Global Electric Vehicle Charger market outlook 2024, Forecast To 2033
30 Jan, 2024
The electric vehicle charger market has seen exponential growth, rising from $6.79 billion in 2023 to $8.67 billion in 2024, with a compound annual growth rate (CAGR) of 27.7%. This historic growth is attributed to electric vehicle (EV) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in EVs. Moving ahead to 2028, the market is projected to reach $21.85 billion, maintaining a 26.0% CAGR. The anticipated growth can be attributed to the expansion of EV charging networks, standardization of charging connectors, international market growth, global EV adoption, and growing public and private charging stations. Major trends in the forecast period include fast and ultra-fast charging solutions, wireless charging technologies, EV battery advancements, smart grid integration and demand response, and autonomous and self-parking charging stations.
Global Electric Vehicle Charger Market Key Driver
The electric vehicle charger market witnesses growth with the increasing stringent regulations by governments to limit environmental pollution. The US government, under the Biden-Harris Administration, set a goal for 50% of vehicles to be electrified by 2030 in April 2023. Stringent regulations contribute to the growth of the electric vehicle charger market.
Get A Free Sample Of The Global Electric Vehicle Charger Market ReportGlobal Electric Vehicle Charger Market Segments
The global electric vehicle charger market covered in this report is segmented –
1) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
2) By Charging Type: On-Board Chargers, Off-Board Chargers
3) By End-User: Residential, Commercial
By Geography: The regions covered in the Electric Vehicle Charger market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the electric vehicle charger market in 2023. The regions covered in the electric vehicle charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Electric Vehicle Charger Industry Players
ABB Group, AeroVironment Inc., ChargePoint Inc., BP Chargemaster, Evatran Group Inc., Leviton Manufacturing Co. Inc., Webasto SE, Eaton Corporation plc, Schneider Electric SE, Siemens AG, Électricité de France S.A. (EDF), POD Point Ltd., Schaffner Holding AG, IES Synergy, Efacec Power Solutions S.A., Webasto Charging Systems Inc., Hyundai Motor Company, Alfen N.V., Allego B.V., ClipperCreek Inc., Continental AG, Magna International Inc., SemaConnect Inc., TGOOD Global Ltd., ZF Friedrichshafen AG, Robert Bosch GmbH, Delta Electronics Inc., Cyber Switching Inc., Tesla Inc., EVgo Services LLC, Electrify America LLC, Blink Charging Co., Tritium Pty Ltd., Enel X, Wallbox Chargers S.L., EVBox Group, Enphase Energy Inc., BorgWarner Inc.
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Electric Vehicle Charger Market Overview
An electric vehicle charger is defined as a charger that delivers energy to the vehicle battery system per unit of time. It is a part of electric vehicle supply equipment that provides electrical power to plug-in electric automobiles.
Electric Vehicle Charger Global Market Report 2023 provides data on the global electric vehicle charger market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric vehicle charger market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.