The electric vehicle charger market has soared exponentially, growing from a size of $11.79 billion in 2024 to an estimated $15.01 billion in 2025 with a compound annual growth rate (CAGR) of 27.3%. The historic expansion can be attributed to factors such as an uptick in electric vehicle adoption and sales, catalyzed by government incentives and regulations. Also, the rising environmental concerns, emissions reduction goals, consumer demand for convenient charging, and the automotive industry’s colossal investment in electric vehicles have further propelled this growth.
The market size is predicted to burgeon to $39.85 billion in 2029 at a CAGR of 27.7%. This forecasted leap can be accredited to the amplified expansion of EV charging networks, standardization of charging connectors, the surge in global EV adoption, and a substantial increase in public and private charging stations. Trendsetting fast and ultra-fast charging solutions, wireless charging technologies, EV battery advancements, smart grid integration, and demand response, and autonomous and self-parking charging stations will shape this market in the coming years.
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What Are the Primary Growth Drivers in the Electric Vehicle Charger Market?
The electric vehicle charger market is driven primarily by increased government regulations to curb environmental pollution. Many governments worldwide have implemented stringent regulations to limit harmful vehicular emissions, inducing a shift to advanced technologies that reduce vehicle emission levels. For instance, in April 2023, the Biden-Harris Administration in the US set an ambitious target that 50% of vehicles should be electrified by 2030. Consequently, the mounting stringent regulations by governments worldwide are anticipated to propel the growth of the electric charger market in the coming years.
What Are the Key Segments in the Electric Vehicle Charger Market?
The electric vehicle charger market is segmented as follows:
1) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
2) By Charging Type: On-Board Chargers, Off-Board Chargers
3) By End-User: Residential, Commercial
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Who Are the Top Players in the Electric Vehicle Charger Market?
Major companies operating in the electric vehicle charger market include ABB Group, AeroVironment Inc., ChargePoint Inc., BP Chargemaster, Evatran Group Inc., Leviton Manufacturing Co. Inc., Webasto SE, Eaton Corporation plc, Schneider Electric SE, Siemens AG, and others.
What Are the Emerging Trends in the Electric Vehicle Charger Market?
Electric vehicle charger market leaders focus on technologically advanced solutions like the Fastest DC Charger to improve the EV charging experience. This charger type employs direct current (DC) and delivers high power levels, facilitating the rapid charging of EV batteries. For instance, in May 2024, Exicom Tele-Systems Ltd., an Indian EV charging provider, launched Harmony Gen 1.5, a high-performance DC fast charger for electric vehicles. Designed with a modular structure that supports power outputs from 60 kW to 400 kW, it caters to various vehicles with an efficiency rating exceeding 95%.
Which Region Dominates the Electric Vehicle Charger Market?
In 2024, Asia-Pacific was the largest region in the electric vehicle charger market. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Electric Vehicle Charger Market Report 2025 Offer?
Defined as a charger that provides energy to the vehicle battery system per unit of time, an electric vehicle charger is part of electric vehicle supply equipment that delivers electrical power to plug-in electric automobiles. This Electric Vehicle Charger Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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