Electric Vehicle Charger Market Size to Attain USD 105.84 Bn by 2032

Published Date : 14 Mar 2024

The global electric vehicle charger market size exceeded USD 11.48 billion in 2023 and is estimated to attain around USD 105.84 billion by 2032, poised to grow at a CAGR of 28% during the forecast period from 2023 to 2032.

Electric Vehicle Charger Market Size and Growth Rate From 2023 to 2032

Market Overview

The electric vehicle charger market is a diverse industry that involves the production, distribution, and installation of charging equipment for electric vehicles (EVs). It encompasses a vast range of products and services, including home chargers, public charging stations, fast charging infrastructure, and related software solutions. The electric vehicle charger market is a diverse industry that involves the production, distribution, and installation of charging equipment for electric vehicles (EVs). It encompasses a vast range of products and services, including home chargers, public charging stations, fast charging infrastructure, and related software solutions.

The electric vehicle charger market is experiencing rapid growth due to several factors driving the adoption of electric vehicles globally. The implementation of strict emissions regulations by governments, along with incentives to promote clean transportation, has led to an increase in consumer interest in electric vehicles. This rise in EV adoption has created a substantial demand for charging infrastructure, including both home chargers and public charging stations.

Regional Snapshots

The Asia-Pacific region is the largest market for electric vehicle chargers, driven by several significant factors. The region is a major center for automotive manufacturing and a significant contributor to global carbon emissions. To address this issue, many countries in the region are implementing aggressive policies to promote electric vehicle adoption and reduce air pollution.

  • In December 2023, Bharat Petroleum and Tata Passenger Electric Mobility announced their collaboration to install 7,000 charging stations, predominantly fast chargers, across India's major highways and cities. The initiative aims to address the growing demand for electric vehicles and promote a cleaner and sustainable mode of transportation.

China has taken a leading role in the Asia-Pacific region, with ambitious goals for electric vehicle sales and charging infrastructure deployment. The Chinese government has provided strong support through incentives, subsidies, and regulations, which has resulted in China becoming the largest electric vehicle market globally. This has led to a high demand for electric vehicle chargers, both for residential and public use.

The electric vehicle charger market in Europe is witnessing substantial growth owing to various key factors. The European Union is aiming to cut down greenhouse gas emissions and promote clean transportation, which has led to strong government backing for electric vehicles and charging infrastructure. Several European countries have introduced incentives and regulations to encourage the adoption of electric vehicles, such as subsidies for EV purchases, tax incentives, and low-emission zones in urban areas. These policies have resulted in a remarkable surge in electric vehicle sales across Europe, which has led to a high demand for charging infrastructure.

Electric Vehicle Charger Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 11.48 Billion
Projected Forecast Revenue by 2032 USD 105.84 Billion
Growth Rate from 2023 to 2032 CAGR of 28%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Market Dynamics

Drivers

Rising adoption of electric vehicles

As the world becomes more aware of the negative impact of fossil fuels on the environment, electric vehicles (EVs) are increasingly being seen as a more sustainable alternative to gas-powered cars. Governments worldwide are taking notice of this trend and are incentivizing the adoption of clean energy transportation. This has led to a significant increase in EV sales, resulting in a growing demand for electric vehicle chargers both for private and public use. Consequently, there is a vital need for the installation of more charging stations to accommodate the rising number of electric vehicles on the road.

Supportive government policies

Governments across the world are implementing policies and regulations to encourage the adoption of electric mobility, with the aim of reducing greenhouse gas emissions and mitigating the impacts of climate change. One of the most effective ways to achieve this goal is by promoting the growth of the electric vehicle charger market. This involves investing in charging infrastructure to make it more accessible and convenient for EV users, offering tax incentives and rebates to encourage more people to purchase and use electric vehicles, and setting stricter emissions standards to incentivize automakers to produce more fuel-efficient and environmentally friendly cars.

Restraint

Infrastructure challenges

Despite the remarkable progress made in electric vehicle technology, the electric vehicle charger market still faces various challenges related to infrastructure development. One of the primary challenges is the limited availability of charging stations in many regions, which creates range anxiety among electric vehicle owners and ultimately hinders the widespread adoption of electric vehicles. Another significant challenge faced by the electric vehicle charger market is the inconsistent charging standards across different regions and countries. The lack of standardized charging protocols creates confusion among electric vehicle owners, making it difficult for them to find compatible charging stations when traveling.

Opportunities

Investment in charging Infrastructure

The automotive industry is experiencing a rapid shift towards electric vehicles. This shift highlights the need for a widespread charging infrastructure network. However, several emerging markets are currently underserved in terms of charging infrastructure. This creates a significant opportunity for investment in charging infrastructure development, especially in these underserved markets. Public entities can provide incentives and policies that encourage private investment, while private entities can leverage their expertise, technology, and resources to build and operate charging networks.

  • In October 2023, BP invested $100 million in Tesla's ultra-fast EV chargers to enhance its EV charging network. The Tesla chargers can deliver up to 350 kW of power, which is much faster than most other EV charging solutions available on the market. The investment is expected to improve the charging experience for EV drivers and encourage more people to switch to electric vehicles.

Expansion of smart charging solutions

Electric vehicles (EVs) are gaining traction as a sustainable mode of transportation. However, with the growing popularity of EVs, a need arises for efficient and optimized charging solutions to cater to the increasing demand. This is where smart charging solutions, powered by Internet of Things (IoT) technology and data analytics, come into play. These solutions offer a variety of benefits to both EV drivers and utilities. By utilizing real-time data and advanced analytics, smart charging solutions can assist utilities in balancing grid loads, minimizing operational expenses, and enhancing overall system efficiency.

  • In August 2023, Quench EV chargers announced the launch of a new movable DC FAST CHARGER. This charger is designed to offer high-power charging capabilities to electric vehicles and will provide direct current (DC) power at a fast rate. The innovative design of this charger enables it to be easily moved to different locations, making it a highly flexible and versatile charging solution for electric vehicle owners.

Recent Development

  • In December 2023, Lincoln Electric recently launched its Velion DC Fast Charger for Electric Vehicles. This advanced charger is equipped with cutting-edge technology to provide fast and efficient charging to electric vehicles. It is designed to deliver high power output with a peak charging capacity of up to 350 kW. The Velion™ DC Fast Charger is compatible with all major EV models and can charge up to 80% of the battery in just 20-30 minutes, making it an ideal solution for both public and private charging stations.
  • In November 2023, Lotus will be introducing its latest charging solutions for electric vehicles. The solutions are designed to meet the technical requirements of EVs, including high-speed charging capabilities, compatibility with a range of EV models, and optimized charging efficiency.

Key Players in the Market

  • ABB Ltd.
  • Robert Bosch GmbH
  • Siemens AG
  • Delphi Automotive
  • Chroma ATE
  • Aerovironment Inc.
  • Silicon Laboratories
  • Chargemaster PLC
  • Schaffner Holdings AG
  • POD Point

Market Segmentation

By Vehicle Type

  • Plug-in Hybrid Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)

By Charging Type

  • On-board Charger
  • Off-board Charger

By End User

  • Residential
  • Commercial

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