Electric vehicle chargers are used for charging battery electric vehicles and plug-in hybrid vehicles. They provide electric energy to charge electric vehicles by connecting them to the grid or off-grid power supply. Electric vehicle chargers charge vehicles efficiently and safely at homes and commercial properties. The global Electric Vehicle Charger Market is estimated to be valued at US$ 29.12 billion in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased adoption of electric vehicles across the globe has been a key growth driver for the Global Electric Vehicle Charger Market Size. With growing environmental concerns and government support for promoting clean mobility solutions, demand for electric vehicles has increased drastically over the past few years. As electric vehicle sales continue to rise significantly, need for EV chargers across both commercial and residential sectors is also rising at a rapid pace. Countries are investing heavily in building public charging infrastructure to encourage electric vehicle adoption. This has propelled the demand for advanced and efficient electric vehicle chargers in the market.
SWOT Analysis
Strength: Electric vehicle chargers are environmentally friendly charging solutions that help lower emissions from transportation. These chargers allow electric vehicles to charge easily at homes and commercial areas, extending their driving range.
Weakness: High upfront installation costs of electric vehicle chargers can be prohibitive for some users. The charging time of electric vehicles is also still slower than refueling gasoline vehicles.
Opportunity: Government regulations and incentives in many countries are promoting widespread adoption of electric vehicles. This growing electric vehicle market represents an opportunity for expanded sales and installation of compatible charging stations.
Threats: Compared to gasoline vehicles, the limited driving range of some electric vehicle models due to battery constraints could discourage consumers. High battery costs also pose a challenge for lowering electric vehicle prices.
Key Takeaways
The global electric vehicle charger market is expected to witness high growth.
Regional analysis: Asia Pacific currently dominates the electric vehicle charger market due to strong government support for electric vehicles in China. Countries such as Japan, South Korea and India are also expanding their electric vehicle fleets and charger infrastructure.
In Europe, government incentives and regulations are driving significant electric vehicle adoption, especially in nations like the UK, Germany and France. There is growing investment in public charging stations across the region. North America is another major electric vehicle charger market led by the US where both personal and commercial electric vehicle sales are rising rapidly.
Key players operating in the electric vehicle charger market are Chargepoint, ABB, Eaton, Blink Charging, Schneider Electric, Siemens, General Electric, AeroVironment and Bosch. These companies offer various commercial and residential electric vehicle charging solutions to meet the needs of electric vehicle owners and fleet operators.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it