Introduction

Nowadays Electric Vehicles market is booming in both developed and developing nations worldwide. The incidence of numerous respiratory and other ailments is rising among the world's population as a result of the increased reliance on biofuels, which has led to higher levels of air pollution.  All this caused the demand for low-emission vehicles. Subsidies & tax rebates by governments are supporting long-range, zero-emission vehicles, which has compelled manufacturers to produce electric vehicles around the globe. Countries around the globe have fixed targets for emission reductions according to their capacity.

Factors for the growth of the Electric Vehicle (EV) Charger Market

Due to several factors, including rising demand for zero-emission vehicles, soaring sales of electric vehicles across the globe, and expanding government initiatives to promote the adoption of electric vehicles, the market for EV chargers is anticipated to experience explosive growth in the upcoming years. To encourage the use of electric vehicles, governments in both developed and developing countries, like Canada, Japan, and India, are providing incentives to consumers. The Canadian government offers an approximately $3,700 subsidy for the purchase of electric vehicles in Canada. Additionally, the Japanese government provides subsidies worth approximately US$3,700 for BEV purchases and approximately US$1,800 for PHEV purchases. Despite COVID-19 in 2020, the world registered a 41% growth in EV sales. Global demand for EV chargers is anticipated to increase as a result of technological advancements in the electric vehicle and charging infrastructure, including ultra-fast chargers, portable charging stations, load management with smart charging, automated payment systems for charging, and bi-directional charging.

As the sales of Electric Vehicles and Zero emission transport are growing the demand for EV charging stations is getting a boost. The development of technologies like portable charging stations, smart charging with management, bidirectional charging, and ultra-fast charging with payment technology is creating new opportunities for this market. Also, the standardization of charging ports and government regulations by top economies is boosting the speed of the setup of electric vehicle charging stations.

Current market

Global market size for the EV charging station is projected to grow from 2,354K units in 2022 to 43755K units by 2030 at a CAGR of 30.6% in the forecast period 2022-2030. The EV charger market is led by the fast-charging segment in 2021 it accounted for more than 90% market share. The majority of businesses have installed Level 1 DC fast chargers or Level 2 AC charging stations that can recharge an EV to 100% capacity in 4–6 hours. In 2021, the CHAdeMO market category dominated with a share of more than 17% of worldwide revenue. This is partly because it is easy to handle and works with the majority of electric cars, including those made by BMW, GM, and Volkswagen, among others.

Major players in EV Charger are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, POD Point.

Growing Market segments

V2G (Vehicle to Grid) is a system in which electrical energy flows bi-directionally between EVs and Power Grid. The V2G technology is enabling the EVs to store unused power and discharge it to the Grid. The introduction of this concept has eased operations and made EVs to be the most highly preferred mode of transportation.

Level 3 charging is anticipated to be the fastest-growing segment during the forecast period. As Asia pacific area has the highest number of level 3 EV charging stations. Due to the high growth of EVS in China, Japan, and South Korea, it is anticipated that the region will have the fastest growth of level 3 charging stations. Level 3 charging is led by the countries like the Netherlands, the UK, France, and Germany.

Public EV charging is seen as an important factor in the sales of Electric Vehicles across the globe. It is anticipated to boost revenue growth for the public charging segment. Due to the rising number of EV users, the Asia Pacific region continues to install public chargers at a significant rate. Also, North America and 13 other states have witnessed an increased number of users.

High growth Geographies

In 2021, the market for EV chargers is anticipated to be dominated by Asia Pacific with almost 59% market share. The market for EV chargers in the Asia Pacific region is primarily driven by the expansion of EV charging infrastructure and rising interest in electric vehicles. The market for EV chargers is expanding thanks to the rapid use of EVs for public transportation in developing and densely populated nations like China and India. To encourage the use of electric vehicles in the nation, growing economies like China, South Korea, and Japan intend to increase the number of charging stations. Europe was the second largest market in 2021, and North America, Latin America, and the Middle East & Africa were the other great markets.

Conclusion

Major reasons for the growth of the EV charging market were the incidence of numerous respiratory and other ailments is rising among the world's population as a result of the increased reliance on biofuels, which has led to higher levels of air pollution.  All this caused the demand for low-emission vehicles. Which resulted in high demand for Electric Vehicles. Currently, the EV charger market is expected to grow at a CAGR of 44.1% in the forecast period 2022-2030. The standardization of charging ports and government regulations by top economies is boosting the speed of the setup of electric vehicle charging stations. Asia Pacific region is the largest market by market share. Level 3 and Public EV charging are the high-growth segments.