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The electric vehicle (EV) charger market is estimated to grow at a CAGR of 29.63% between 2022 and 2027. The size of the market is forecast to increase by 68,483.18 thousand units. The growth of the market depends on several factors, including government incentives and subsidies for EV charger infrastructure developments, the increasing EV sales through tax incentives push demand for well-built EV charger infrastructure, and the fuel emission and efficiency regulations driving the adoption of EVs and chargers.
This report extensively covers market segmentation by end-user (residential and commercial), type (slow charger and fast charger), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global electric vehicle(EV) charger market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, all-terrain vehicles (ATVs), off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The government incentives and subsidies for EV charger infrastructure developments are notably driving the market growth, although factors such as stringent approval rules for the establishment of charger units may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Electric Vehicle Charger Market Driver
Government incentives and subsidies for EV charging infrastructure developments are one of the key factors driving the growth of the market. Attractive incentives for EV chargers and the purchase of EVs are expected to boost the installations of EV chargers and attract OEMs and private organizations to invest in the development of the infrastructure to increase the sales of EVs. For instance, from the year 2019, 12 EU countries in western Europe have been offering bonus payments or premiums to buyers of EVs.
Western European countries such as Belgium, Denmark, and Finland grant some kind of tax reduction or exemption to buyers and owners of EVs. For instance, Helsinki, Finland’s capital city, invested around $5.3 million over the last three years to build public charging stations, which has nearly tripled the number of such charging points in the country. The Finnish government has recently announced a budget of more than $6 million to develop charging infrastructure during 2020-2021. Denmark currently offers a tax exemption for commercial charging. This means that companies that supply EV charging on a commercial basis can receive an electricity tax rebate of around $0.15 per kilowatt-hour. Such government incentives are driving the growth of the market.
Key Electric Vehicle Charger Market Trend
Open and closed platform approaches by EV charger solution providers are the primary trend for the market growth. The EV charger market is becoming more dynamic owing to the entry of many regional and local 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.
Various top players in this market believe that within a few years, the market will close down the vibrancy to establish market shares and dominancy. Therefore, we are witnessing an Apple and Android or Windows and Linux approach among the EV charging solutions providers. Companies have begun to follow this trend, and we soon expect the market to have open and closed platform approaches. For instance, EVgo, a leading fast charger provider in North America, has developed freedom station plans and chose the open platform approach. Blink network by Car Charging Group is an example of an open network.
Key Electric Vehicle Charger Market Challenge
The stringent approval rules for the establishment of charger units will be a major challenge for the market during the forecast period. 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 of 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.
Creating a complete business structure for the establishment of charger stations is complex, as many stages are involved in the value chain. The EV charger market will depend largely on local and state regulations for both public and residential chargers. Therefore, the providers find it difficult to establish charging stations in other states, and this may restrict the growth of the market during the forecast period.
Key Electric Vehicle Charger Market Customer Landscape
The 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
Vendors 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.
abb.com - The company offers electric vehicle chargers such as DC fast charging, DC high power, and grid chargers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The electric vehicle (EV) charger market share growth by 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. However, AC chargers dominate the market. 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. 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.
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The residential segment was valued at 5,408.86 thousand units in 2017 and continue to grow by 2021. 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. They have been providing information regarding charging bills through web portals, data to save energy, support to use of smart grid technology, collecting EV-specific meter data, calculating subsidized rates for EV charging, and data to reduce energy procurement costs by enabling the customers to shift charging to non-peak hours. Such proactive efforts by utility providers are having a positive impact on the sales of EVs, thereby increasing the demand for residential EV chargers 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 in 2027. Together with Japan and South Korea, these three Asian countries lead in the field of electromobility worldwide. The market for EV chargers is propelling in China because of the maximum number of electric vehicles sold in the country. Other than electric cars and private vehicles, public transports are 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.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. However, in 2021, the success of vaccination campaigns across APAC, as well as an increase in investment inflows into the automotive industry, led to the reopening of electric vehicle manufacturing plants across the region. Also, the lifting of lockdowns helped in the resumption of traveling activities in 2021. This has increased the demand for EVs in APAC, which, in turn, will foster the growth of the market in the region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Residential and Commercial), Type (Slow charger and Fast charger), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
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Electric Vehicle Charger Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 29.63% |
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Market growth 2023-2027 |
68,483.18 thousand units |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
27.81 |
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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, China, Germany, France, and The Netherlands |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Blink Charging Co., BorgWarner Inc., Bosch Automotive Service Solutions Inc, Chargemaster NZ, ChargePoint Inc., ClipperCreek Inc., EV Safe Charge Inc., Evatran Group Inc., EVBox BV, FLO Services USA Inc., GreenPower Motor Co. Inc., Hyundai Motor Co., Leviton Manufacturing Co. Inc., NRG-X Charging Systems (VOLTERIO), SemaConnect Inc., Siemens AG, Tesla Inc., WiTricity Corporation, 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, 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. |
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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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