The electric vehicle charger market consist of devices that are used for charging electric vehicles. They transfer electric energy from an external source to the onboard battery pack of electric vehicles. This allows EV owners to charge their cars in homes, commercial buildings and public places. Battery chargers vary in power levels from simple 1kW models used for trickle charging to much more powerful 50kW direct current fast chargers. They are essential infrastructure for the adoption of EVs and help overcome range anxiety issues. With more automakers committing to electrify their fleets and government incentives promoting EVs, their sales are increasing rapidly. As a result, the electric vehicle charger market is also expanding to accommodate the growing needs.
The Global electric vehicle charger Market is estimated to be valued at US$ 13.28 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the electric vehicle charger market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC. With a growing fleet of electric vehicles, the demand for associated charging infrastructure is rising substantially. To meet this, EV charger manufacturers are ramping up production capacities and networks of public charging stations are expanding globally. Technological advancements like faster charging capabilities and interoperable platforms for payment and access are also driving the electric vehicle charger market growth.
Market Trends
One of the major trends in the electric vehicle charger market is the rising adoption of DC fast chargers. With charging times getting significantly reduced to less than 30 minutes, these heavy duty devices are gaining popularity. Automakers are also partnering with charging network operators to install more high powered fast chargers along highway corridors to aid long distance EV travel. Another key trend is the development of smart and connected vehicle to grid charging systems. This enables two-way power flow where EVs can supply electricity back to the grid during peak hours and help balance energy demand. It promotes renewable energy integration and rewards prosumers.
Market Opportunities
Two major market opportunities for Electric Vehicle Charger Market Demand manufacturers are providing home charging solutions and expanding into fleet applications. Standalone residential chargers with features like remote monitoring and timers are seeing increased sales. Their installation is also being subsidized under various government programs. Similarly, there is a vast untapped market for EV chargers in commercial fleet depots, logistics hubs, airports etc. Automakers can bundle chargers while supplying electric buses and trucks. This ensures a consistent aftermarket revenue stream. Standardization of charging networks present another opportunity for cooperation between private and public entities.
Impact of COVID-19 on Electric Vehicle Charger Market
The COVID-19 pandemic had a significant impact on the electric vehicle charger market globally. During the initial stages of the pandemic, many countries imposed nationwide lockdowns to curb the spread of the virus. This led to a decline in economic activities across key industries and markets. The electric vehicle charger market also witnessed a slowdown in demand and production during 2020 and early 2021. With people avoiding public transportation and transitioning to personal vehicles, the demand for electric vehicles saw an upsurge resulting in increased need for electric vehicle chargers. However, supply chain disruptions and restrictions on the movement of goods posed challenges to stakeholders in this sector.
As lockdowns eased from mid-2021, the electric vehicle charger market started recovering gradually. Manufacturers ramped up production to cater to the rising demand. Government policies and incentives in many countries promoting clean mobility further boosted electric vehicle adoption, driving the need for widespread electric vehicle charging infrastructure and residential chargers. While the pandemic slowed short-term growth prospects, the long-term outlook for the electric vehicle charger industry remains positive given the focus on sustainable mobility solutions and decarbonization of transportation globally. Stakeholders will need to strengthen supply chains and ensure stable raw material supply to sustain the post-pandemic growth momentum.
Geographical Regions with Highest Concentration in Electric Vehicle Charger Market
In terms of value, the electric vehicle charger market is highly concentrated in China, Europe and the United States. China dominates the global market currently primarily due to strong government support for electrification of transportation and availability of a wide range of affordable electric vehicle models. The presence of leading EV manufacturers and rapid expansion of public charging networks have propelled China to the forefront in terms of charger installations. European countries like Germany, the Netherlands and Norway have also emerged as major markets with progressive policies facilitating the shift to electric mobility. Governments provide subsidies for purchasing EVs and setting up charging points to encourage uptake.
Fastest Growing Region in Electric Vehicle Charger Market
Currently, the Asia Pacific region excluding China is projected to witness the highest growth in the electric vehicle charger market over the forecast period. Countries like Japan, South Korea, India and Southeast Asian nations are expanding their electric vehicle sales and charging infrastructure rapidly. Favorable regulations, rising environmental awareness and efforts by both public and private entities to boost EV adoption are driving the growth. With more automakers launching electric models, falling battery prices and a growing middle class, the APAC region is poised to become a major market for electric vehicle chargers globally in the coming years. This will create substantial opportunities for charger manufacturers and infrastructure developers.
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