Global Electric Vehicle Charger Market Size, Share, Growth and Analysis Industry Report - Forecast Trends and Outlook (2024-2032)

Global Electric Vehicle Charger Market Outlook

The global electric vehicle charger market attained a value of about USD 7.48 billion in 2023. The market is further expected to grow at a CAGR of 25.3% during the forecast period of 2024-2032.

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Rising Market Penetration of Electric Vehicles to Propel the Market Growth of Electric Vehicle Charger

The rise in the global market for electric vehicle charger can primarily be attributed to the increasing market penetration of electronic vehicles. Factors such as the rise in the prices of fuel, including petrol and diesel, due to the depleting fossil fuels are invigorating the production of electric vehicles, which is positively influencing the market growth of electric vehicle charger. Furthermore, in contrast to traditional vehicles, electronic vehicles are driven on electricity and are more cost-effective, which is another factor boosting the market growth.

Electric vehicle chargers are fast, and with the rising prevalence of electronic vehicles, the robust manufacturing of electric vehicle chargers is making them cost-effective and thus augmenting the market demand. In addition, as a result of the rising pollution levels due to fuel combustion by conventional gas-powered vehicles, electronic vehicles are emerging as environmentally friendly modes of transportation as it utilises energy in the form of electricity and does not release harmful toxins. This is expected to further the market growth of electric vehicle charger.

Electrical Vehicle Charger: Market Segmentation

Electric vehicle chargers are electronic energy sources that are used to provide the necessary electricity to drive electronic vehicles. These are available as on-board and off-board chargers and can be used in residential or commercial settings.

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On the basis of vehicle type, the market can be divided into:

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

The market, based on charging type, can be segmented into:

• On-Board Chargers
• Off-Board Chargers

Based on end user, the market can be categorised into:

• Residential
• Commercial

The EMR report looks into the regional markets of electric vehicle charger like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

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Government Initiatives Advocating the Adoption of Electric Vehicles to Augment the Market Growth

The growth in the global market for electric vehicle charger can be attributed to the robust government measures in developed and developing nations that advocate the emergence of electric vehicles over traditional vehicles. The rising adoption of electric vehicles is augmenting the market demand for electric vehicle chargers, which is accelerating the market growth. Owing to rapid investments and evolution of technology, existing company players are introducing features, such as long battery life, fast charging, and high average consumption of battery, which is fuelling the market demand for electronic vehicles, hence enhancing the market growth of electric vehicle charger. 

In addition to this, the comparatively lower maintenance costs of electric vehicles over traditional vehicles, is further boosting the demand for electronic vehicles, thereby propelling the market growth of electric vehicle charger. Furthermore, residential charging is significantly contributing to the market growth of electric vehicle charger as a result of low numbers of commercial charging points.

Key Industry Players in the Global Electric Vehicle Charger Market

The report presents a detailed analysis of the following key players in the global electric vehicle charger market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions:

• ABB Ltd.
• Bosch Automotive Service Solutions Inc.
• AeroVironment, Inc.
• Schaffner Group
• Bp Pulse
• ChargePoint, Inc.
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report