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Environmental Awareness Driving The Electric Car Charger Market: Key Factor Driving The Growth In The Electric Car Charger Market
Electric Car Charger
What Is the Expected Electric Car Charger Market Size During the Forecast Period?
The size of the electric car charger market has seen remarkable expansion in recent periods. It is projected to rise from $10.14 billion in 2024 to $12.64 billion in 2025, characterizing a compound annual growth rate (CAGR) of 24.6%. The upswing during the historical era is credited to factors such as the spike in electric vehicle (ev) endorsement and sales, government support and rules, environmental apprehension and goals for emission reduction, consumer appeal for easy charging solutions, and investments in electric vehicles by the auto industry.
In the coming years, the electric car charger market is anticipated to experience a significant surge, expanding to a worth of $30.42 billion by 2029 with a compound annual growth rate (CAGR) of 24.6%. Factors contributing to this projected growth within this period include an increase in ev charging networks, the standardization of charging plugs, broader international market growth, and rising global ev uptake as well as an increase in public and private charging stations. The period under forecast also highlights key trends such as rapid and ultra-rapid charging solutions, advancements in ev battery technology, integration of smart grids and demand response, and the emergence of autonomous and self-parking charging points.
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What Are the High-Growth Segments in the Electric Car Charger Market?
The electric car charger market covered in this report is segmented -
1) By Type: Slow AC, Fast AC, Fast DC
2) By Charging Type: On-board Charger, Off-board Charger
3) By Application: Home, Office, Commercial
Subsegments:
1) By Slow AC: Level 1 Chargers (120V), Level 2 Chargers (240V)
2) By Fast AC: Level 2 Chargers for public charging stations, Commercial Fast AC Chargers
3) By Fast DC: DC Fast Chargers (DCFC), Ultra-Fast Chargers, Combined Charging System (CCS) Chargers, CHAdeMO Chargers
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What Key Drivers Are Expected to Influence Future Electric Car Charger Market Growth?
Growing environmental consciousness leading to a surge in demand for electric vehicles is forecasted to bolster the expansion of the electric car chargers market in the forthcoming years. The global trend is leaning towards electrified transportation to bring down pollution caused by non-renewable fossil fuel vehicles, presenting transportation that is a cheaper alternative to expensive fuel. Specifically, the Global EV Outlook 2022 report, published in May 2022, shared that sales of electric vehicles (EVs) in 2021 had skyrocketed to a new record of 6.6 million, showing double growth from the preceding year. Furthermore, 2021 also witnessed worldwide electric car sales surge to 6600000 units from a previous figure of 2980000 units. Hence, this rise in electric vehicles sales fuels the development of the electric car chargers market.
Which Companies Hold the Largest Share Across Different Electric Car Charger Market Segments?
Major companies operating in the electric car charger market include Leviton Manufacturing Co. Inc, ABB Group, Siemens AG, Schneider Electric Corp, AeroVironment Inc., Blink Charging Co., Bosch Automotive Service Solutions Inc, ChargePoint Inc., 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.
What Trends Are Driving Growth in The Electric Car Charger Market?
Major firms in the electric car charger market, such as Sunrun Inc., are launching innovative products like solar-powered electric car chargers to expand their customer reach, drive sale volumes, and boost revenues. Such chargers utilize solar energy harnessed through solar panels to power electric vehicles (EVs). In August 2022, for example, Sunrun Inc., an American energy services company, introduced a Level 2 EV Charger. This recent product expands Sunrun's existing home energy management solutions to keep pace with the growing demand for EVs in the United States. The launch of this new EV charger illustrates Sunrun's commitment to delivering energy independence, cost efficiency, and reliable energy solutions to all US residents. This groundbreaking EV charger, which operates on 40-amp Level 2, provides a practical option for overnight EV charging and is universally compatible with all kinds of EV models. Moreover, it comes with smart features that allow users to personalize charger settings and control the charging process at their own convenience.
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What Are the Emerging Geographies for The Electric Car Charger Market Growth?
Asia-Pacific was the largest region in the electric car chargers market in 2024. The regions covered in the electric car charger market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Car Charger Market?
2. What is the CAGR expected in the Electric Car Charger Market?
3. What Are the Key Innovations Transforming the Electric Car Charger Industry?
4. Which Region Is Leading the Electric Car Charger Market?
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