The electric vehicle charger market comprises electric vehicle supply equipment or stations with cables, connectors, and adapters that enable charging of electric vehicles. Electric vehicle chargers play an important role in powering electric vehicles by supplying electric current for recharging vehicle battery packs. The growing demand for electric vehicles drives the need for electric vehicle chargers to provide charging solutions to vehicle owners. Stringent emission norms and government incentives and subsidies towards adoption of electric vehicles have resulted in a significant increase in electric vehicle sales worldwide. This rise in electric vehicle penetration is estimated to boost electric vehicle charger installation globally.
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. These players are focusing on new product development and partnerships to expand their market share.
There is immense opportunity for electric vehicle charger manufacturers and service providers in the commercial and residential charging infrastructure segments. Governments across regions are providing subsidies for installation of public and private electric vehicle charging stations to boost adoption.
Major electric vehicle charger companies are focusing on global expansion by strengthening their presence across Asia Pacific, Europe, and North America through partnerships, joint ventures and acquisitions. Emerging economies with expanding electric vehicle sales such as China and India present lucrative growth opportunities.
Market drivers: Increasing government initiatives for adoption of electric vehicles through subsidies and incentives, growing environmental concern and stringent emission norms are the key drivers favoring electric vehicle charger market growth.
Market restraints: High upfront cost of electric vehicles, lack of standardization in charger connectivity types and limited charging infrastructure are some of the factors hindering widespread adoption of electric vehicles and thereby restraining electric vehicle charger market growth. Range anxiety and long charging times are other challenges.
Segment Analysis
The Electric Vehicle Charger Market Demand is segmented on the basis of connector type, charging station type, and charging level. The connector type segment is further classified into Type 1, Type 2, CCS, and Chademo connectors. Among these, the CCS connector sub segment currently dominates the market owing to its higher charging capacity compared to other connector types and support for both AC as well as DC fast charging.
Global Analysis
Regionally, the Asia Pacific region is expected to witness the fastest growth in the Electric Vehicle Charger Market during the forecast period. This is mainly due to the increasing adoption of electric vehicles and supportive government policies and initiatives regarding EV charging infrastructure development in countries like China and Japan. China, in particular, has emerged as a lucrative market for EV chargers owing to the large production and sales of electric vehicles in the country.
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