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Electric Car Charger Market 2024 - Industry Outlook, Present Manufacturers, Channels Analysis And Forecast To 2033
Electric Car Charger Market
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According to The Business Research Company's, The electric car charger market size has grown exponentially in recent years. It will grow from $5.54 billion in 2023 to $7.56 billion in 2024 at a compound annual growth rate (CAGR) of 36.3%. The growth in the historic period can be attributed to electric vehicle (ev) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in evs
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The electric car charger market size is expected to see exponential growth in the next few years. It will grow to $23.62 billion in 2028 at a compound annual growth rate (CAGR) of 33.0%. The growth in the forecast period can be attributed to expansion of ev charging networks, standardization of charging connectors, international market growth, global ev adoption, and growing public and private charging stations. Major trends in the forecast period include fast and ultra-fast charging solutions, wireless charging technologies, ev battery advancements, smart grid integration and demand response, and autonomous and self-parking charging stations.
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Market Drivers and Trends:
The increasing demand for electric vehicles owing to growing environmental awareness is expected to drive the growth of the electric car chargers market over the coming years. The world is moving towards electrified transportation to reduce the emissions of pollution from non-renewable fossil fuel vehicles and to offer transport as a substitute for costly fuel. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing sales of electric vehicles drive the growth of the electric car chargers market.
Major companies operating in the electric car charger market are developing new products such as solar-powered electric car chargers to meet larger customer bases, more sales, and increase revenue. A solar-powered electric car charger is a device that harnesses energy from the sun through solar panels to generate electricity, which is then used to charge electric vehicles (EVs). For instance, in August 2022, Sunrun Inc., a US-based energy services provider, launched Level 2 EV Charger. The latest addition to the company's portfolio enhances Sunrun's range of home energy management solutions, aligning with the increasing demand for electric vehicles across the United States. Sunrun's introduction of the new EV charger underscores its commitment to providing energy self-sufficiency, cost-efficiency, and energy reliability for all Americans. This innovative EV charger, operating at a 40-amp Level 2, offers a practical solution for overnight EV charging and is universally compatible with all EV models. Furthermore, it boasts intelligent features that empower customers to customize charger settings and manage the charging process at their convenience.
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Major Key Players of the Market:
Leviton Manufacturing Co. Inc, ABB Group, Siemens AG, Schneider Electric Corp, AeroVironment Inc., Blink Charging Co., Bosch Automotive Service Solutions Inc, ChargePoint Inc., Delphi Automotive PLC., Eaton Corporation, Elektromotive Ltd., Evatran LLC, General Electric Company, Hubbell Device-Kellems, Legrand India Pvt. Ltd., Tesla Motors Inc., TurboDock, Alfen N.V., ClipperCreek Inc., Delta Electronics Inc., Efacec Electric Mobility S.A., EV Safe Charge Inc., EV Solutions Inc., EVBox Group, EVgo Services LLC, EVoCharge, EVSE LLC, JuiceBar EV Inc., NewMotion B.V., Tritium Pty Ltd., Wallbox Chargers S.L., Webasto Charging Systems Inc.
Electric Car Charger Market 2024 Key Insights:
• The electric car charger market size is expected to see exponential growth in the next few years. It will grow to $23.62 billion in 2028 at a compound annual growth rate (CAGR) of 33.0%.
• Environmental Awareness Driving The Electric Car Charger Market
• Innovation And Product Diversification In The Electric Car Charger Market
• Asia-Pacific was the largest region in the electric car chargers market in 2023
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