Electric Vehicle (EV) Charger Market to Exhibit an Incredible Growth of USD 62.9 billion, at a Highest CAGR of 30.6% by 2030, Demand, Competitive Outlook, Size, Share, Key Drivers, Trends and Growth Opportunities: Delvens

Chicago, June 07, 2023 (GLOBE NEWSWIRE) -- Delvens published a report, titled, " Electric Vehicle (EV) Charger Market by Vehicle Type (Plug-in Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)), by Charging Type (On-board Charger, Off-board Charger), by End User (Commercial and Residential), and by region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America), Global Opportunity Analysis and Industry Forecast, 2023-2030". According to the report, the global market for Electric Vehicle (EV) Charger is expected to reach USD 62.9 billion by 2030 from USD 25.2 billion in 2022, registering impressive expansion at a CAGR of 30.6% from 2023-2030.

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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 technological advancements in both electric vehicle charging hardware and software.

Report Scope

COVID-19 Scenario:

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.

Key Companies & Market Share Insights

Some of the key players operating in the global Electric Vehicle (EV) Charger market are BP Chargemaster, ChargePoint, Inc., ClipperCreek, Inc., Eaton Corp., General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Tesla, Inc., ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point among others.

Recent Developments

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.

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Market Overview

One of the main elements fueling the market's expansion is the government's support for the construction of EV charging infrastructure. Attractive incentives for EV charger installations and EV vehicle purchases are anticipated to enhance EV charger usage and draw OEMs and private companies to participate in EV infrastructure development, which will improve EV sales. For instance, starting in 2019, 12 EU countries in Western Europe will provide premiums or extra payments to EV buyers.

The key trend driving market expansion is EV charging solution providers' open and closed platform strategies. Because of the introduction of numerous regional and local businesses, active alliances, and consumer demand, the EV charger industry is becoming increasingly dynamic. As EV charger suppliers proliferate on the market, their commercial strategy for charging stations is evolving in line with other tech-related businesses, such as operating systems and smartphones.

During the projected period, the market will face significant challenges because of the strict approval requirements for the development of charger units. To install a charging station, a service provider must obtain approval from the local government in terms of regulatory requirements, the owners of the plot if the installation is on private property, utility providers for the energy transfer, and, most importantly, energy providers for the substantial amount of uninterrupted energy required in these stations.

Segmentation Analysis

Charger Type Insights

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 fuelled 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.

End-User Insights

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 shortly are the expanding government efforts and the expanding corporate investments in the construction of EV charging infrastructure around the world.

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Regional Insights

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.

Market outlook

The EV industry is foreseeing incredible growth in developed and developing regions around the globe. The higher dependence on biofuels has resulted in increased levels of air pollution and as a consequence, the prevalence of various respiratory and other diseases is surging among the global population. To curb the carbon footprint and shift towards clean and green energy are the major factors that are expected to drive the growth of the global EV charger market. The increasing consumer awareness regarding carbon emissions from vehicles, increased environmental consciousness, improvements in the standard of living, and growing adoption of advanced technologies are altogether propelling the growth of the global EV charger market.

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.

The market for electric vehicle chargers is expanding as a result of governments enforcing ever-stricter laws to reduce environmental pollution. Automakers must 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.

Global Electric Vehicle (EV) Charger Market Table of Contents

Vehicle Type Outlook

End-User Outlook

Charging Type outlook

Regional Outlook

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