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.
In this blog, we dive into the current landscape of EV chargers, uncover the driving factors behind their growth, and unveil the trends that are propelling this essential aspect of the electric vehicle revolution.
1. Accelerating the Charging Infrastructure The surge in demand for EV chargers is synonymous with the rising popularity of electric vehicles. To accommodate the increasing number of EVs on the road, a robust and accessible charging infrastructure is paramount. Governments, private companies, and utilities are investing in the deployment of charging stations across urban areas, highways, workplaces, and residential complexes to ensure that charging an EV is convenient and hassle-free.
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2. The Rise of Fast and Ultra-Fast Charging Charging speed is a critical consideration for EV users. As technology advances, fast and ultra-fast charging solutions are becoming more prevalent. These chargers offer significantly reduced charging times, enhancing the practicality of EV ownership. With such innovations, drivers can quickly recharge their vehicles during pit stops, making long-distance travel more feasible.
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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Competitive Landscape
Key players operating in the global EV charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, bp pulse, Schaffner Holding AG, and POD point among others.
Due to the existence of multiple market entities, the global EV charger industry is fairly fragmented and is getting more competitive each year. Also, for enhancing their market positions and expanding their shares, the leading players are consistently engaged in a variety of R&D initiatives. Other strategies include partnerships, buyouts, acquisitions, cooperation, new product introductions, and many others.
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.
Key Segments
By Vehicle Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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