Electric Vehicle Charger Market: Industry Analysis and Forecast (2024-2030) by Vehicle Type, Application and Region

Electric Vehicle Charger Market Overview:

Electric Vehicle Charger Market report examines the market’s growth drivers as well as its segments (Vehicle Type, Charging Methods and Region). Data has been provided by market participants, and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2018-2022), statistics, and presentations are used. The report examines the Electric Vehicle Charger Market Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Electric Vehicle Charger Market.

 

Electric Vehicle(EV) Chargers are devices attached to electric vehicles to charge the onboard batteries that provide the energy to drive the car. Through Electric Vehicle chargers, Electric Vehicles get charged in a significantly shorter period as compared to charging from conventional home supplies. This is imperative to provide a seamless driving experience to consumers of the Electric Vehicle Market who would no longer hesitate to take the vehicles for long-distance travel.      Therefore the increase in the adoption of electric vehicles will lead to the deployment of multiple charging stations equipped with these Electric Vehicle Chargers, where the consumers of Electric Vehicles will be able to recharge their vehicles in short periods.

 

Charging of the vehicles is implemented through different levels(levels 1,2, and 3) of charging depending on the battery levels and the type of battery. Additionally, new infrastructures must comply with charging standards such as Tesla Supercharger, CCS, CHAdeMO and SAE J1772. There are multiple methods and charging technologies being experimented with by market leaders investing substantially in the research and development of chargers for their car models.  The increasing transition of market players from the Automotive to the Electric Vehicle market will lead to further growth of the Electric Vehicle Charger Market.   

 

 

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Electric Vehicle Charger Market Dynamics:

The Electric Vehicle Charger Market is driven by the increase in market penetration of Electric Vehicles. The growth of the Electric Vehicle market is driven by the global motive to decrease air pollution caused because of the combustion of fossil fuels. This is supported by multiple governments, who have drafted regulations limiting pollution and providing incentives for the customer and manufacturers to develop Electric Vehicle Charging infrastructure.

 

This resulted in players transitioning from vehicles that used traditional, Internal Combustion engines that run from fossil fuels to Electric Vehicles, which further led to the growth of the Electric Vehicle Charger Market because of the increased number of vehicles.

 

The current lack of Electric Vehicle Charging infrastructure is considered the critical restraint preventing Electric Vehicle Market growth. This can be attributed to customers hesitating to use vehicles when needed for long-distance travel. As a result, the lack of charging infrastructure heavily influences customer buying decisions in the Electric Vehicle Market. Many manufacturers are partnering with Oil and Gas companies to provide charging stations at their fuel pumps to solve the problem. This will result in a more significant number of Electric Vehicle Chargers being deployed and, therefore, growth of the Electric Vehicle Charger Market.

 

Stringent Government Regulations a key driver:

Internal Combustion Engine-based vehicles produce significant greenhouse gases and pollution because of the natural nature of the chemical reaction that takes place in the engine. In contrast, electric vehicles do not produce any gases, as they are powered by the energy stored in the batteries. Countries such as India, the United States of America, China, Germany and France have implemented stringent government regulations that make it mandatory for vehicle manufacturers to limit exhaust gases. Programs are being launched to achieve the goal of Zero-Emission Vehicles (ZEV) to combat global warming, such as the California Air Resource Board. China launched the New Energy Vehicle Mandate in 2018, which plans to reduce the number of electric vehicles in the long term. India is providing subsidies for the development of electric vehicle infrastructure and the sale and use of Electric Vehicles. All the factors would lead to significant growth in the Electric Vehicle Market and, therefore Electric Vehicle Charger Market.

 

The scarcity of Lithium is a key restraint:

The consequences of Lithium Mining in leading Lithium producing countries such as Argentina and Chile, such as environmental pollution and damage to native communities, are limiting the global supply of Lithium and, therefore the production of Lithium-Ion batteries that are used in Electric Vehicles. This would hinder the growth and penetration of the Electric Vehicle Market and thus restrain the Electric Vehicle Charger Market. Further, the adoption of Electric Vehicles is impeded where there is a lack of Electric Power infrastructure in developing or underdeveloped countries, as it would lead to further stress on the already stressed electric grid. This would correlate to less penetration of the Electric Vehicle Market and, subsequently, the Electric Vehicle Charger Market.

