The Electric Vehicle (EV) Charger Market was valued at USD 5385.8 Million in 2021 and is expected to reach USD 31158.2 Million by 2028 with a CAGR of 28.5% over the forecast period.
An electric vehicle (EV) is a vehicle that functions on electric power. This power functionality can be divided into partially electric-powered vehicles or completely electric-powered vehicles. For both of these vehicle types, the electric power used to operate these vehicles is provided by a battery. The electric vehicle battery charger is like any other conventional electronic device charger which connects the electric vehicle battery to an electric power supply. The major plug present on electric vehicles is of the type J17772. Tesla has different plug standards which are compatible with its technologies.
The cord of the electric charger is such that it has to covert the 240 Volts power and charge the 17Kwh battery present in the vehicle to operate the engine and other peripherals of the vehicle. Electric Vehicle chargers are classified into Level 1, Level 2, and Level 3 types. These levels portray the speed of charging. Level 1 is the slowest charging charger, whereas level 3 charger is the fastest charging charger. Level 3 chargers are further subdivided into level DC fast charging and Tesla supercharging. Different vehicles require different chargers they accept different power levels from the power source.
As the electric vehicle charger market is a subset of the automobile market, any rise, and fall in the automobile market directly affect the electric vehicle charger market. The Covid-19 pandemic caused a market drop for automobiles due to a reduction in the requirement for automobiles. This caused a decrease in EV charger requirements. Semiconductors are materials that are used to make a plethora of electronic products including automobiles and chargers. The Covid-19 pandemic caused a slump in semiconductor production which as a result decreased the electronic vehicles and charger production which lead to a negative impact on the electronic vehicles charger market.
The global electric vehicle (EV) charger market is segmented on the basis of vehicle end-user type, charging type, and region & country level. Based on vehicles, the market is divided into battery electric vehicles and hybrid electric vehicles. Based on end-user, the electric vehicle (EV) charger market can be differentiated by residential users and commercial users. Based on charging type, the market is divided into on-boarding charging and off-boarding charging.
The regions covered in the global electric vehicle (EV) charger market report are North America, Europe, and Asia-Pacific. On the basis of country level, the market of global electric vehicle (EV) chargers is subdivided into the U.S.A, Canada, Mexico, U.K., France, Germany, Japan, South Korea, and India.
Some of the key players for the global electric vehicle (EV) charger market are:
On December 21st, 2021; Energy groups Enel and Eni have reached an agreement to allow electric car drivers to recharge vehicles using the two companies' infrastructure networks across Italy. Enel's energy e-service unit Enel X and Eni's Be Charge operate Italy's main electric vehicle (EV) charging networks with around 20,000 charging points. Under the agreement, consumers will be able to use charging points from their smartphones using Enel X, Be Charge, and Eni Apps. ""The interoperability of charging infrastructures is a fundamental element in the strategy to spread electric mobility in Italy,"" Enel X head of e-mobility Federico Caleno said. Enel, which has more than 13,000 EV charging points, is keen to speed up the development of its e-mobility business and has said it could spin off and even list its network of charging stations. Be Charge, part of Be Power which was bought by Eni earlier this year, is owned by Eni's retail and renewables unit that is planning to list next year.
Rising environmental awareness in the recent decade globally is one of the major factors driving the growth of the global electric vehicle (EV) charger market. The emergence of the industrial revolution and increased vehicle usages without any regulations for waste management systems have caused an immense degradation in the environment. A typical conventional passenger vehicle emits about 4.6 metric tons of carbon dioxide per year. To curb this damage, many government regulations are made on a global level. For instance; Paris agreement a treaty is meant to globally keep temperatures rising less than 2 degrees. Also, the Kyoto Protocol limits and reduces greenhouse gases (GHG) emissions in accordance with agreed individual targets. This shows that efforts are being made globally to reduce environmental deterioration. Electrical vehicles usage can be an individual effort to solve the environmental deterioration problem as using electrical vehicles leads to almost negligible waste expulsion from a vehicle which has increased the demand for EVs and hence also driving the growth of the electric vehicle (EV) charger market.
Additionally, fossil fuel shortage is also supplementing the demand for EVs and hence fostering the growth of the electric vehicle (EV) charger market. Conventional vehicles operate on gasoline power which is a fossil fuel. Fossil fuels are natural entities that take several thousand years to develop. These natural remains accumulate energies over time and these energies can be converted into electrical, thermal energies. As these fossil fuels take a lot of time to formulate they cannot be replaced. The world is facing a huge fossil fuel scarcity. For instance; according to the world oil meter only 46 years of oil is left for consumption. Also, India has recorded a coal shortage of 1,201 million units in October 2021; the highest in 5.5 years, due to a crunch in coal stocks available with thermal plants. To resolve this issue electric vehicles are gaining popularity, as electrical power is not exhaustible which is also supplementing the demand for electric vehicle (EV) chargers.
Limited number of electric charging stations especially in developing countries may hamper the market growth. In spite of this, research in hybrid electrical vehicles, which have a main electrical power source and backup fuel source curbs the issues hence making electric vehicles an optimal transport method. This may offer a huge boost to the electric vehicle charger market.
Geographically, North America is expected to dominate the global electric vehicle (EV) charger market owing to the increasing adoption of EVs and the rising number of players in this region. For instance; out of the 77.6 million automobiles produced worldwide 13.4 million automobiles were produced in North America. Additionally, people from the North American region have high disposable income and as electric vehicles are more expensive compared to conventionally powered vehicles, hence consumers have more affordability and more adoption of EVs in this region.
Asia Pacific is expected to witness the fastest growth in the global electric vehicle (EV) charger market owing to the abundance of raw material availability and labor availability at subsidized prices in this region. Asia is rich in mineral resources due to unique geographical conditions. Due to the small size of these chargers, it is very easy to import these products to other regions. Asian export accounts to 42% of the world export. Hence commodities like electric vehicle chargers can be produced in Asian regions where production costs are less and be transported to other regions which keep the total cost at bay as compared to producing these chargers in other regions.
Middle East and Africa
|2015 - 2020
|2021 - 2028
|Market Size in 2021:
|USD 5385.8 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 31158.2 Million
|Tables, Charts & Figures:
|Electric Vehicle Charger Companies
|ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, AeroVironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, POD Point, others
|By Vehicle Type, By End User, By Charging Type
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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