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.
Market Overview:
The EV Charger Market is driven by the increasing adoption of electric vehicles, government incentives, and regulations promoting clean transportation, and growing environmental awareness among consumers and businesses.
It includes various types of charging solutions, such as residential chargers, commercial chargers (including workplace and public charging stations), and fast chargers (including DC fast chargers and ultra-fast chargers).
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Key Players:
Charging Infrastructure Providers: Companies specializing in the design, manufacturing, and distribution of EV charging stations and equipment, such as ChargePoint, EVBox, ABB, Siemens, and Tesla.
Automakers: Many automakers are also investing in EV charging infrastructure, either by developing their charging networks or partnering with charging providers to offer seamless charging experiences to their customers.
Energy Companies: Utilities and energy companies are increasingly becoming involved in the EV charging market, offering charging solutions, grid integration services, and demand response programs to support the growing EV ecosystem.
Market Drivers:
Government Incentives and Regulations: Supportive government policies, including subsidies, tax incentives, and regulations mandating the deployment of EV charging infrastructure, drive the growth of the EV Charger Market.
Increasing EV Adoption: The rising adoption of electric vehicles, driven by concerns over air pollution, greenhouse gas emissions, and energy security, creates a growing demand for EV charging infrastructure to support the charging needs of EV owners.
Technological Advancements: Advances in EV charging technology, including faster charging speeds, improved interoperability, smart charging capabilities, and bi-directional charging, enhance the convenience and attractiveness of EV ownership.
Infrastructure Expansion: Investments in charging infrastructure expansion and network development by governments, utilities, businesses, and charging infrastructure providers aim to address range anxiety, increase charging accessibility, and promote EV adoption.
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.
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Key Segments
By Vehicle Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
By Charging Type:
- On-board Charger
- Off-board Charger
- Others
By End User:
- Residential Electric Vehicles
- Commercial Electric Vehicles
- Other Electric Vehicles
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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