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The electric vehicle (EV) charger market size is estimated to grow at a CAGR of 33.99% between 2023 and 2028. The market size is forecast to increase by USD 42.39 billion. The growth of the market depends on several factors such as the government incentives and subsidies for EV charger infrastructure developments, the increasing EV sales through tax incentives, and the stringent emission regulations.
The report includes a comprehensive outlook on the Electric Vehicle Charger Market, offering forecasts for the industry segmented by End-user, which comprises residential and commercial. Additionally, it categorizes Type into slow charger and fast charger, and covers Geography regions, including APAC, North America, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Government incentives and subsidies for EV charger infrastructure developments is the key factor driving market growth. OEMs offer home-based charging solutions with EV purchases; nevertheless, the challenge remains with the availability of on-road private and public charging facilities. Attractive incentives for EV chargers and the purchase of EVs are expected to grow the installation of EV chargers and attract OEMs and private organizations to invest in the development of the infrastructure to increase the sales of EVs.
For example, from the year 2019, 12 European Union (EU) countries in Western Europe have been offering bonus payments or premiums to buyers of EVs. Thus, such government incentives are expected to drive the growth of the market during the forecast period.
Open and closed platform approaches by EV charger solution providers is the primary trend shaping market growth. The EV charger market is becoming more dynamic due to the entry of many regional and local market players, vibrant partnerships, and demand from end-users. As the number of EV charger providers is increasing in the market, their business approach toward charging stations is following the same trend as that of other technology-related markets, such as operating systems and smartphones.
Furthermore, various top players in the electric vehicle (EV) charger market believe that within a few years, the market will close down the vibrancy to establish market share and dominance. Therefore, witnessing an Apple and Android or Windows and Linux approach among the EV charging solutions providers. Consequently, companies have begun to follow this trend, and we soon expect the market to have open and closed platform approaches. Thus, such factors are estimated to drive market growth during the forecast period.
Stringent approval rules for the establishment of charger units is a challenge that affects market growth. A service provider that intends to install a charging station must gain approval from local governments in terms of regulatory mandates, plot owners in case the installation is on private property, utility providers for the energy transfer, and, importantly, energy providers for the large amount of energy needed in these stations without interruptions.
Moreover, the electric vehicle charger market will depend largely on local and state regulations for both public and residential chargers. For instance, in the US, nearly 25 states have only rebate plans for charging stations. Therefore, the providers find it difficult to establish charging stations in other states, and this may restrict the growth of the global electric vehicle charger market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Vehicle Charger Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The residential segment will be significant during the forecast period. The residential segment of the global EV charger market accounted for the highest volume and attracted many new entrants in the market. Market players catering to this segment generally follow the approach of economies of scale. The residential end-user segment includes EV chargers that are used in homes, multi-dwelling buildings, and workplaces. The infrastructure for electric vehicle charging is developing.
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The residential segment was the largest segment and was valued at USD 3.12 billion in 2018. China dominates the residential end-user segment across the world with more than 35% private EV charges, followed by the US, the Netherlands, and the rest of the world. The trend of powering EVs through solar panels installed in houses is also increasing as surplus energy generated can be released to the grid. Utility providers are also aiding the growth of the EV charger market by creating a better relationship with customers. Thus, such proactive efforts by utility providers are having a positive impact on the sales of EVs, thereby increasing the demand for the residential segment of the electric vehicle charger market during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China had the highest number of electric vehicles in use as of 2021 and is forecasted to continue to produce the highest number of electric vehicles in APAC. Together with Japan and South Korea, these three Asian countries lead in the field of electromobility worldwide. The electric vehicle charger market is propelling in China because of the maximum number of electric vehicles sold in the country.
Moreover, other than electric cars and private vehicles, public transport is also electrifying in China. Not Just China, there is around 0.45 thousand new registration of electric buses in India. Such deployment of electric buses and other EVs for private or public purposes by the government, aided by the increased requirements of reducing air pollution in the countries of APAC, are anticipated to drive the demand for EVs in this region, which, in turn, will foster the growth of the EV charger market in APAC during the forecast period.
The electric vehicle charger market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Electric Vehicle Charger Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 33.99% |
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Market Growth 2024-2028 |
USD 42.39 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
32.5 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Blink Charging Co., BorgWarner Inc., Chargemaster NZ, ChargePoint Holdings Inc., EDF Energy Holdings Ltd, ENGIE SA, EV Safe Charge Inc., FLO Services USA Inc., GreenPower Motor Co. Inc., Hyundai Motor Co., Leviton Manufacturing Co. Inc., Robert Bosch GmbH, Schaffner Group, Schneider Electric SE, Siemens AG, Tesla Inc., VOLTERIO GmbH, WiTricity Corp., and Zhejiang Benyi Electrical Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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