EV Charger Market Research, Segmentation, Key Players Analysis & Forecast By 2033

Posted by Research23 on February 8th, 2024

According to ESOMAR-certified Future Market Insights’ (FMI) - By the end of the year 2033, the overall valuation of the global EV charger market is expected to be around US$ 68,967.2 million. This year, it is expected to be US$ 6,520.9 million and increase at a CAGR of 26.6% from 2023 to 2033. The net worth of all EV chargers sold in 2022 was estimated to be around US$ 5,130.5 million in 2022.

The EV Charger Market involves the manufacturing, distribution, installation, and servicing of charging infrastructure for electric vehicles (EVs). EV chargers are essential components of the EV ecosystem, providing the means to recharge electric vehicle batteries conveniently and efficiently. Here's an overview of the EV Charger Market:

Market Trends:

Growing EV Adoption: The increasing adoption of electric vehicles worldwide, driven by government incentives, emissions regulations, environmental awareness, and advancements in EV technology, fuels demand for EV chargers to support the expanding EV fleet and infrastructure needs.

Expansion of Charging Infrastructure: Investments in charging infrastructure by governments, utilities, automotive manufacturers, and private companies contribute to the expansion of EV charging networks, including public charging stations, workplace charging programs, and community charging initiatives.

Smart Charging Solutions: Integration of smart charging technology, cloud connectivity, and energy management systems enables advanced functionalities such as remote monitoring, scheduling, billing, load management, and grid integration, optimizing charging efficiency and grid stability.

Ultra-Fast Charging: The development of ultra-fast charging technologies, such as 350 kW and higher-power DC fast chargers, enables EVs to replenish their batteries quickly, reducing charging time and enhancing convenience for drivers during long-distance travel.

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Market Drivers:

Government Policies and Incentives: Supportive government policies, incentives, subsidies, and regulations aimed at promoting electric vehicle adoption and expanding charging infrastructure drive investment in EV chargers and deployment of charging networks.

Consumer Demand for Convenience: Increasing consumer demand for convenient, accessible, and fast charging solutions motivates investments in public charging infrastructure, workplace charging programs, and residential charging solutions to meet the needs of EV owners.

Automaker Commitments: Commitments by automotive manufacturers to electrify their vehicle portfolios, launch new EV models, and invest in charging infrastructure partnerships contribute to market growth and investment in EV chargers.

Technological Advancements: Advancements in EV charging technology, including faster charging rates, improved interoperability, enhanced user experience, and integration with renewable energy sources and energy storage systems, drive innovation and market expansion.

Key Takeaways

• Germany holds an overall market share of 11.2% of the global EV charger business, which is higher than any other country. With the presence of some of the leading electric vehicle suppliers, it is poised to hold its dominance in the coming days.
• The United States follows Germany in the production and sales of EV chargers, and contributes nearly 9.6% of the global revenue share. Significant expenditure by the key EV charger market players in research and development is poised to keep it a market leader in this sector.
• In the Asia Pacific region, China is the leading manufacturer of chargers for electric vehicles and is poised to grow at 20.8% on an annual basis.
• Meanwhile, India is anticipated to witness a year-on-year growth rate of 26.6% during the period from 2023 to 2033.
• Based on vehicle type, battery-operated electric vehicles (BEVs) generate the most amount of demand for EV chargers around the world. In the year 2022, this market segment contributed revenue of around US$ 2,350 million, which was figured out to be 45.8% of the global EV charger market size.
• Japan is also a prominent market, with substantial demand for EV chargers owing to the presence of many EV manufacturing companies. The overall value of the Japan EV charger market is expected to reach US$ 413.8 million by 2033.

For more info: https://www.futuremarketinsights.com/reports/ev-charger-market 

Recent Developments

• BorgWarner Inc. finalized acquiring Delphi Technologies Company in the year 2020. The EV power electronics products, including the EV charger business of BorgWarner, are expected to benefit from the merger with Delphi Technologies.
• According to an agreement between Enel X, Be Charge, and Eni Apps in December 2021, customers can utilize their smartphones to access charging stations.