Press release
Strategic Forecast for the Electric Vehicle Charger Industry: Market Outlook 2025-2034
Electric Vehicle Charger Market Size
Electric Vehicle Charger Market Size Growth Forecast: What to Expect by 2025?
The market size for electric vehicle chargers has seen a significant surge in recent times. The market is projected to rise from a valuation of $11.79 billion in 2024 to a whopping $15.01 billion by 2025, indicating a compound annual growth rate (CAGR) of 27.3%. The driving factors for this increase during the historical period include the rise in electric vehicle (ev) procurement and sales, government encouragement and rules, environmental apprehensions and targets for lowering emissions, consumer thirst for easy-to-use charging, and investments in evs by the automobile sector.
How Will the Electric Vehicle Charger Market Size Evolve and Grow by 2029?
In the foroming years, the market size for electric vehicle chargers is anticipated to witness an exponential growth surge, swelling to $39.85 billion in 2029 with a compound annual growth rate (CAGR) of 27.7%. This projected growth during the forecast period can be accredited to factors such as the proliferation of EV charging networks, standardization of charging connectors, growth in the international market, increasing global EV adoption, along with a rise in public and private charging stations. Crucial trends expected to shape the market during this period include improvements in fast and ultra-fast charging solutions, advancements in wireless charging technologies, enhancements in EV battery technology, the integration of smart grids and demand response, not forgetting the advent of autonomous and self-parking charging stations.
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What Drivers Are Propelling the Growth of Electric Vehicle Charger Market Forward?
The escalation in strict regulations enforced by governments with an aim to curb environmental pollution is playing a pivotal role in propelling the electric vehicle charger market growth. Several government bodies have mandated demanding regulations to lower dangerous vehicular emissions, thus mandating vehicle manufacturers to transition towards innovative technologies that can cut down vehicle emission rates. As an illustration, in April 2023, the US government under Biden-Harris Administration established a target for 50% of vehicles to be electric by 2030. Hence, the emergence of stringent regulatory measures by the governments is anticipated to fuel the expansion of the electric charger market in the foroming years.
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Which Emerging Trends Are Transforming the Electric Vehicle Charger Market in 2025?
Leading firms in the electric vehicle charger market are prioritizing the development of cutting-edge technology solutions like the Fastest DC Charger to improve the electric vehicle charging procedure. The Fastest DC charger is a kind of electric vehicle charging station that uses direct current for high power delivery, expediting the charging process of electric vehicle batteries. For example, Exicom Tele-Systems Ltd., an Indian EV charging company, launched Harmony Gen 1.5 in May 2024. This is a high-performance DC fast charger specifically for electric vehicles, developed to meet the increasing need for efficient and user-friendly EV charging solutions amidst the rapidly growing electric vehicle market. Its design is modular, supporting power outputs ranging from 60 kW to 400 kW, making it suitable for a variety of vehicles while maintaining an efficiency rate of over 95%.
What Are the Key Segments in the Electric Vehicle Charger Market?
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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Who Are the Key Players Shaping the Electric Vehicle Charger Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth in the Electric Vehicle Charger Market?
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.
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