Electric Vehicle Charger Market Industry Analysis, Size, Share, Trends, Growth and Forecast 2025

Global electric vehicle charger market is forecast to grow at a CAGR of over 20% during the forecast period, 2019-2025. As per the International Energy Agency, in 2018 the total electric vehicle stock reached 5.1 million with a sale of around 2 million electric vehicles in 2018. Around 5.4 million public chargers were installed in 2018 as compared to 4.3 million in 2017. The major factor for the growth of the market include increasing electric vehicle sales, cohesive government regulations for the growth of the electric vehicles, subsidies offered by the government on electric vehicles and charging infrastructure, fluctuating prices of fossil fuels and increasing carbon footprints due to IC engine-based vehicle. Several governments have set up a target to increase electric vehicles fleet up to a particular percentage in their respective country's total fleet over the next decade in order to reduce carbon emission. This is augmenting the need to develop charging infrastructure and hence influencing the growth of the market. Comparatively lower traveling distance range and high prices as compared to IC engine vehicles are some of the major restraining factors for the market growth.

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Major companies contributing to the global electric vehicle charger market include ABB Ltd., Tesla, Inc., Webasto SE, ABB Ltd., Chargemaster Ltd., ChargePoint, Inc., Delta Electronics Inc., Eaton Corp., Ecotap B.V., Efacec Electric Mobility, S.A, Engie, Leviton Manufacturing Co., Inc., Schneider Electric SE, SemaConnect, Inc., Siemens AG, The New Motion B.V., and others.

The global electric vehicle charger market is segmented on the basis of ownership, charger type, and connector type. By ownership, the market is further bifurcated into public and private. Globally, private chargers will show a significant growth rate. By charger type, the market is bifurcated into slow chargers and fast chargers. In order to provide efficient and fast charging and due to technological advancement, fast chargers are expected to grow at a considerable growth rate. By connector type, the market is further divided into AC connectors and DC connectors. AC connector market is further divided into Type 1, Type 2 and other segments, whereas the DC connector market is segmented into CHAdeMO, Combined Charging System (CCS), Type 2 (Tesla). DC connectors are expected to show the highest growth rate in the near future.

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Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. During the forecast period, Asia-Pacific is forecast to be the largest market region with a lucrative growth rate over the forecast period. China, Japan, India, and South Korea are significantly contributing to the market. European economies such as Norway, Germany, UK, Spain, are significantly providing subsidies on electric vehicles charging infrastructure and will have a considerable market globally in the near future. The US and Canada are also expected to augment with a lucrative growth rate over the forecast period.

The market players are considerably contributing to the market growth by the adoption of various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market.

Market Segmentation

Electric Vehicle Charger Market by Ownership

o Public
o Private

Electric Vehicle Charger Market by Charger Type

o Slow Charger
o Fast Charger

Electric Vehicle Charger Market by Connector Type

o AC Connectors
o Type 1
o Type 2
o Other (Domestic Socket)
o DC Connectors
o Combined Charging System (CCS)
o Type 2 (Tesla)

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