Mostly during the upcoming years, 2023 to 2033, the demand for EV chargers is projected to register an impressive CAGR of 26.6%. The market valuation of EV chargers is anticipated to grow from USD 6,520.9 million in 2023 to about USD 68,967.2 million by 2033.
The requirement for the use of EVs has been prompted by the growing carbon dioxide footprints and other dangerous substances resulting from conventional mobility. As a result, there is a growing need for EV charging infrastructure in both business and residential settings.
Reduction in the size of chargers is the key development that has completely changed the market dynamics for EV charger producers in recent years. These chargers are incredibly simple to import into foreign countries due to their compact size, and 42% of global exports come from the Asian continent.
The adoption of recent advancements in enhancing the recharge service business is projected to increase the expanse of charging stations around the world. Federico Calen Company stated that "the interconnection of charging networks is a vital element in the strategy to develop e-mobility in Italy." Such developments are anticipated to encourage the establishment of new EV charger market players, boosting EV charger sales.
The all-electric vehicles, such as the BMW i3, Audi e-Tron, Chevrolet Bolt EV, Tesla Model X, and Nissan LEAF, are further increasing market penetration. Additionally, expanding collaborations between automakers to provide charging stations using a paid subscription model is anticipated to fuel industry expansion.
The hefty cost of different types of electric vehicles, including electric two-wheelers, unfortunately, could impede market expansion during the forecast years. Additionally, the absence of sufficient EV charging facilities in emerging nations like Brazil, India, and others is anticipated to limit market opportunities.
| Attributes | Details |
|---|---|
| EV Charger Market Share (2022) | USD 5,130.5 million |
| EV Charger Market Size Value (2023) | USD 6,520.9 million |
| EV Charger Market Size Value (2033) | USD 68,967.2 million |
| EV Charger Market Growth Rate (2023 to 2033) | 26.6% |
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Future Market Insights studies find the net worth of all the EV chargers sold in the year 2018 globally was only USD 2,346.5 million. In the following five years, the growing popularity of EVs rendered the overall EV charger market an annual growth rate of 21.6%. Additionally, as per the IEA reports in 2019, EV sales reached 2.1 million units worldwide, representing a 40% year-over-year increase and 2.6% of all automobile sales.
The creation and utilization of alternative fuel sources are crucial for promoting sustainable development, such as EVs, which don't require petrol and are more cost-effective than regular cars. A fuel car can only successfully convert roughly 17% to 21% of the energy stored in the fuel, but an EV can convert over 50% of the electricity generated by the grid to power the wheels.
The sales of EV chargers are anticipated to increase in the coming days as a result of rising e-mobility and the burgeoning necessity for more effective charging stations. Installation of commercial EV charging points in a variety of public locations, including shopping malls, hotels, and others, may further strengthen the market.
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Battery electric vehicles or BEVs, which require less maintenance than HEVs and PHEVs, are predicted to keep a high market share during the projected period. Based on different types of electric vehicles, the BEV segment is figured out to be generating 45.8% of the total demand for EV chargers. Hybrid cars are gaining popularity these days as a means of lowering expenditure from the consumption of fossil fuels that could emerge as a key segment.
Depending on the kind of charging, the onboard charger segment is anticipated to expand at a faster growth rate over the projection period. It may be due to the preference and benefit of charging electric vehicles using a readily accessible power source at any location. To avoid the possibility of damage, these systems are made according to the unique voltage needs of the battery in different electric vehicles.
Commercial EVs are anticipated to account for a sizeable portion of the market based on end-user, by growing adoption of EVs by fleet owners. Compared to residential or personal use electric, commercial vehicles have a far larger market penetration for the EV charger market.
A significant portion of the market is anticipated to be dominated by the United States due to the region's wide usage of smart transportation systems. Moreover, rising preference for fuel-efficient cars and expanding EV charging infrastructure in several states have enacted incentives for the promotion and adoption of EVs.
According to the EV charger market survey report, the United States ranked as the second-leading market by generating 9.3% of global revenue. Additionally, the United States seems to have more public EV charging station locations, which are anticipated to boost market expansion over the projection year.
