EV Charger Market Size, Share & Trends Analysis Report, By Vehicle Type (Plug-in Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)), By Charging Type (On-board Charger, Off-board Charger), By End User (Commercial and Residential), and by region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
The global EV Charger Market size of 25.15 billion USD in 2022 is projected to reach a CAGR of 30.6% from 2023-2030.
Electric vehicle (EV) chargers are utilized to supply charging to EVs equipped with batteries and the electrical source that aids in battery charging. These vehicles can be charged at one of three charging levels, namely level 1, level 2, and level 3. Electric vehicles are less expensive than traditional petrol/diesel cars in terms of purchase price as well as maintenance costs. The harmful gas-containing carbon footprints that are discharged into the atmosphere are decreased by electric automobiles.
Government restrictions to reduce environmental pollution, a rise in the market share of electric vehicles, and a surge in government initiatives to provide infrastructure for electric vehicle charging are some of the key factors influencing the growth of the electric vehicle charger market. The market is also significantly impacted by the small number of EV charging stations, the lack of EV charging standards, the surge in demand for luxury and feature-equipped cars, and wireless charging for EVs. Each of these elements is expected to have a significant impact on the market for electric vehicle chargers. The way EV owners use and profit from electric car charging applications is anticipated to alter as a result of technology advancements in both electric vehicle charging hardware and software.
The COVID-19 pandemic has had a moderate impact on the EV charging industry. The demand for EV chargers ad EV charging stations increased after the pandemic because of the increasing demand for EVs and Incentives provided by the government worldwide for the manufacturing of EV chargers. EVs are anticipated to continue receiving a lot of attention as governments around the world concentrate on developing a stronger and more resilient economy to come out of the pandemic.
The market for electric vehicle chargers is expanding as a result of governments enforcing ever-stricter laws to reduce environmental pollution. It is crucial for automakers to switch to cutting-edge technology that lower vehicle emission levels since numerous governments have imposed strict government rules to minimize dangerous vehicular emissions. Green energy is also anticipated to be a major factor in both public and private electric vehicle charging stations. Carbon emissions are the main issue for EV owners. Companies are quickly developing their electric vehicle charging networks' charging technologies to solve these worries.
Asia Pacific to Dominate the Market