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Global Electric Vehicle Charger Market Size To Reach USD 32.72 Billion By 2028

15-Mar-2022 | Facts and Factors

The global electric vehicle charger market was valued at roughly USD 5.4 billion in 2021 and is expected to reach USD 32.72 billion by 2028 at a CAGR of 28.5% during the forecast period 2022-2028.

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.

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Electric vehicles do not utilize non-renewable energy sources, which is a major growth factor for the global electric vehicle charger market. There is a growing awareness of the significance of maintaining an eco-friendly ecosystem in order to protect the environment from hazardous gases and thereby avert global warming. Electric vehicles are more cost-effective than gasoline vehicles; growing gasoline prices are driving market demand for electric vehicles, as the cost of charging electric vehicles is less than that of fuel expenditures. This, in turn, is projected to boost the demand for the electric vehicle charger market. However, 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.

Browse the full “Electric Vehicle Charger Market By Charging Type (Off-Board and On-Board), By Vehicle Category (Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, and Battery Electric Vehicle), and By Region-Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028”  report at https://www.fnfresearch.com/electric-vehicle-charger-market

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. Off-board charger is expected to be more valuable segment. By vehicle category, the market is divided into 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.

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 Asia Pacific region being the fastest-growing market.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 5.4 Billion

Projected Market Size in 2028

USD 32.72 Billion

CAGR Growth Rate

28.5% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

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., and BP p.l.c., among others

Key Segment

By Charging Type, By Vehicle Category, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the prominent vendors 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., and others.

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 & 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.

The global electric vehicle market charger is segmented as follows:

By Charging Type

  • Off-Board
  • On-Board

By Vehicle Category

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

By Region

  • 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 Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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