Press release
Electric Vehicle Charger Market Experiences Unprecedented Growth to $8.67 Billion in 2024, Spurred by Environmental Policies and Residential Charging Innovations
Electric Vehicle Charger Market Report
Drivers of Market Growth:
1. Government Regulations Catalyst for Growth:
Stringent governmental regulations aimed at curbing environmental pollution stand as a driving force behind the expansion of the electric vehicle charger market. Governments globally have implemented rigorous regulations to limit vehicular emissions, necessitating a shift towards advanced technologies that mitigate environmental impact. A notable example is the Biden-Harris Administration's ambitious goal, set in April 2023, aiming for 50% of vehicles to be electrified by 2030. This commitment to environmental sustainability is poised to propel the electric vehicle charger market forward.
2. Residential Sector Expansion Fueling Growth:
The burgeoning residential sector is expected to be a significant growth factor for the electric vehicle charger market. The residential sector, encompassing the housing arrangements of individuals and families, plays a crucial role in this expansion. Electric vehicle chargers integrated into residential settings offer convenience, cost savings, and environmental benefits. With the residential sector witnessing substantial growth, particularly evident in the United States where the number of approved housing units has surged, the demand for electric vehicle chargers is set to escalate.
Explore the Global Electric Vehicle Charger Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5438&type=smp
Key Market Players:
Major players in the electric vehicle charger market include ABB Group, ChargePoint Inc., Webasto SE, Siemens AG, and Tesla Inc. These industry leaders are instrumental in shaping the market landscape, responding to the rising demand with innovation and strategic initiatives.
Technological Advancements and Innovations:
1. Charging Robot and Green Technology:
The electric vehicle charger market is significantly influenced by technological advancements, with a focus on reducing carbon emissions and meeting customer demands. A noteworthy example is the introduction of the Mochi charging robot by Envision Group in April 2021. This robot, powered entirely by green electricity, utilizes precise location-sensing technology to navigate and charge electric vehicles autonomously, providing a versatile solution to accommodate the growing demand for charging stations.
2. Terra 360 for Rapid Charging:
Leading companies in the electric vehicle charger market are concentrating on product innovations to gain a competitive edge. A prime illustration is ABB Ltd.'s Terra 360, launched in September 2021. Terra 360 stands out as the fastest electric car charger, capable of fully charging an electric car in less than 15 minutes, with a remarkable 100km of range achieved in less than 3 minutes. This innovation addresses the demand for swift and efficient charging, particularly in small depots or parking lots with limited space.
Regional Dynamics and Market Segmentation:
Asia-Pacific dominated the electric vehicle charger market in 2023, with North America poised to be the fastest-growing region.
The electric vehicle charger market covered in this report is segmented -
1) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
2) By Charging Type: On-Board Chargers, Off-Board Chargers
3) By End-User: Residential, Commercial
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/electric-vehicle-charger-global-market-report
Electric Vehicle Charger Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Electric Vehicle Charger Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric vehicle charger market size, electric vehicle charger market drivers and trends, electric vehicle charger market major players, competitors' revenues, electric vehicle charger market positioning, and market growth across geographies. The electric vehicle charger market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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