NEW YORK, April 21, 2021 /PRNewswire/ -- The "Electric Vehicle Charger Market" report has been added to Technavio's library which consists of more than 17000 reports from 150+ industries.
The electric vehicle charger market is poised to grow by 18.5 million units between 2020-2024, progressing at a CAGR of almost 29% during the forecast period.
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Electric vehicles are getting adopted globally due to government initiatives to cut down the automotive emissions. Awareness about clean energy and lucrative incentives on the purchase of electric vehicles is also boosting the sale. Thus, growing sales of electric vehicles is a major factor driving the growth of the electric vehicle charger market.
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43% of the market's growth will originate from APAC during the forecast period. China is a key market for electric vehicle chargers in APAC. Market growth in this region will be slower than the growth of the market in Europe and North America. The significant growth of the electric vehicle charger market in the APAC region can be attributed to the continuous adoption of electric vehicles either for private or public purposes. Government initiatives to improve air quality in Asia are also driving the market growth in the APAC region over the forecast period.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Electric Vehicle Charger
Market in Auto Parts & Equipment Industry
https://www.technavio.com/report/electric-vehicle-charger-market-industry-analysis
The electric vehicle charger market is segmented by end-user (residential and commercial), type (slow charger and fast charger), and geography (APAC, Europe, North America, and ROW).
The EV charger market growth by the residential segment will be faster than the growth of the market in the commercial segment. The residential end-user segment includes EV chargers that are used in homes, multi-dwelling buildings, and workplaces. The positive sales of EVs increase the demand for residential EV chargers due to the proactive efforts by utility providers in creating a better relationship with customers.
The electric vehicle charger market is concentrated. The entry of new entrants and local vendors, particularly Chinese vendors, is easy into the market as there are no stringent regulations or high initial investment requirements. This aspect also provides buyers various options to choose from. However, there are many established vendors and big players already in the market that have a strong market hold and brand value.
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