Electric Vehicle Charger Market to grow by 68,483.18 thousand units from 2022 to 2027 | Government incentives and subsidies for EV charging infrastructure developments drive the market - Technavio

NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The electric vehicle charger market size is expected to grow by 68,483.18 thousand units from 2022 to 2027, progressing at a CAGR of  29.63% as per the latest Technavio market research report. Government incentives and subsidies for EV charging infrastructure developments notably drive the growth of the market. The prospect of alluring incentives for both EV chargers and EV purchases is poised to stimulate the expansion of EV charger installations. This strategic move not only beckons OEMs but also entices private enterprises to invest in the augmentation of infrastructure, thereby amplifying EV sales. A tangible manifestation of this strategy can be observed in Western Europe, where since 2019, 12 EU countries have initiated bonus payments or premiums for prospective EV buyers.- Download the sample report

Electric Vehicle Charger Market: Segment Overview

This market research report segments the electric vehicle charger market 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).

• 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 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.

Geography Overview:

• APAC is estimated to account for 44% 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 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 drive the growth of the EV charger market in APAC during the forecast period.

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Key Factor Driving Market Growth 

Recent trends influencing the market

Open and closed platform approaches by EV charger solution providers are an emerging market trend. The EV charger market is undergoing a transformative shift, driven by the influx of regional and local players, dynamic partnerships, and surging end-user demand. The escalating count of EV charger providers is paralleling trends witnessed in other technology-driven sectors like operating systems and smartphones. Several prominent market players anticipate that this trend will eventually culminate in a consolidation of the market, where dominancy and market shares will take precedence. Consequently, a similar dynamic is developing among EV charging solutions providers. This shift is prompting the emergence of both open and closed platform approaches within the market. Notably, companies such as EVgo, a frontrunner in fast charging solutions in North America, have embraced the open platform model with their freedom station plans. Such factors fuel the growth of the market during the forecast period. 

Driver, Trend and challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, Find more insights from a sample report!

What are the key data covered in the Electric Vehicle Charger Market reports:

• Historic Market size
• Company landscape and analysis including 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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Related Reports:

The Global High Power Charger For Electric Vehicle (EV) Market size is estimated to grow by USD 40,486.62 million between 2022 and 2027 accelerating at a CAGR of 39.26%.

The EV charger service market share is expected to increase by USD 5.26 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.13%.

Table of contents

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

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