Electric Vehicle Charger Market Size to grow by USD 42.39 billion between 2024-2028
According to a research report “ Electric Vehicle Charger Market” by End-user (Residential, Commercial) Type (Fast charger, Slow charger) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 42.39 billion, at a CAGR of 33.99% during the forecast period. In the Electric Vehicle (EV) market, charging infrastructure plays a crucial role in the adoption rate of EVs. Charging locations are classified into two categories: home-based and on-road. OEMs provide home-based charging solutions with EV purchases, yet the scarcity of on-road private and public charging facilities poses a challenge. Consumers in regions with insufficient on-road charging infrastructure often hesitate to purchase EVs, despite having home charging capabilities. Consequently, the availability of on-road charging infrastructure significantly influences the sales of EVs. Attractive incentives for EV chargers and EV purchases are anticipated to stimulate the installation of charging stations and encourage OEMs and private organizations to invest in expanding the infrastructure to boost EV sales.
Browse market data tables, figures, and in-depth TOC on “Electric Vehicle Charger Market” by End-user (Residential, Commercial) Type (Fast charger, Slow charger) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By End-user, the Residential segment is projected to dominate the market size in 2024
In the electric vehicle (EV) charging market, DC chargers represent a significant segment due to their ability to provide faster charging times compared to AC chargers. DC chargers function by converting alternating current (AC) from the power grid to direct current (DC) at the charging station, eliminating the need for an onboard charger in the vehicle. This conversion process enables DC chargers to deliver power directly to the EV's battery through the Battery Management System (BMS), as instructed by the vehicle's charging control system. DC chargers are larger in size and offer quicker charging times, making them essential for long-distance travel and commercial applications.
By Type, Fast charger segment is expected to hold the largest market size for the year 2024
The residential sector holds a substantial share in the global electric vehicle charger market, with numerous newcomers entering this segment. Market participants serving this demographic typically employ economies of scale as their strategy. However, AC chargers remain the market leaders. The residential end-user segment encompasses EV chargers utilized in homes, multi-dwelling structures, and other establishments. China leads this sector, accounting for over 35% of the world's private EV chargers, followed closely by the US, the Netherlands, and other countries. Consumers generally prefer charging their vehicles at night due to the battery's prolonged charging time of 8-10 hours.
APAC is forecasted to hold the largest market size by region in 2024
The APAC region is projected to experience substantial expansion in the global electric vehicle (EV) charger market during the forecast period. Key drivers fueling the market growth in APAC include the presence of numerous domestic automakers and major global tier 1 and tier 2 suppliers, a low-cost market due to advanced domestic EV models in China, South Korea, and Japan, strategic joint ventures between foreign automakers and domestic companies, and technology partnerships for market entry in China, Japan, and South Korea. Moreover, aggressive green car policies from governments and the rapid development of charging infrastructure in Japan and China further bolster the market growth. According to recent statistics, China holds the largest share of electric vehicles in use, with an anticipated continued dominance in the APAC region by 2027.
The Electric Vehicle Charger Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Electric Vehicle (EV) Charger Market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the expansion of charging infrastructure. Companies like BP Pulse, Daimler AG, and Tesla are leading the way in this market with their innovative charging solutions. BP Pulse offers a range of charging options, including highway charging, bus charging, and fleet charging. Daimler AG's Mercedes-Benz offers connected and non-connected charging solutions for their luxury vehicles, such as the Model S, Model X, and Model 3, which use the CCS connector. Tesla, a pioneer in the EV industry, provides Level 3 charging stations for their vehicles and offers on-board and off-board chargers for residential and commercial use. The market includes charging infrastructure for hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV). Renewable energy sources are increasingly being used to power EV chargers, reducing reliance on fossil fuels. The market covers commercial chargers, residential chargers, and charging stations for buses and heavy-duty vehicles. LAMEA (Latin America, Middle East, and Africa) is a growing market for EV chargers, as countries look to reduce their carbon footprint and improve air quality. The EV charger market is expected to continue its growth trajectory in the coming years. Chargemaster, a leading provider of EV charging solutions, is another key player in this market.
Market Research Overview
The Electric Vehicle (EV) charger market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) and the expansion of charging infrastructure. Companies like BP Pulse are leading the way with innovative charging solutions, including highway charging, bus charging, fleet charging, and destination charging. Commercial applications, such as connected and non-connected charging, are also gaining popularity. Daimler AG, Tesla, and other major automakers, like Chevrolet with its Volt cars, are investing in EV technology and offering models like the Model X, Model S, and Model 3 with various charging connectors, including CCS, J1772, Mennekes, and GB/T. The market includes on-board and off-board chargers, residential and commercial chargers, and charging stations for HEVs, PHEVs, and BEVs. Sustainability and environmental awareness are key drivers, with tax exemptions and reduced carbon emissions being significant incentives. The integration of renewable energy and the shift away from fossil fuels are also shaping the market. The LAMEA region is expected to see significant growth in the EV charger market. Shared and autonomous mobility are also influencing the market, with charging infrastructure playing a crucial role in their success. Lithium-ion battery technology and battery charging are essential components of the EV ecosystem. The EV charger market is poised for continued growth as the world transitions to cleaner, more sustainable transportation solutions. Chargemaster is another key player in the market, providing charging solutions for both commercial and residential applications.
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