The Electric Car Charger Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electric Car Charger Global Market Report 2024, The electric car charger market size has grown exponentially in recent years. It will grow from $5.54 billion in 2023 to $7.56 billion in 2024 at a compound annual growth rate (CAGR) of 36.3%. The growth in the historic period can be attributed to electric vehicle (ev) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in evs
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The electric car charger market size is expected to see exponential growth in the next few years. It will grow to $23.62 billion in 2028 at a compound annual growth rate (CAGR) of 33.0%. The growth in the forecast period can be attributed to expansion of ev charging networks, standardization of charging connectors, international market growth, global ev adoption, and growing public and private charging stations. Major trends in the forecast period include 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.
The increasing demand for electric vehicles owing to growing environmental awareness is expected to drive the growth of the electric car chargers market over the coming years. The world is moving towards electrified transportation to reduce the emissions of pollution from non-renewable fossil fuel vehicles and to offer transport as a substitute for costly fuel. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing sales of electric vehicles drive the growth of the electric car chargers market.
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The electric car charger market covered in this report is segmented –
1) By Type: Slow AC, Fast AC, Fast DC
2) By Charging Type: On-board Charger, Off-board Charger
3) By Application: Home, Office, Commercial
Major companies operating in the electric car charger market are developing new products such as solar-powered electric car chargers to meet larger customer bases, more sales, and increase revenue. A solar-powered electric car charger is a device that harnesses energy from the sun through solar panels to generate electricity, which is then used to charge electric vehicles (EVs). For instance, in August 2022, Sunrun Inc., a US-based energy services provider, launched Level 2 EV Charger. The latest addition to the company’s portfolio enhances Sunrun’s range of home energy management solutions, aligning with the increasing demand for electric vehicles across the United States. Sunrun’s introduction of the new EV charger underscores its commitment to providing energy self-sufficiency, cost-efficiency, and energy reliability for all Americans. This innovative EV charger, operating at a 40-amp Level 2, offers a practical solution for overnight EV charging and is universally compatible with all EV models. Furthermore, it boasts intelligent features that empower customers to customize charger settings and manage the charging process at their convenience.
The electric car charger market report table of contents includes:
1. Executive Summary
2. Electric Car Charger Market Characteristics
3. Electric Car Charger Market Trends And Strategies
4. Electric Car Charger Market – Macro Economic Scenario
5. Global Electric Car Charger Market Size and Growth
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31. Global Electric Car Charger Market Competitive Benchmarking
32. Global Electric Car Charger Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Car Charger Market
34. Electric Car Charger Market Future Outlook and Potential Analysis
35. Appendix
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