by Electric vehicle chargers are devices used for charging electric vehicles. There are different types of electric vehicle chargers ranging from slow charging residential chargers to fast charging commercial/public chargers. Electric vehicle chargers play a vital role in enabling wider adoption of electric vehicles by addressing range anxiety issues.
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 key trends
The increasing demand for fast charging infrastructure is one of the major trends being witnessed in the electric vehicle charger market. With the rising sales of electric vehicles and growing demand for longer driving range per charge, there is an increasing need for fast charging stations where vehicles can be charged in a short time period. Various electric vehicle manufacturers and charging station operators are investing heavily in deploying DC fast charging stations across highways and public places which can charge electric vehicles up to 80% within 30 minutes. This growing fast charging infrastructure is expected to boost the demand for fast charging compatible electric vehicle chargers.
SWOT Analysis
Strength: Rising adoption of electric vehicles across the globe is driving the demand for electric vehicle chargers. Government support through subsidies and initiatives for setting up public charging stations is also fueling the market growth.
Weakness: High initial investment cost for installation and set up of charging infrastructure can restrain the small players in the market. Standardization issues around connectors and communication protocols pose challenges.
Opportunity: Untapped rural areas present lucrative growth opportunities. Investments towards developing innovative fast and wireless charging solutions will further propel the demand. Growing carbon emission concerns will boost adoption of EVs leading to charger sales.
Threats: High dependence on lithium-ion batteries poses risks associated with supply availability and price fluctuations of raw materials. Lack of consumer awareness about different charging standards can negatively impact the electric vehicle charger sales.
Key Takeaways
The global Electric Vehicle Charger Market Share is expected to witness high growth, exhibiting 28% CAGR over the forecast period, due to increasing support from governments worldwide for adoption of electric vehicles and development of public charging infrastructure.
The Asia Pacific region is expected to dominate the electric vehicle charger market during the forecast period. Countries like China, Japan, and South Korea are heavily investing in electric vehicles and related charging infrastructure development which is fueling the regional market growth. Increasing pollution levels and depleting fossil fuels have also encouraged governments in the region to promote clean mobility solutions.
Europe is another lucrative electric vehicle charger market stimulated by stringent emission norms and hefty investments by automakers in electric mobility. Government incentives and subsidies for electric vehicle purchase and installation of home chargers have boosted consumer demand.
Key players operating in the Electric Vehicle Charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chargemaster PLC, and Chroma ATE. Established charging operators are focusing on partnerships to expand public charging networks and leveraging latest tech solutions to provide enhanced customer experience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