Sales of electric vehicles are being fueled by greater consumer attention to carbon emissions, high discretionary income, and improving living conditions. Such greater potential in the European region is projected to promote the expansion of the EV charger market in Germany, as well as other nations.
Currently, Germany leads the overall market of EV chargers in the European region and is expected to retain this position over the forecast years as well. As per the figures available, the net revenue generated by EV charger companies in the year 2022 was nearly USD 575 million. The report further predicts that the net valuation of the market in Germany may reach up to USD 7,725 million by the end of the forecast period.
Contrarily, the United Kingdom manufacturers are witnessing more lucrative growth trends in recent years than any other country in the EU, including Germany. Based on the market analysis report, the sales and supply of EV chargers by the United Kingdom manufacturers are projected to grow at 22.4% annually.
Regulatory pollution rules are severe, and Chinese people are quickly adopting electric vehicles, creating a huge demand for EV chargers domestically. Moreover, by the presence of a robust charging infrastructure, EV chargers are more accessible to customers and more widely used in this region. According to the global EV charger market statistics report released by FMI, the overall annual growth rate of this regional market is predicted to be around 20.8% through 2033.
Geographically, the Asia Pacific region is anticipated to lead the worldwide market for electric vehicle (EV) chargers due to the nation's growing EV usage and industry base. To illustrate, Japan generated USD 30.8 million from the sales of EV chargers in 2022, which is expected to reach USD 413.8 million by 2033. Additionally, Australia has a lot of potential in this market sector presently and is emerging as a prominent region for market players. Based on the survey report, the net worth of the market was USD 47 million in 2022 and may reach USD 621 million by 2033.
The demand for EV chargers is anticipated to develop at the significant rate in India, thanks to efforts of the federal government to provide electric vehicles at lucrative subsidies. Moreover, the growing awareness about the need to reduce vehicle emissions has boosted the count of electric vehicles in the country that contribute to pollution and climate change.
As per the FMI predictions, the sales of EV chargers in India are anticipated to register an above-average CAGR of 26.6% from 2023 to 2033. This development is anticipated to create EV charger market growth opportunities in the region throughout the forecast period.
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Many electric vehicle companies are also quickly establishing their charging networks and may need huge amounts of EV chargers. Further, global EV charger market forecasts state that as EV usage increases, several new start-ups are expected to emerge, making the market further competitive. Compared to manufacturing EV chargers in other locations, Asia Pacific regions where production prices are lower help in keeping the overall cost in check.
Collaborations among energy companies Enel and Eni permitting electric car owners to charge their vehicles utilizing the recharge stations of the two firms throughout Italy started back in December 2021. The primary EV charging networks in Italy are run by Enel's energy e-service business Enel X and Eni's Be Charge, which together have over 25k recharging station.
Given its unique geographic and demographic characteristics, Asian countries have emerged as the most lucrative market for all types of electrical and electronics manufacturing companies. So many prominent as well as emerging EV charger market players are finding it favorable to shift into Asian countries like China and India.
The global EV charger market is to grow at 26.6% during the forecast period.
The global EV charger market is predicted to be valued at USD 68,967.2 million by 2033.
The global EV charger market was valued at USD 5,130.5 million in 2022.
Germany accounts for 11.2% revenue share of the global EV charger market.
India is predicted to witness a CAGR of 26.6% in the EV charger market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 5.1. Plug-in Hybrid Vehicle - PHEV 5.2. Battery Electric Vehicle - BEV 5.3. Hybrid Electric Vehicle - HEV 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Charging Type 6.1. On-board Charger 6.2. Off-board Charger 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 7.1. Residential 7.2. Commercial 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. ABB Ltd. 16.2. Robert Bosch GmbH 16.3. Siemens AG 16.4. Delphi Automotive 16.5. Chroma ATE 16.6. Aerovironment Inc. 16.7. Silicon Laboratories 16.8. bp pulse 16.9. Schaffner Holding AG 16.10. POD Point 17. Assumptions & Acronyms Used 18. Research Methodology
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EV Charger Market
