Plugging into the Future : The Growing Electric Vehicle Charger Market

According to a new report published by Allied Market Research, titled, "Electric Vehicle Charger Market," The electric vehicle charger market was valued at $7.2 billion in 2022, and is estimated to reach $91.2 billion by 2032, growing at a CAGR of 29.3% from 2023 to 2032.

The electric vehicle charger market is expected to experience significant growth owing to advancements in charging systems such as high-power charging, ultra-fast chargers, and wireless charging. North America includes the U.S., Canada, and Mexico. The market is expected to grow in North America during the forecast period as the governments in various countries across the region, including U.S. and Canada, implement policies and incentives to support the adoption of electric vehicles and the development of charging infrastructure.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/4084

There is a rise in the significant investments made by major electric vehicles (EV) and battery makers in EV supply chains in North America that leads to an increase in the production and sales of electric vehicles, which in turn is anticipated to drive the demand for electric vehicle chargers. For instance, according to International Energy Agency (IEA), between August 2022, and March 2023, major electric vehicle and battery manufacturers announced investments of at least $52 billion in North American EV supply chains.

There is an increase in the demand for EV chargers by the U.S. government, setting standards for their production, which is expected to stimulate investment and innovation in the electric vehicle charger industry. For instance, in February 2023, Biden-Harris Administration in the U.S. announced a new set of standards and goals for a "Made in America" national network of electric vehicle (EV) chargers. The plan includes an increase in the number of EV chargers available throughout the country to improve the overall infrastructure for EVs. Moreover, the plan includes the installation of over 500,000 EV chargers across the U.S. by 2030. Such developments create new opportunities for companies that manufacture electric vehicle chargers, which in turn drives the growth of the market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-vehicle-charger-evc-market/purchase-options

The electric vehicle charger market in Canada experiences steady growth as electric vehicle adoption continues to increase in the country. Moreover, the Canada government has taken steps to support the growth of the EV charger market. For instance, in February 2023, the Canada government announced funding of up to $1.5 billion over five years to build 2,400 electric vehicle charging stations through the Electric Vehicle Infrastructure Demonstration. The increased investment in charging infrastructure leads to greater adoption of electric vehicles, which in turn is expected to drive the market as demand for charging equipment continues to grow.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :

By vehicle type, the hybrid electric vehicle segment is anticipated to exhibit significant growth in the near future.

By end user, the commercial segment is anticipated to exhibit significant growth in the near future.

By charging type, the off-board chargers segment is anticipated to exhibit significant growth in the near future.

By region, North America is anticipated to register the highest CAGR during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/4084

Key players operating in the global electric vehicle charger market include Chargemaster, Chroma ATE Inc, Delphi Technologies, Robert Bosch GmbH, AeroVironment, Inc., Schaffner Holding AG, Pod Point, ABB, Siemens, and ChargePoint, Inc. The companies are adopting strategies such as product launch, agreement, expansion, and partnership to improve their market positioning.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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