Electric Car Charger Market - Industry Analysis, Growth, Size, Manufacturers, and Forecast to 2026

Electric cars are often considered as an environmental conscious alternative to conventional cars with internal combustion engines owing to deteriorating environmental quality and soaring fuel prices. These electric cars use electric motors powered by electrical energy stored in a battery for propulsion.

These cars are available in a variety of models with varying ranges and capabilities and are plugged in to a source of electrical power to recharge. Thus, they are powered solely by energy stored in the vehicle’s battery system. There is no backup power generation in the vehicle, so when the battery runs out of charge it requires recharging before operating again.

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Advances in battery storage technology, lightweight vehicle construction, electric grid automation, soaring gas prices and rising environmental concerns are key elements that are increasing the attractiveness of electric vehicles for consumers as well as businesses across the world. Thus, the major factor driving the electric car charger market is the increasing sales of electric vehicles owing to growing environmental consumer awareness and supportive government regulations in the form of tax rebates, subsidies, and grants.

For instance, in 2018, Sustainable Energy Authority of Ireland (SEAI) has offered an ‘Electric Vehicle Home Charger Grant’ of 600 Euros for electric car owners to cover the purchase and installation of home charger systems to new and second-hand electric vehicles.

Similarly, the central government of India is also offering incentives for the procurement of electric vehicles in cities that have population over one million. Furthermore, several countries including China, France, and U.K. have already announced that will ban traditional fuel vehicles by 2040.

The factor that is indirectly affecting the electric car charger market is a 150-mile range baseline that has been defined for the latest generation of electric cars.

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