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Cryptocurrency Payment Solutions Is Fastest Growing Segment Fueling The Growth Of Electric Vehicle Charger Market

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Ashish Thapa
 Cryptocurrency Payment Solutions Is Fastest Growing Segment Fueling The Growth Of Electric Vehicle Charger Market

Electric vehicle chargers are devices used for charging batteries of electric vehicles and plug-in electric vehicles. They provide a consistent and appropriate voltage and current levels for efficient charging. With growing concerns regarding vehicular emissions and rising fuel costs, adoption of electric vehicles is increasing rapidly worldwide, thus driving demand for electric vehicle chargers.

 

The global Electric Vehicle Charger Market is estimated to be valued at US$ 11.52 Billion in 2023 and is expected to exhibit a CAGR of 28.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. 


Market key trends: 


One of the major trends in the electric vehicle charger market is integration of cryptocurrency payment solutions. Many electric vehicle charger manufacturers are integrating cryptocurrency such as Bitcoin, Ethereum, and others as an additional payment method. This is aimed at attracting young population and early technology adopters who are actively using cryptocurrencies. Allowing cryptocurrency payments gives more freedom and flexibility to electric vehicle owners while charging their vehicles on-the-go. This is expected to boost adoption of electric vehicles substantially, thereby fueling growth of the electric vehicle charger market over the forecast period.


Segment Analysis


The global electric vehicle charger market is segmented by product type, charging type, installation type, and application. By product type, the off-board chargers segment holds the largest market share owing to higher sales of electric vehicles and increasing deployment of public charging infrastructure. By charging type, the slow chargers segment dominates as majority of EV charging happens overnight at homes or workplaces using slow chargers. By installation type, the residential segment accounts for the largest share due to growing initiatives for installation of home chargers and rising EV adoption among personal users. By application, the passenger car segment leads the market on account of growing consumer preference for electric cars over conventional vehicles.

 

 Key Takeaways


The global Electric Vehicle Charger Market Share is expected to witness high growth, exhibiting a CAGR of 28% over the forecast period, due to increasing measures by governments worldwide towards expansion of EV charging infrastructure and promotion of electric vehicles. 

 

 Regional analysis - Asia Pacific region dominates the global electric vehicle charger market currently due to rapid adoption of electric vehicles led by China, Japan and South Korea. Europe is anticipated to witness fastest growth due to stringent emission norms and shifting focus of leading automakers towards electric vehicles in the region.

 

 Key players - Key players operating in the electric vehicle charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point. ABB Ltd. and Robert Bosch GmbH are prominent players owing to their robust product portfolio and extensive sales network for electric vehicle supply equipment across geographies.


For More Insights, Read- https://www.pressreleasebulletin.com/the-growth-of-electric-vehicle-charger-market-growth-trends-and-forecast-analysis/


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Ashish Thapa
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