 

Electric Vehicle Charger Market Segment Analysis:

Based on the Vehicle Type, the Electric Vehicle Charger Market is segmented into Battery Electric Vehicle(BEV), Plug-in Hybrid Electric Vehicle(PHEV) and Hybrid Electric Vehicles(HEV). Battery Electric Vehicle(BEV) held the largest market share in 2023 and is projected to grow the most during the forecast period. BEV derive their energy from Battery Packs, usually based on Lithium-Ion technology and do not rely on fossil fuel for power. Therefore they do not have any IC Engines, fuel cells or tanks. Vehicles in the category include automobiles, light trucks and commercial vehicles such as buses.

 

 

Based on Charging Methods, the Electric Vehicle Charger Market is segmented into On-Board Charger and Off-Board Charger segments. The On-Board Charger segment dominated the Electric Vehicle Charger market in 2023. The ready availability, ease of use and convenience have fuelled its adoption globally. The same factors can be attributed to market penetration in residential areas of Urban Cities. The Off-Board Charger segment is projected to contribute more to the growth of the Electric Vehicle Charger Market because the removal of the heavy charging mechanism lowers the weight that has to be carried by the vehicle. The charging is also faster, and the only limitation is the battery to accept the charge.

 

Electric Vehicle Charger Market Regional Outlook:

Asia Pacific region held the largest market share for the Electric Vehicle Charger Market in 2023.

This can be attributed to the large population and rising pollution levels due to rampant industrialisation and urbanisation. This is further aided by increasing disposable incomes and improving standards of living. Growing consumer awareness and environmental consciousness driven by government programs and incentives are prominent factors that have driven the growth of Electric Vehicles and, subsequently Electric Vehicle Chargers in the region. The region is home to key players in the Electric Vehicle Market and is also a lucrative market for global players because of the significant market potential.

 

Europe is the second-largest market for the Electric Vehicle Charger Market. This can be attributed to the environmentally-conscious populations and the significant size of the automotive market in the region transitioning to Electric Vehicles. The increasing interest of the people, extensive investments in research, development and marketing, and the presence of market leaders make North America a promising region for the Electric Vehicle Charger Market.

 

The report provides Porter’s Five Forces Model that will aid enterprise decision-makers in developing their long-term strategies and marketing positions. It identifies the key competitors, their positioning and how their products perform and are perceived by the customers. Through expert analysts’ opinion, the report provides consultation on the difficulty of entering the market for new players.

 

 

Further the report provides PESTEL Analysis which will help the company tailor the overall strategies for market activities. The analysis takes into consideration various environmental variables that are crucial for the development of the market position of the company such as government funding and other political variables. Therefore, this analysis helps the stakeholder evaluate the challenges and opportunities in a holistic way.

 

Electric Vehicle Charger Market Scope:

Electric Vehicle Charger Market
Market Size in 2023	USD 11.99 Bn.
Market Size in 2030	USD 60.47 Bn.
CAGR (2024-2030)	26%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Vehicle Type Battery Electric Vehicle (BEV) Plug-in Hybrid Electric Vehicle (PHEV) Hybrid Electric Vehicle (HEV)
	By Charging Methods       On-Board Charger Off-Board Charger
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Electric Vehicle Charger Market Key Players:

• ABB Ltd (Zürich)
• Chargemaster Plc (UK)
• Chroma Ate Inc (US)
• Delphi Technologies (UK)
• Pod Point Ltd (UK)
• Robert Bosch GmbH (Germany)
• Schaffner Holding AG (Zürich)
• Siemens AG (Germany)
• Silicon Laboratories Inc (US)
• Aerovironment Inc (US)