Establishment of Electric Vehicle Chargers Market on Full Swing, The System To Be Enlarged | $1,786 billion, CAGR of 37.5% by 2023 | Key Player: ABB Ltd., Robert Bosch, Siemens, Delphi Automotive, Chroma ATE, Aerovironment, Silicon Laboratories, Chargemas
Government regulations regarding the use of electric vehicles to curb the environmental pollution drives the demand for electric vehicles, which boosts the market. Further, rise in demand for electric vehicles is also expected to fuel the market growth. However, high price of such electric vehicles and lack of presence EV chargers at public places is anticipated to hinder the growth of the market.
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Asia-Pacific dominates this market presently, followed by North America. In 2016, China dominated the market in Asia-Pacific; similarly, the UK led the overall market in the European region. The U.S. is dominating the market in North America presently.
The global electric vehicle chargers market was valued at $163 billion in 2016, and is projected to reach at $1,786 billion by 2023, growing at a CAGR of 37.5% from 2017 to 2023.
In 2016, the on-board chargers segment dominates the global electric vehicle chargers in charging type segment, in terms of revenue. However, based on vehicle type, hybrid electric vehicle led the global market followed, by plug-in hybrid electric vehicle in 2016.
Commercial users segment led the electric vehicle chargers market by end user in 2016. However, residential users segment is anticipated to depict highest CAGR throughout the forecast period.
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Top Impacting Factors Such as -
o Government Regulations to Curb Environment Pollution
o Rise in Market Penetration Of Electric Vehicles
o Growth in Disposable Income of Population
o Lack of Standardization of EV Charging
o Surge in Demand for Luxury Vehicles
Key Findings of the Electric Vehicle Chargers Market:
o On-board chargers generated the highest revenue of the global electric vehicle chargers market in 2016.
o In 2016, the hybrid electric vehicle type generated the highest revenue among the electric vehicle chargers market.
o Asia-Pacific is anticipated to exhibit a highest CAGR during the forecast period.
o In 2016, the commercial end user segment contributed the highest market shares in the electric vehicles chargers market.
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Asia-Pacific is expected to lead the global electric vehicle chargers market throughout the forecast period, followed by North America. LAMEA is expected to grow at a lowest rate during the forecast period. Furthermore, China dominates the electric vehicle chargers market in Asia-Pacific, similarly, the U.S. dominates the electric vehicle charger market in North America and UK leads the electric vehicle chargers market in European region.
Emerging trends in the world of autonomous vehicles | https://roboticsandautomationnews.com/2020/01/03/emerging-trends-in-the-world-of-autonomous-vehicles/28108/
Installation of electric vehicle chargers on full swing, the network to be widened | https://europeanbusinessmagazine.com/business/installation-electric-vehicle-chargers-full-swing-network-widened/
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