Press release
Electric Vehicle Charger Market Growth Accelerates: Strategic Forecast Predicts $37.8 Billion by 2029
Electric Vehicle Charger
What Will the Electric Vehicle Charger Industry Market Size Be by 2025?
There has been a significant surge in the size of the electric vehicle charger market in the past few years. The market is projected to expand from $11.79 billion in 2024 to $14.8 billion in 2025, with a compound annual growth rate (CAGR) of 25.5%. The historical period's growth is largely due to an increase in the adoption and sales of electric vehicles (EV), governmental incentives and regulations, environmental awareness and objectives to reduce emissions, consumer willingness for convenient charging options, and substantial investments in EVs by the automotive industry.
What's the Long-Term Growth Forecast for the Electric Vehicle Charger Market Size Through 2029?
The market size for electric vehicle chargers is predicted to exhibit substantial growth in the upcoming years, with a projection to hit $37.8 billion by 2029, escalating at a compound annual growth rate (CAGR) of 26.4%. The expected growth within the forecast period can be traced back to the broadening of EV charging networks, standardizing of charging plugs, expansion in the international market, worldwide acceptance of EVs, and an increase in both public and private charging stations. The forecast period will also witness key trends such as rapid and ultra-rapid charging solutions, advancements in EV battery technology, integration with smart grids and demand response, along with the emergence of autonomous and self-parking charging stations.
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What Are the Key Growth Drivers Fueling the Electric Vehicle Charger Market Expansion?
The advancement of the electric vehicle charger market is influenced by the intensifying regulations set by governments to reduce environmental pollution. In an effort to curb damaging vehicle emissions, several governments have established strict regulations, pushing vehicle manufacturers to adopt advanced technologies for lowering emission levels. For example, in April 2023, the Biden-Harris Administration in the US set an objective of having 50% of vehicles electrified by 2030. Hence, the development and growth of the electric charger market are expected to be propelled by these escalating government regulations in the future years.
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What Are the Key Trends Driving Electric Vehicle Charger Market Growth?
Prominent businesses in the electric vehicle charger market are prioritizing the development of high-tech solutions, such as the Fastest DC Charger, to improve the charging process for electric vehicles (EVs). A Fastest DC charger is a type of EV charging station that uses direct current (DC) to offer high power levels, thereby facilitating quick charging of EV batteries. For example, in May 2024, an EV charging supplier based in India, Exicom Tele-Systems Ltd., launched Harmony Gen 1.5, a high-performance DC fast charger specifically crafted for electric vehicles. This DC charger has been introduced to cater to the burgeoning need for effective and convenient EV charging solutions, considering the rapid expansion of the electric vehicle market. Its design is modular, supporting power outputs ranging from 60 kW to 400 kW, making it compatible with a variety of vehicles and achieving an efficiency rate of over 95%.
How Is the Electric Vehicle Charger Market Segmented?
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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Which Companies Are Leading the Charge in Electric Vehicle Charger Market Innovation?
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.
Which Regions Are Leading the Global Electric Vehicle Charger Market in Revenue?
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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