Press release
Key Driver Shaping the Future Electric Mobility Chargers Market From 2025-2034: The Adoption Of Energy-Efficient Vehicles Is Driving Growth In The Electric Mobility Chargers Market
Electric Mobility Chargers Market Size
There has been an exponential increase in the size of the electric mobility chargers market in the past few years. The market which is estimated to be $14.33 billion in 2024, is predicted to augment to $18.33 billion in 2025, signifying a compound annual growth rate (CAGR) of 27.9%. The historic period growth has been triggered by factors such as an increase in the carbon footprint, heightened demand for electric vehicles, a significant surge in greenhouse gas (GHG) emissions from the transportation sector, government policies and incentives, and a growth in the prospect of automotive electrification.
Anticipated rocketing expansion is predicted for the electric mobility chargers market in the foreseeable future, with the market size projected to reach $49.36 billion by 2029, with a compound annual growth rate (CAGR) of 28.1%. The growth during this forecast period correlates with the increasing requirement for the setup of charging facilities, the adoption of energy-saving vehicles, escalating global warming, increasing demand for eco-friendly transport methods, and growing urbanization. The forecast period is also expected to see trends such as the development of electric vehicle supply equipment (EVSE), the application of state-of-the-art technologies, advanced charging methods, product revolutions, and the advancement of electric mobility grids.
What Are the Forces Behind the Rapid Growth of the Electric Mobility Chargers Market?
The proliferation of energy-efficient automobiles is anticipated to spur the expansion of the electric mobility chargers market in the future. The uptake of such vehicles is credited to factors such as reduced greenhouse gas emissions, enhanced energy security and efficiency, superior grid efficiency, as well as sustainable policies. These chargers play a vital role in recharging energy-efficient vehicles, thereby facilitating sustainable transport by supplying the required power to electric and hybrid vehicles. For example, data from the International Energy Agency- an autonomous intergovernmental organization based in France, revealed that more than 2.3 million electric vehicles were bought in the first quarter of 2023. This is a 25% increase compared to the same quarter in 2022. By the close of 2023, sales are predicted to hit the 14 million mark, which represents a 35% surge year-on-year, with the rate of growth expected to quicken in the latter half of the year. As a result, the increased uptake of energy-efficient vehicles is propelling the expansion of the electric mobility chargers market.
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Who Are the Dominant Companies Influencing Electric Mobility Chargers Market Trends?
Major companies operating in the electric mobility chargers market are Siemens AG, Schneider Electric SE, ABB Ltd., Fortum Corporation, Bharat Electronics Limited, Leviton Manufacturing Company Inc., Exide Industries, Luminous Power Technologies, Karma Automotive LLC, Wallbox, EVBox BV, Tritium Ltd., Exicom Tele-Systems Ltd., ChargePoint Holdings Inc., Blink Charging Ltd., Volta Inc., Servotech Power Systems Ltd., Electrify America LLC, Tirex Chargers Pvt Ltd., Meras Plugins Pvt Ltd., AARGO Inc., Fermata Energy LLC
How Is the Electric Mobility Chargers Market Evolving?
Renowned enterprises in the electric mobility chargers market are focusing on the introduction of innovative technologies like liquid-cooled charging systems to maintain their competitive edge. This system uses liquid as a coolant to manage and dissipate the heat produced during the electric vehicle charging procedure. For example, in November 2023, Lotus Cars Ltd, a firm from the UK manufacturing sports and racing cars, unveiled Lotus' EV Charging Solutions. This new range of EV charging solutions includes an ultra-fast 450 kW DC charger, a power cabinet, and a modular unit that incorporates liquid-cooled technologies. The module power cabinet is ideal for areas that demand high energy, therefore enhancing efficiency and reducing charging duration such as motorway rest stops. It has the ability to deliver a power output of up to 480 kW and consists of a charging terminal capable of charging up to four vehicles simultaneously.
What Are the Different Segmentations in the Electric Mobility Chargers Market?
The electric mobility chargers market covered in this report is segmented -
1) By Product: Electric Bikes; Electric Scooters; Electric Motorized Scooters; Electric Motorcycles
2) By Drive: Belt Drive; Chain Drive; Hub Drive
3) By Battery: Lead Acid Battery; Li-Ion Battery; Other Battery
4) By End-User: Commercial; Residential; Industrial
Subsegments:
1) By Electric Bikes: Standard Electric Bikes (Pedal Assist); High-Power Electric Bikes; Folding Electric Bikes; Electric Mountain Bikes; Electric Road Bikes; Cargo Electric Bikes
2) By Electric Scooters: Stand-Up Electric Scooters; Foldable Electric Scooters; Long-Range Electric Scooters; Off-Road Electric Scooters; Electric Scooters For Sharing Systems
3) By Electric Motorized Scooters: Low-Speed Electric Motorized Scooters; High-Speed Electric Motorized Scooters; Compact Electric Motorized Scooters; Heavy-Duty Electric Motorized Scooters; Electric Motorized Scooters For Disabled Users
4) By Electric Motorcycles: Urban Electric Motorcycles; Sports Electric Motorcycles; Cruiser Electric Motorcycles; Touring Electric Motorcycles; High-Performance Electric Motorcycles
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Which Region Is at the Forefront of the Electric Mobility Chargers Market?
Asia-Pacific was the largest region in the electric mobility chargers market in 2024. The regions covered in the electric mobility chargers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Mobility Chargers Global Market Report?
- Market Size Analysis: Analyze the electric mobility chargers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the electric mobility chargers 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 mobility chargers market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the electric mobility chargers market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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