Electric Vehicle Charger Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global electric vehicle charger market is anticipated to grow at a significant CAGR of 34.4% during the forecast period (2022-2028). As gasoline is a fossil fuel, it is not a renewable energy source and will run out someday. To enable long-term development, alternative fuel sources must be developed and deployed. This necessitates the use of electric vehicles, which do not require the use of gasoline and are more cost-effective than conventional vehicles. An electric car transfers over 50% of the electrical energy from the grid to power at the wheels, whereas a gas-powered vehicle translates only around 17%-21% of the energy stored in fuel to power at the wheels The demand for fuel-efficient vehicles has increased as a result of the recent increase in gasoline and diesel prices. This is due to the depletion of fossil fuel reserves and an increase in firms' desire to maximize profits from these reserves. As a result of these considerations, the demand for superior fuel-efficient technologies is increasing, resulting in a surge in demand for electric vehicles for travel.
The growing popularity and use of electric vehicles have highlighted the need for charging infrastructure development. China, the United States, and Germany, for example, are spending heavily on EV charging infrastructure as well as research and development for faster and more efficient charging techniques. Automobile manufacturers are expected to invest heavily to accommodate the rising demand for electric vehicles and to play a crucial role in the market's evolution.

Vehicle-to-Grid (V2G) EV charging is a method of transferring electrical energy from plug-in electric vehicles to the power grid in both directions. EVs can store and discharge unused energy to the grid using V2G technology. This can improve the electrical component's performance while also adding value to EV owners. Electric vehicle charging processes have been simplified as a result of the introduction of this technology, and EVs have become one of the most popular ways of transportation. As a result, the entire charging station business is critical for connecting the grid to the electric vehicle and enabling charging.
Some major players in the market include ABB Ltd., Aerovironment Inc., Chroma ATE, Delphi Automotive, Robert Bosch GmbH, Siemens AG, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, ABB Ltd. offers the Terra AC wallbox. It is the EV home charger on the market, offering high-quality, future-proof versatility, and sophisticated safety and protection.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Vehicle Type
•By Charging Type
•By End-User
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- ABB Ltd., Aerovironment Inc., Chroma ATE, Delphi Automotive, Robert Bosch GmbH, Siemens AG, among others.

A full report Electric Vehicle Charger Market of is available at:  https://orionmarketreports.com/electric-vehicle-charger-market/105825/

Global Electric Vehicle Charger Market Report by Segment
By Vehicle Type
•Battery Electric Vehicle
•Plug-in Hybrid Electric Vehicle
•Hybrid Electric Vehicle
By Charging Type
•On-Board Chargers
•Off-Board Chargers
By End-User
•Residential
•Commercial

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 
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This release was published on openPR.