The electric vehicle charger is a device used to charge electric vehicles that use electric motors and high-voltage rechargeable battery packs instead of an internal combustion engine. Electric vehicle chargers efficiently distribute power to electric vehicles and enable them to travel greater distances on a single charge. It helps reduce the cost and time of charging electric vehicles by evenly distributing power between individual batteries. The global Electric Vehicle Charger Market is estimated to be valued at US$ 17 Billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing sales of electric vehicles is driving the growth of the electric vehicle charger market. According to the International Energy Agency, the global stock of electric passenger cars passed 10 million in 2021 and is expected to grow exponentially in the coming years due to stringent emission norms and depleting fossil fuels. Various governments are promoting electric vehicles usage through subsidies, tax exemptions, and other incentives, boosting the sales of electric vehicles worldwide. Rising electric vehicle adoption has encouraged investments in public charging infrastructure development, which is expected to fuel the demand for electric vehicle chargers over the forecast period.
Segment Analysis
The global Global Electric Vehicle Charger Market Size is dominated by the charger type segment. Within this segment, the fastest growing sub-segment is DC fast chargers. These chargers can charge an electric vehicle up to 80% within 20-30 minutes. They are primarily used for public charging stations along highways and roads to provide convenience to EV drivers for long distance travel. AC slow chargers are also widely used for residential and commercial charging, however, their long charging times make them less suitable for public stations.
Key Takeaways
The global Electric Vehicle Charger market is expected to witness high growth over the forecast period due to rising EV sales and expanding public charging infrastructure around the world.
From a regional perspective, Asia Pacific presently dominates the market due to large EV markets like China where government subsidies and initiatives are promoting widespread EV adoption. China has emerged as a global leader in EV production and sales as well as charging infrastructure installation. Other Asian countries like South Korea and Japan are also ramping up their EV infrastructure.
Key players operating in the Electric Vehicle Charger market are Bosch, Cisco Systems, Delta Electronics, EVBox, Schneider Electric, ChargePoint, ABB, Leviton Manufacturing, Blink Charging, and Siemens. Major players are investing heavily in R&D to develop faster and more powerful chargers. Strategic partnerships for joint infrastructure development and technology collaboration are also on the rise. Standardization of charging systems continues to be a priority to provide seamless cross-network connectivity and charging experience to drivers. Consolidation within the industry is expected with leading players acquiring smaller regional operators.
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