts forecast continued strong growth over the coming decade. As more EVs get sold and added onto roads, the demand for EV charging infrastructure including chargers will also increase accordingly to support convenient charging needs. However, high installation and infrastructure costs currently pose a challenge for widespread adoption of EV charging stations.
Segment Analysis
The global electric vehicle charger market is dominated by the slow chargers segment. This segment accounts for over 70% of the market share owing to low set up costs and widespread availability. Slow chargers having power capacity up to 7.5kW and take around 2-8 hours for a full charge. Most vehicles come pre-installed with such standard chargers.
PEST Analysis
Political: Supportive regulations around the world are driving the EV charger demand. Many countries offer subsidies for installing home and commercial chargers.
Economic: With falling battery prices and rising fuel costs, total cost of ownership of EVs is becoming comparable to ICE vehicles. This is encouraging more consumers to buy EVs.
Social: Increasing concerns around environmental pollution and climate change are positively influencing people to choose electric mobility over conventional vehicles.
Technological: Rapid advancements in battery technologies are improving driving range of EVs.Moreover, fast charging technologies under development will address range of anxiety issues and accelerate EV adoption.
Key Takeaways
The global Electric Vehicle Charger Market Share was valued at US$ 11.52 Bn in 2023. The market is expected to witness high growth, exhibiting 28% CAGR over the forecast period, due to increasing stringent emission norms and supportive government policies worldwide for promoting electric vehicles.
North America dominated the global EV charger market in 2023 with over 35% market share. Presence of major automakers and government programs for EV adoption in the US and Canada are driving the regional market. Asia Pacific is projected to be the fastest-growing regional market, expanding at over 30% CAGR during the forecast period. China is the largest EV producer globally and increasing sales of EVs are augmenting charger installations, helping Asia Pacific dominate the global market.
Key players operating in the electric vehicle charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point. Major players are investing in R&D to develop faster charging technologies and expanding manufacturer and supply chain partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
