- Rise in adoption of electric vehicles across the globe is expected to boost growth opportunities in the EV chargers market
- Increase in implementation of strict regulations pertaining to carbon emissions is likely to propel the industry growth
- Expansion of the automotive sector is anticipated to generate significant business opportunities in Asia Pacific
WILMINGTON, Del., Jan. 11, 2023 /PRNewswire/ — The global EV chargers market is projected to advance at a CAGR of 19.4% from 2022 to 2031, according to the market outlook presented in the study by Transparency Market Research (TMR).
Asia Pacific is expected to dominate the global market during the forecast period owing to the presence of a strong automotive sector and improvement in spending power of the regional population. Governments of developing countries are taking initiatives to reduce carbon emissions. They are promoting usage of electric vehicles (EVs) and increasing the availability of charging points. These efforts are anticipated to drive market expansion in Asia Pacific in the near future.
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Key Findings
- Based on propulsion, the market is segmented into hybrid electric vehicle and battery electric vehicle. As per the EV chargers market report by TMR, the battery electric vehicle segment accounted for 70.3% share of the market in 2021. The market growth can be ascribed to increase in awareness about environment concerns among consumers, and advantages of battery electric vehicles (BEVs).
- Companies manufacturing BEVs are increasing R&D activities in order to improve the average driving range of their vehicles. This has resulted in increase in average range of BEVs from 243 km in 2017 to around 350 km in 2021. This factor is aiding in rapid adoption of BEVs, which in turn is boosting the demand for EV chargers.
- Rise in fuel charges and growing awareness about depleting sources of fossil fuels have led to increase in inclination of people to adopt electric automobiles. Key advantages of these vehicles include fuel-efficiency and their cost-effective nature as compared to conventional diesel and gasoline vehicles. Hence, rise in adoption of EVs for personal and public transportation is anticipated to drive the demand for EV chargers during the forecast period.
- There has been increase in awareness about adverse effects of carbon footprints on nature. This population pool is inclining toward usage of environmental-friendly transportation options such as EVs in order to decrease harmful gas-containing carbon footprints. This factor is likely to boost the market demand during the forecast period.
- Governments are implementing stringent regulations pertaining to automobiles emissions. This aside, regulatory bodies of several countries are encouraging people to use environmental-friendly transportation solutions. They are offering subsidies, tax rebate programs, and other benefits so as to support their initiatives related to EVs adoption. These factors are driving business growth in the global market.
- Rapid urbanization across many developed and developing countries across the globe have resulted in increase in the number of vehicles on roads, consequently leading to rise in traffic jam situations across urban areas. Hence, the need for improved road infrastructure is anticipated to fuel the growth of the global EV chargers market in the near future.
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Growth Drivers
- Surge in adoption of electric and autonomous vehicles is anticipated to fuel market growth
- Rise in focus of governments to reduce carbon footprints is creating sizable business prospects in the industry
EV Chargers Market: Competition Landscape
- The global industry is consolidated with presence of many players controlling majority of the market share
- Companies are focusing on incorporation of next-generation technologies in their products as per customer demands
- They are utilizing strategies of partnerships and acquisitions in order to expand their businesses
EV Chargers Market: Key Players
- Allego B.V.
- ABB
- Alfen N.V.
- CTEK Holding AB
- Clore Automotive LLC
- Enervalis
- Efacec
- Juuce Limited.
- EVBox
- IES Synergy
- Schneider Electric
- Meta Systems S.P.A
- OVO Energy Ltd
- Wallbox Chargers, S.L.
- Schumacher Electric Corporation
- Tesla Inc.
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EV Chargers Market Segmentation
- Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Chargers Type
- On-board Chargers
- Off-board Chargers
- Application
- Private
- Public
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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