Electric Vehicle Charger Market Size, Share Global Analysis Report, 2022–2028

Industry Insights

[229+ Pages Report] According to Facts and Factors, the global electric vehicle charger market is expected to increase at a compound annual growth rate (CAGR) of 28.5% during the projection period between 2022 and 2028. The valuation for the global electric vehicle charger market was USD 5.4 billion in 2021 and it is expected to cross USD 32.72 billion, by 2028. The report explores various factors and their implications on the electric vehicle charger market’s growth.

Market Overview

Electric vehicle (EV) chargers are being used to charge electric vehicles that include a battery and an electrical supply that assists in charging the battery. Electric vehicles are less expensive to buy and maintain than traditional gasoline/diesel vehicles. Electric vehicles significantly decrease the toxic gas emissions that are released into the atmosphere.

There are 3 kinds of electric vehicle chargers: level-1, level-2, and direct current fast charging. The input voltage differs between these 3 levels; Level-1 utilizes 100/110 V, Level-2 utilizes 209/540 V, and DC fast chargers utilize between 300 and 500 V. Chargers are made by various manufacturers, with varying products, costs, functions, and applications.

Level 1 chargers are inexpensive because they use a regular 120-volt outlet, allowing electric vehicle owners to use the charging cable set included with the electric vehicles practically anywhere. Such kind of charging method takes the most time and is primarily used as a secondary, urgent, or backup charging alternative.

Level 2 chargers are commonly used in residential and non-residential environments. Most have better energy output than level-1 chargers and additional capabilities that level-1 chargers do not have. Level-2 chargers are classified as either non-networked or networked.

DC fast chargers are the most powerful electric vehicle chargers available on the market. They are frequently used as range extenders along key travel routes for long-distance excursions, as well as in urban locations to accommodate drivers who do not have home charging or who drive very long distances. The majority of DC fast chargers on the market charge at rates ranging from 25 to 50 kW. Because not every electric vehicle model is equipped with DC fast charging, it cannot be used by every electric vehicle driver.

COVID-19 Impact:

Almost every industry in the world has suffered a setback in the last two years. As a result of the many preventive lockdowns and several other limits imposed by state agencies all over the world, this is subject to quick obstructions in their respective processes and supply marketplaces. The same goes for the global electric vehicle charger market. Furthermore, consumer preference has substantially reduced as consumers are more looking on reducing unnecessary spending from their own budgets as the overall economic position of most individuals has been hampered by this pandemic. Throughout the forecast period, these variables are projected to have an effect on the sales profile of the global electric vehicle charger market.

Growth Drivers

• Rising demand for low-emission, high-performance, and fuel-efficient vehicles are boosting the market’s growth

Because gasoline is a fuel source, it is not a sustainable energy source and will eventually run out of supplies. To ensure a sustainable future, sustainable energy sources must be developed and utilized. This necessitates the use of electric vehicles, which do not require the use of gasoline and are more cost-effective than traditional combustion vehicles. With the recent spike in gasoline and diesel prices, demand for electric vehicles has increased, which in turn boosts the electric vehicle charger market's growth.

Sustainability is driving the market’s expansion

Electric vehicles do not need non-renewable energy sources which accounts as a major growth factor for the global electric vehicle charger market. There is a rising recognition of the importance of preserving a sustainable environment in order to safeguard the ecosystem from hazardous gases and, as a result, prevent global warming. Rising gasoline prices are increasing market demand for electric vehicles because the cost of charging them is less than the cost of fuel. In turn, this is estimated to propel the electric vehicle charger market. Electric vehicles are less expensive to maintain than gasoline vehicles, which are highly costly.

Restraints

• High production costs will stymie market growth

The global electric vehicle charger market is limited by the fact that the electric vehicle sector is young, and thus there isn't a large range of automobiles for customers, hampering the market for electric vehicles. Another issue is that the manufacturing cost of electric vehicles is quite high, and production is low, preventing companies from realizing economies of scale.

Opportunities

• Fast charging facilities are gaining traction

The electric vehicle charger market is a diverse, inventive, and competitive sector. Increased public and private investment in this landscape have resulted in significant advances in charging technology. Some large corporations around the world have invested in charging equipment that can provide a 10-minute fast charge potential for global electric vehicles. Furthermore, charging capacity is becoming more safe and effective in replacing traditional fuel-based technology.

Challenges

• Absence of standardization of electric vehicle charging stations remains a challenge

Factors such as the rise of the electric vehicle market and variations in charging loads have underlined the need for standardization of electric car charging stations. Certain charging stations for electric vehicles may only function at a specified voltage. Governments must standardize charging stations in order to generate a favorable environment and increase electric vehicle sales. Fast and easy norms vary from country to country. The lack of international standardization may have an impact on charging station installation and restrict the market for electric vehicle chargers.

Segmentation Analysis

The global electric vehicle charger market is segregated on the basis of charging type, vehicle category, and region.

By charging type, the market is off-board and on-board. The off-board charger is expected to be a more valuable segment.

By vehicle category, the market is divided into a hybrid electric vehicle, plug-in hybrid electric vehicle, and battery electric vehicle. Each of these electric vehicles is well-known and in high demand, but the plug-in hybrid electric vehicle segment is expected to have a substantial market share. 

Report Scope

Regional Landscape

• Asia Pacific region dominates the electric vehicle charger market

Asia Pacific region is predicted to have the highest market for electric vehicle chargers. Some of the world's greatest economies, notably India and China, are located in the region. Asia Pacific region is the largest market for electric vehicles due to government help in the form of subsidies, rebates, and tax credits, as well as continuously increasing charging infrastructure in countries such as China and Japan. As a result, electric vehicle charging stations would grow, necessitating the use of electric vehicle chargers. The constant upgrading of charging stations and the extension of vehicle range are the key factors that have contributed to the Asia Pacific region being the fastest-growing market.

Recent Developments

• January 2022: ABB has announced the acquisition of a controlling share in InCharge Energy, a provider of commercial charging infrastructure solutions for electric vehicles (EVs). With the addition of InCharge Energy, ABB's E-mobility Division in the North American market will be strengthened by widening its client base and extending its vehicle electrification technology and digital services portfolio.
• February 2022: The New York Power Authority (NYPA), in conjunction with Electrify Commercial, announced the opening of a charging station in the city of Binghamton, New York, for all approved electric vehicles (EVs). The newly launched station is part of NYPA's EVolve charging network, giving EV drivers traveling through the greater Binghamton area a quick, easy charging stop.

Competitive Landscape

Some of the main competitors dominating the global electric vehicle charger market are :

• Connected Kerb Limited 
• Electrify America LLC. 
• Delphi Automotive 
• Silicon Laboratories 
• POD Point 
• Evgo Services LLC. 
• Robert Bosch GmbH 
• Chroma ATE 
• Royal Dutch Shell PLC 
• Chargemaster PLC 
• Webasto Group 
• Siemens AG 
• Schaffner Holdings AG 
• ABB Ltd. 
• EVBox Group 
• AeroVironment Inc. 
• BP p.l.c.

The global electric vehicle market charger is segmented as follows:

By Charging Type Segment Analysis

• Off-Board
• On-Board

By Vehicle Category Segment Analysis

• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Battery Electric Vehicle

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America