The Business Research Company’s report on the Electric Vehicle Charger Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the electric vehicle charger market?
The increasing stringent regulations by the governments to limit environmental pollution are contributing to the growth of the electric vehicle charger market. Many governments have implemented stringent government regulations to limit harmful vehicular emissions, making it vital for vehicle manufacturers to shift to advanced technologies that reduce vehicle emission levels. For instance, in April 2023, the government of US, Biden-Harris Administration set a goal that 50% of vehicles should be electrified by 2030. Therefore, the rising stringent regulations by the governments are projected to drive the growth of the electric charger market in the coming years.
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How has the electric vehicle charger market size evolved, and what are the latest forecasts for its expansion?
The electric vehicle charger market size has grown exponentially in recent years. It will grow from $11.79 billion in 2024 to $15.01 billion in 2025 at a compound annual growth rate (CAGR) of 27.3%. 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.
The electric vehicle charger market size is expected to see exponential growth in the next few years. It will grow to $39.85 billion in 2029 at a compound annual growth rate (CAGR) of 27.7%. 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.
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Which major companies dominate 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, Électricité de France S.A. (EDF), POD Point Ltd., IES Synergy, Efacec Power Solutions S.A., Hyundai Motor Company, Alfen N.V., Allego B.V., ClipperCreek Inc., Continental AG, Magna International Inc., SemaConnect Inc., TGOOD Global Ltd., ZF Friedrichshafen AG, Robert Bosch GmbH, Delta Electronics Inc., Cyber Switching Inc., Tesla Inc., EVgo Services LLC, Electrify America LLC, Blink Charging Co., Tritium Pty Ltd., Enel X, Wallbox Chargers S.L., EVBox Group, BorgWarner Inc.
What trends will shape the future of the electric traction motor market?
Major companies operating in the electric vehicle charger market are focusing on developing technologically advanced solutions, such as the Fastest DC Charger, to enhance the electric vehicle (EV) charging experience. Fastest DC charger refers to a type of electric vehicle (EV) charging station that utilizes direct current (DC) to deliver high power levels, enabling rapid charging of electric vehicle batteries. For instance, in May 2024, Exicom Tele-Systems Ltd., an India-based EV charging provider, introduced Harmony Gen 1.5, a high-performance DC fast charger designed for electric vehicles. DC charger, to address the growing demand for efficient and user-friendly EV charging solutions. to meet the surging demand for efficient and user-friendly EV charging solutions amidst the rapid growth of the electric vehicle market. Designed with a modular construction that supports power outputs from 60 kW to 400 kW, it caters to various vehicles while boasting an efficiency rating exceeding 95%.
Which region dominates the electric vehicle charger market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the electric vehicle charger market in 2024. The regions covered in the electric vehicle charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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How is the electric vehicle charger market segmented, and which segment holds the largest share?
The electric vehicle charger market covered in this report is segmented –
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Residential Charging Stations, Public Fast Charging Stations, Ultra-Fast Charging Stations
2) By Plug-in Hybrid Electric Vehicle (PHEV): Level 1 Chargers, Level 2 Chargers, Fast Chargers
3) By Hybrid Electric Vehicle (HEV): Level 1 Chargers, Specialized Charging Stations for HEVs
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How is the electric vehicle charger market defined?
An electric vehicle charger is defined as a charger that delivers energy to the vehicle battery system per unit of time. It is a part of electric vehicle supply equipment that provides electrical power to plug-in electric automobiles.
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