Electric Vehicle Charger Market Analysis APAC,North America,Europe,South America,Middle East and Africa - US,Canada,China,Germany,UK - Size and Forecast 2024-2028

Electric Vehicle (EV) Charger Market Forecast 2024-2028 

The electric vehicle (EV) charger market size is estimated to increase by USD 42.39 billion and grow at a CAGR of 33.99% between 2023 and 2028. 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 market is undergoing swift growth, driven predominantly by government incentives and subsidies aimed at stimulating infrastructure development. Original equipment manufacturers (OEMs) are incorporating home-based charging options into vehicle purchases, but the ongoing challenge lies in providing sufficient on-road charging infrastructure. Government incentives in 12 Western European Union nations have accelerated the adoption of electric vehicles (EVs), underscoring the crucial influence of policy backing.

What will be the size of the Electric Vehicle Charger Market During the Forecast Period?

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Segmentation

The report includes a comprehensive outlook on the 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.

By End-user

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 market during the forecast period.

Key Region

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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 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.

Market Dynamics and Customer Landscape

The market is experiencing exponential growth driven by the surge in electric vehicles (EVs) on the road. As infrastructure expands, charging stations are becoming ubiquitous in parking lots and along highways. EV chargers, equipped with sophisticated control electronics and power conversion units, facilitate seamless charging, supporting various levels of charging to suit different needs. Government regulations are increasingly favoring sustainable mobility, encouraging the integration of renewable energy sources into the grid. This shift complements the rising demand for alternative fuel-efficient vehicles, ranging from conventional petrol/diesel cars to high-end electric luxury sedans. These vehicles boast luxury amenities like premium audio systems and infotainment, while also incorporating driver-assistance features. The electrification trend promises a future of sustainable transportation, underpinned by high-quality materials and innovative technology. 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.

Key Market Driver

The market is experiencing rapid expansion, primarily fueled by government incentives and subsidies promoting infrastructure development. OEMs are integrating home-based charging solutions with vehicle purchases, yet the challenge persists in ensuring ample on-road charging facilities. Government incentives across 12 European Union countries in Western Europe have spurred EV adoption, highlighting the pivotal role of policy support. This momentum is driving investments from both OEMs and private entities into charging infrastructure, bolstering EV sales. Key components like input power connectors, power conversion units, and control electronics are pivotal in this expansion, ensuring efficient charging across various levels. As sustainability gains traction, the market emphasizes renewable energy sources, aligning with the broader electrification drive for sustainable mobility.

Significant Market Trends

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 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.

Major Market Challenge

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 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 market during the forecast period.

Market Customer Landscape

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 Market Customer Landscape

Who are the Major Electric Vehicle Charger Market Companies?

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.

• ABB Ltd.: The company offers electric vehicle chargers such as EV Charging Solutions, which includes the Terra AC wallbox, Terra DC wallbox, Terra HP charger, and others.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• 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.
• Zhejiang Benyi Electrical Co. Ltd.

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.

Segment Overview

The 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. 

• End-user Outlook
  • Residential
  • Commercial

• Type Outlook 
  • Slow charger
  • Fast charger

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The Market is experiencing rapid growth propelled by the increasing demand for electric vehicles and the need for charging infrastructure. With a focus on reducing environmental pollution and greenhouse gas emissions, governments worldwide are implementing regulations to encourage the penetration of electric vehicles. This has led to a surge in the installation of EV charging stations and the standardization of charging protocols. Furthermore, advancements in technology have facilitated the development of various charging solutions, including fast-charging stations and wireless charging. As the demand for luxurious and feature-enabled electric vehicles rises, there is a corresponding need for high-quality EV chargers capable of providing efficient and reliable charging solutions, driving innovation and investment in the EV charger market.

Moreover, the market is witnessing significant growth driven by the increasing adoption of electric vehicles (EVs) worldwide and the rising demand for sustainable mobility solutions. With a focus on reducing carbon dioxide emissions and transitioning towards renewable energy sources, governments are implementing regulations and standardizing EV charging infrastructure to support the transition to electric transportation. This has led to a surge in demand for electric battery charging solutions, including commercial chargers for both on-board and off-board applications. Luxury car manufacturers are also entering the electric vehicle market, offering high-end vehicles with luxurious amenities and advanced driver-assistance features. As the EV market continues to expand and evolve, the demand for electric vehicle chargers is expected to rise, driving innovation and investment in EV charging infrastructure globally.

The Market is experiencing remarkable growth driven by the increasing adoption of electric vehicles worldwide. With the growing emphasis on sustainability and reducing carbon dioxide footprints, EV charging infrastructure plays a vital role in supporting the transition to e-mobility. Charging electric vehicles in parking lots, whether through on-board or off-board chargers, requires standardized charging solutions and government regulations to ensure efficient and safe charging practices. Moreover, the demand for luxurious and feature-enabled vehicles, including battery electric vehicles (BEVs), plug-in electric vehicles (PHEVs), and hybrid electric vehicles (HEVs), is driving the need for advanced EV chargers equipped with premium amenities like infotainment systems and premium audio. As electrification continues to expand, EV charger producers are innovating to meet the diverse needs of consumers and commercial EV fleet owners, facilitating global exports and contributing to the growth of the market.

In the rapidly evolving landscape of transportation, the demand for sustainable alternatives is reshaping the automotive industry. Electric Vehicle (EV) chargers stand as the backbone of this revolution, enabling the transition towards cleaner energy sources. With an emphasis on efficiency and eco-friendliness, electrical energy becomes the lifeforce of EVs, sourced from renewable sources. Charging levels and standardized ports ensure seamless compatibility across a spectrum of vehicles, from conventional petrol/diesel cars to cutting-edge electric luxury sedans. Advanced control electronics and onboard chargers optimize power conversion, while luxury amenities like premium audio systems and high-quality materials redefine the driving experience. Recent advancements in EV technology, including electric two-wheelers and Hybrid Electric Vehicles (HEVs), underscore the market's dynamic evolution, paving the way for a future powered by innovation and sustainability. Commercial EVs further propel this transformation, cementing the market's pivotal role in shaping tomorrow's mobility landscape.

Electric Vehicle Charger Market Scope
Report Coverage	Details
Page number	168
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 33.99%
Market Growth 2024-2028	USD 42.39 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	32.5
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 44%
Key countries	US, Canada, China, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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.
Market dynamics	Parent market analysis, Market forecasting, 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.
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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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