May 21, 2024
Electric Vehicle Charger Market

Global Electric Vehicle Charger Market Driven By Increasing EV Adoption

The electric vehicle charger market has witnessed significant growth in recent years on account of rising sales of electric vehicles worldwide. Electric vehicle chargers play a vital role in charging batteries of EVs and increasing their driving range. With governments across many countries providing subsidies and tax incentives for purchasing electric vehicles to reduce emissions, their adoption has picked up momentum. This has fueled demand for EV chargers that allow users to charge their vehicles conveniently at home, offices, and public places. The global electric vehicle charger market is estimated to be valued at US$ 25 Billion in 2027 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2027, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends spurring growth in the Global Electric Vehicle Charger Market Size is the increasing installation of fast and ultra-fast EV charging stations across highways and commercial areas. While home charging remains the most preferred option, the establishment of a robust public fast charging infrastructure is imperative to boost consumer convenience and long-distance travel. Many governments are providing favorable policies and funding to charging station developers and operators to set up a widespread fast charging network. For example, the Biden administration in the US has allocated $7.5 billion over five years under the Bipartisan Infrastructure Law to expand the nation’s EV charging network. This trend is expected to continue and support the electric vehicle charger industry’s long term growth outlook.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the electric vehicle charger market due to high initial capital requirement for manufacturing. However, opportunities for new players exist through distribution partnerships.
Bargaining power of buyers: The bargaining power of buyers is high in the electric vehicle charger market due to the presence of numerous established players providing standardized product offerings. Buyers can negotiate on price points.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers hold a significant position in the component manufacturing industry and influence pricing.
Threat of new substitutes: The threat of new substitutes is low as electric vehicles serve mobility needs through zero emission fuel use. No close substitutes presently offer the same value proposition.
Competitive rivalry: Competition is intense among key players due to constant technological advancements focusing on cost reductions and performance enhancements.

Key Takeaways

The global electric vehicle charger market is expected to witness high growth over the forecast period owing to rising EV demand from both private buyers and fleet operators.

Regional analysis: Asia Pacific region currently dominates the global electric vehicle charger market and is anticipated to grow at the highest rate during the forecast period. China stands out as the leading EV manufacturer and offers attractive incentives for local charger installations. The European region follows in terms of market size and demonstrates consistent yearly growth with government push for electrification.

Key players: Key players operating in the electric vehicle charger market are Siemens, ABB, Chroma Ate, Aerovironment, Chargepoint and Pod Point. Siemens has a leading market share in both home and public chargers owing to their expansive product portfolio. ABB focuses on partnerships with fleet operators to deploy scalable fast charger networks.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it