Press release
Electric Vehicle Charger Market: Exploring Market Size, Growth Rate, Key Drivers, and Upcoming Trends
Electric Vehicle Charger Market Trends
Substantial Growth Anticipated for Global Electric Vehicle Charger Market on Account of EV Adoption, Government Regulations, and Market Expansion
What Is The Projected Market Size Of The Global Electric Vehicle Charger Market And Its Growth Rate?
The electric vehicle charger market has been witnessing substantial growth.
• The market size which was $11.79 billion in 2024 will grow to $15.01 billion in 2025 with a CAGR of 27.3%.
• This growth during the historic period is primarily due to electric vehicle adoption, sales growth, government initiatives, emissions reduction goals, and consumer demand for convenient charging.
• Looking ahead, we predict exponential growth in this market in the coming years, hitting $39.85 billion in 2029 with a CAGR of 27.7%.
• Expansion of EV charging networks, standardization of charging connectors, international market growth, and increased EV adoption will drive growth during the forecast period.
What Is Driving The Growth In The Electric Vehicle Charger Market?
The electric vehicle charger market growth is being driven by the stringent regulations imposed by various governments to limit environmental pollution leading to an increased focus on reducing vehicular emissions. For example, the Biden-Harris Administration in the USA stipulated that 50% of vehicles should be electrified by 2030. Such regulations are further bolstering the electric vehicle charger market.
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Who Are the Key Players Driving Electric Vehicle Charger Market Growth?
Some key players operating in the electric vehicle charger market include:
• ABB Group
• AeroVironment Inc.
• ChargePoint Inc.
• BP Chargemaster
• Evatran Group Inc.
What Are The Key Trends In The Electric Vehicle Charger Market?
Key trends prevalent in the electric vehicle charger market are:
• Rapid adoption of fast and ultra-fast charging solutions
• Emergence of wireless charging technologies
• Advancements in EV batteries
• Integration with smart grids and demand response systems
• Development of autonomous and self-parking charging stations
What Are The Segments Of The Global Electric Vehicle Charger Market?
The global electric vehicle charger market is segmented by:
• Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
• Charging Type: On-Board Chargers, Off-Board Chargers
• End-User: Residential, Commercial
Which Region Leads The Electric Vehicle Charger Market?
In 2024, Asia-Pacific was the dominant region in the electric vehicle charger market. Other regions covered in the report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Electric Vehicle Charger Market Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Charger Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Charger Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Charger Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Charger Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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