Press release
Electric Mobility Chargers Market to Grow at 27.2% CAGR, Reaching $47.53 Billion by 2029
Electric Mobility Chargers
Electric Mobility Chargers Market Outlook: How is the Market Expected to Grow by 2025?
In the past few years, there has been a significant surge in the market size of electric mobility chargers. It is projected to increase from $14.33 billion in 2024 to $18.13 billion in 2025 with a compound annual growth rate (CAGR) of 26.5%. The exponential growth in the historical period can be linked to a surge in carbon emissions, escalating demand for electric vehicles, a noticeable increase in greenhouse gas (GHG) emissions from the transportation sector, governmental policies and incentives, and a rising trend in the adoption of automotive electrification.
Electric Mobility Chargers Market Forecast: What Size Will It Reach By 2029?
The market size for electric mobility chargers is predicted to witness a robust increase in the coming years, expanding to $47.53 billion in 2029 with a 27.2% compound annual growth rate (CAGR). The projected surge during the forecasting period is linked to the mounting requirement for establishing charging stations, the shift towards energy-saving vehicles, increasing global warming, the burgeoning demand for eco-friendly transportation alternatives, and rapid urbanization. Key trends forecasted for this period comprise of the evolution of electric vehicle supply equipment (EVSE), incorporation of cutting-edge technologies, progress in charging technologies, product enhancements and the advancement of electric mobility networks.
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Which Key Market Drivers Will Shape Electric Mobility Chargers Industry Trends in 2025-2029?
The anticipated rise in the use of energy-efficient cars is projected to fuel the expansion of the electric mobility chargers market. This shift towards energy-efficient vehicles is mainly due to factors such as the decrease in greenhouse gas emissions, improved energy efficiency, enhanced energy security, grid efficiency, and adherence to sustainable policies. The essential role of electric mobility chargers is to recharge these energy-efficient cars, thus facilitating environment-friendly transportation by supplying the required power for electric and hybrid vehicles to function. For instance, data from the International Energy Agency, an independent organization based in France, showed that more than 2.3 million electric cars were bought in the first quarter of 2023 - a 25% rise compared to the same time frame in 2022. The sales by the end of 2023 are predicted to hit 14 million, marking a 35% annual increase, with the pace of growth picking up in the latter half of the year. Consequently, the increasing preference for energy-efficient cars is promoting the expansion of the electric mobility chargers market.
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What Are the High-Growth Segments 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
Which Global Trends Are Driving Electric Mobility Chargers Market Expansion?
Leading organizations in the electric mobility chargers market are creating cutting-edge technologies like liquid-cooled charging systems to establish a prominent position in the landscape. These liquid-cooled charging systems deploy fluid as a coolant to control and mitigate the heat produced during the electrification of vehicles. For example, in November of 2023, Lotus Cars Ltd, a producer of sports and racing cars in the United Kingdom, introduced a suite of innovative EV charging solutions under the banner of Lotus' EV Charging Solutions. This includes a high-speed 450 kW DC charger, a power cabinet, and a liquid-cooled technology-enabled modular unit. The specifically designed power cabinet caters to places needing high-energy resources to boost efficiency and cut down charging times such as motorway rest stations. It boasts a power delivery capacity of up to 480 kW and features a charging station that can conduct concurrent charging on four vehicles.
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Who Are the Fastest-Growing Companies in the Electric Mobility Chargers Industry?
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 Is the Regional Outlook for the Electric Mobility Chargers Market by 2029?
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.
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