NEW YORK, Feb. 8, 2024 /PRNewswire/ — The electric vehicle charger market is estimated to grow by USD 42.39 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 33.99% during the forecast period. APAC is estimated to contribute 44% to the growth of the global market during the forecast period. China leads in electric vehicle (EV) adoption, forecasted to continue producing the highest number in APAC. Japan and South Korea also lead globally in electromobility. China’s EV charger market thrives due to high EV sales. Besides cars, China electrifies public transport. India registers around 0.45 thousand new electric buses. Government deployment of EVs for private and public use, driven by air pollution reduction goals, will boost APAC EV demand.
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- ABB Ltd. – The company offers electric vehicle chargers such as EV Charging Solutions, which includes the Terra AC wall box, Terra DC wall box, Terra HP charger, and others.
- Blink Charging Co. – The company offers electric vehicle chargers such as DC fast charging and level two AC charging stations.
Government incentives and subsidies for EV charger infrastructure developments is the key factor driving market growth. OEMs provide home charging solutions with EV purchases, but on-road private and public charging availability remains a challenge. Incentives for EV chargers and purchases are expected to boost charger installations and attract OEMs and private investment in infrastructure to increase EV sales. Twelve EU countries in Western Europe have offered buyer bonuses for EVs since 2019.
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Technavio has segmented the market based on end-user (residential and commercial), type (fast charger and slow charger), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The residential segment will be significant during the forecast period. The residential segment leads the global EV charger market, attracting new entrants and focusing on economies of scale. It includes chargers for homes, multi-dwelling buildings, and workplaces. China dominates with over 35% of private EV chargers, followed by the US, the Netherlands, and others. Solar panels powering EVs are a growing trend, with surplus energy released to the grid. Utility providers are enhancing the market by improving customer relationships.
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- Open and closed platform approaches by EV charger solution providers is the primary trend shaping growth.
- Stringent approval rules for the establishment of charger units is a significant challenge restricting growth.
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The charging network is expanding to accommodate the growing demand
Electric Vehicle (EV) chargers are essential components of the EV charging infrastructure, supporting the transition to sustainable transportation. These chargers enable the recharging of electric cars, contributing to the adoption of clean energy and reducing reliance on fossil fuels. EV charging stations, equipped with various types of chargers, provide convenient access to charging for electric vehicle owners. The charging network is expanding to accommodate the growing demand for electric mobility, integrating renewable energy sources to further enhance sustainability. Advancements in automotive technology continue to improve the efficiency and accessibility of EV chargers, promoting green transportation solutions.
What are the key data covered in this Electric Vehicle Charger Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2024 and 2028
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Electric Vehicle Charger industry across APAC, North America, Europe, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Electric Vehicle Charger companies
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by End-user
Segmentation by Type
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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SOURCE Technavio
