Press release
Comprehensive Electric Vehicle Charger Market Share Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Electric Vehicle Charger Market Share
The rigorous measures being introduced by government authorities to curb environmental pollution are contributing to the expansion of the electric vehicle charger market. There are strict government rules in place to limit damaging vehicle emissions, making it essential for automobile manufactures to adopt cutting-edge technologies that decrease these emissions. For example, the US government, under the Biden-Harris Administration, set a target in April 2023 for 50% of vehicles to be electric by 2030. Therefore, we anticipate these intensifying governmental regulations to propel the growth of the electric vehicle charger market in the subsequent years.
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What is the future CAGR of the electric vehicle charger market, and how will it impact industry expansion?
There's been remarkable expansion in the size of the electric vehicle charger market in recent years. This market is projected to increase from $11.79 billion in 2024 to $15.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 27.3%. This substantial growth during the historical period is due to a variety of factors, including increased adoption and sales of electric vehicles (EVs), various government incentives and regulations, environmental worries and goals to lower emissions, customer demand for easier charging options, and investments in EVs by the automotive industry.
In the coming years, the electric vehicle charger market is anticipated to witness a dramatic expansion. It is predicted to inflate to a remarkable $39.85 billion by the year 2029, growing at a compound annual growth rate (CAGR) of 27.7%. The proliferation in the estimated period can be attributed to several factors, including the augment of EV charging networks, the standardization of charging connectors, growth in international markets, global adoption of EV, and the increase in both public and private charging stations. Some of the major trends to watch for within this expected period are fast and ultra-fast charging solutions, the innovation of wireless charging technologies, advancements in EV batteries, integration of smart grid & demand response, and the emergence of autonomous and self-parking charging stations.
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What are the most significant trends transforming the electric vehicle charger market today?
Key players in the electric vehicle charger industry are prioritizing the creation of state-of-the-art solutions like the Fastest DC Charger to improve the EV charging process. The Fastest DC charger is an EV charging station that employs direct current (DC) to discharge significant power, facilitating fast charging for EV batteries. As an example, in May 2024, Exicom Tele-Systems Ltd., an EV charging organization based in India, rolled out Harmony Gen 1.5, a high-efficiency DC fast charger built for EVs, in response to the escalating requirement for functional and user-friendly EV charging alternatives. This comes in parallel with the quick expansion of the EV market. Constructed with a modular design that supports power outputs varying between 60 kW and 400 kW, it caters to a range of vehicles and boasts an efficiency percentage over 95%.
Which key market segments comprise the electric vehicle charger market and drive its revenue growth?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Residential Charging Stations, Public Fast Charging Stations, Ultra-Fast Charging Stations
2) By Plug-in Hybrid Electric Vehicle (PHEV): Level 1 Chargers, Level 2 Chargers, Fast Chargers
3) By Hybrid Electric Vehicle (HEV): Level 1 Chargers, Specialized Charging Stations for HEVs
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What regions are at the forefront of electric vehicle charger market expansion?
Asia-Pacific was the largest region in the electric vehicle charger market in 2024. The regions covered in the electric vehicle charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the electric vehicle charger market?
Major companies operating in the electric vehicle charger market include ABB Group, AeroVironment Inc., ChargePoint Inc., BP Chargemaster, Evatran Group Inc., Leviton Manufacturing Co. Inc., Webasto SE, Eaton Corporation plc, Schneider Electric SE, Siemens AG, Électricité de France S.A. (EDF), POD Point Ltd., IES Synergy, Efacec Power Solutions S.A., Hyundai Motor Company, Alfen N.V., Allego B.V., ClipperCreek Inc., Continental AG, Magna International Inc., SemaConnect Inc., TGOOD Global Ltd., ZF Friedrichshafen AG, Robert Bosch GmbH, Delta Electronics Inc., Cyber Switching Inc., Tesla Inc., EVgo Services LLC, Electrify America LLC, Blink Charging Co., Tritium Pty Ltd., Enel X, Wallbox Chargers S.L., EVBox Group, BorgWarner Inc.
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What Is Covered In The Electric Vehicle Charger Global Market Report?
•Market Size Forecast: Examine the electric vehicle charger market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric vehicle charger market for a structured understanding.
•Key Players Overview: Analyze major players in the electric vehicle charger market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle charger market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle charger market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle charger market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle charger market.
•Competitive Landscape: Review strategic developments in the electric vehicle charger market, including expansions, agreements, and new product launches.
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