April 22, 2024
Electric Vehicle Charger Market

Electric Vehicle Charger Market is Estimated to Witness High Growth Owing to Increasing Sales of Electric Vehicles

The electric vehicle charger market comprises charging infrastructure and systems that deliver electric energy to electric vehicles, enabling them to charge onboard batteries. Electric vehicle chargers are compatible with varying charging levels including level 1, level 2, and level 3 chargers, with level 1 chargers operating on 110V supply and level 2 on 240V supply. Level 3 chargers, also known as DC fast chargers, can charge vehicles in a very short time period. The growing sales of electric passenger vehicles and initiatives by governments worldwide to set up public EV charging infrastructure have driven the demand for EV chargers in recent years.

The Global electric vehicle charger market is estimated to be valued at US$ 13.28 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the electric vehicle charger market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC. Some major players are focusing on partnerships, product innovation, and geographic expansion to strengthen their market position.

The increasing number of electric vehicle sales and supportive government policies regarding the installation of public EV charging stations present significant growth opportunities in the market. Additionally, the development of ultra-fast chargers with 150kW-350kW power and smart charging solutions integrated with vehicle telematics are anticipated to augment the demand.

Asia Pacific dominated the global electric vehicle charger market in 2024 and is expected to witness high growth over the forecast period owing to the large EV market in China and government initiatives promoting emission-free mobility in various countries. Growing adoption of electric vehicles in Europe and North America will further drive the regional expansion of the market.

Market Drivers

The rapid growth of the electric vehicle industry is one of the major drivers of the electric vehicle charger market. Stringent emission norms and rising environmental concerns have accelerated the sales of electric passenger vehicles in recent years. This has necessitated the development of public as well as private EV charging infrastructure worldwide. According to the International Energy Agency, over 8 million electric cars were plying on roads globally in 2021, highlighting sizable market opportunities. Additionally, supportive government policies offering incentives for electric vehicles and subsidies for setting up charging points will continue to fuel the demand.

PEST Analysis

Political: Governments around the world are supporting the adoption of electric vehicles through favorable policies like tax credits and incentives for buying electric vehicles and setting up charging infrastructure. Some countries have also planned to ban combustion engine vehicles in coming years.

Economic: Falling battery prices and advancements in battery technology is making electric vehicles more affordable and comparable to gasoline vehicles. Lower operating costs of electric vehicles is attracting more consumers.

Social: Growing environmental concerns and need to reduce carbon emissions is increasing customers’ inclination towards electric vehicles. Social media is also creating awareness about benefits of electric vehicles.

Technological: Continuous improvements in battery technology is resulting in higher range for electric vehicles. Fast charging technology is also improving, reducing customers’ range anxiety. New types of chargers are being developed that can charge electric vehicles faster.

Geographical concentration

Europe accounts for the largest share of the Electric Vehicle Charger Market Demand  in terms of value currently due to favorable government policies and high EV adoption in countries like Norway, Germany, France, UK etc. China is also a major market for electric vehicle chargers currently to support its large and growing fleet of electric vehicles.

Fastest growing region

North America region is expected to witness the highest growth in the electric vehicle charger market during the forecast period. This is attributed to increased focus on building charging infrastructure to promote EV adoption in the US and Canada. Favorable policies by governments in the region and automakers’ big investments in electric vehicles are also accelerating market growth.

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