Press release
Electric Mobility Chargers Market Anticipated To Witness Robust Growth, Surpassing 49.36 Billion By 2029
Electric Mobility Chargers
What Is the Current Electric Mobility Chargers Market Size and Its Estimated Growth Rate?
The market size for electric mobility chargers has seen a significant increase in recent years. It is expected to surge from $14.33 billion in 2024 to $18.33 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 27.9%. The noteworthy growth during the historic period can be associated with the surge in carbon footprint, growing popularity of electric vehicles, a striking increase in greenhouse gas (GHG) emissions from the transportation sector, supportive government policies and incentives, as well as an uptick in the adoption of automotive electrification.
In the coming years, the market size for electric mobility chargers is predicted to experience a significant surge. It's projected to reach $49.36 billion by 2029, experiencing compound annual growth rate (CAGR) of 28.1%. Various factors like the burgeoning need for charging infrastructures, the switch to energy-saving vehicles, the alarming rates of global warming, the growing demand for eco-friendly transportation means, and urbanization, contribute to the expected growth during the forecast period. The market trends during this period involve the growth of electric vehicle supply equipment (EVSE), the application of cutting-edge technologies, innovation in charging technologies and products, and the evolution of electric mobility networks.
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How Are Emerging Segments Shaping the Electric Mobility Chargers Market Landscape?
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 Growth Factors Are Influencing Electric Mobility Chargers Market Expansion?
The electric mobility chargers market is predicted to grow rapidly due to the increased use of energy-efficient cars. This trend towards energy-efficient vehicles is driven by several key factors including reductions in greenhouse gasses, improved energy and grid efficiency, and eco-friendly policies. Electric mobility chargers play a crucial role in this shift as they provide the necessary power for these electric or hybrid cars to function. For instance, as documented by the International Energy Agency, a France-based autonomous intergovernmental organization, more than 2.3 million electric cars were bought in the initial quarter of 2023, marking a 25% rise from the corresponding period in 2022. By the culmination of 2023, the sales are predicted to touch 14 million, denoting a 35% annual increase, with the pace of growth expected to pick up during the latter half of the year. Thus, the surge in the adoption of energy-efficient cars is fueling the expansion of the electric mobility chargers market.
Who Are the Dominant Players Across Different Electric Mobility Chargers Market Segments?
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
What Are the Latest Developing Trends in the Acne Treatment Devices Market?
To stay competitive in the electric mobility chargers market, leading companies are exploring cutting-edge technologies like liquid-cooled charging systems. These systems leverage liquid to manage and effectively dissipate the heat generated while charging electric vehicles. A prime example of this innovation came in November 2023, when UK-based Lotus Cars Ltd unveiled a comprehensive range of EV charging solutions under the banner of Lotus' EV Charging Solutions. This suite included an ultra-fast 450 kW DC charger, a power cabinet, and a modular unit all with liquid-cooled technology. The modular power cabinet is ideal for locales that demand high energy, improving efficiency and reducing charging time, such as motorway service stations. It boasts a power output reaching 480 kW and comes with a charging terminal capable of charging up to four vehicles simultaneously.
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Which Geographic Regions Are Expected to Dominate the Electric Mobility Chargers Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Mobility Chargers Market?
2. What is the CAGR expected in the Electric Mobility Chargers Market?
3. What Are the Key Innovations Transforming the Electric Mobility Chargers Industry?
4. Which Region Is Leading the Electric Mobility Chargers Market?
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