Global EV CHarger Market Size By Type (Plug-in Charging Station (Level-1, Level-2, Level-3), Wireless Charging Station), By Component (Hardware, Software), By Bus Charging Infrastructure (Off-Board Top-Down Pantograph, On-Board Bottom-Up Pantograph), By Geographic Scope And Forecast

EV Charger Market Size And Forecast

EV Charger Market size was valued at USD 7.05 Billion in 2022 and is projected to reach USD 61.23 Billion by 2030, growing at a CAGR of 18.21% from 2023 to 2030.

There is an increasing need for environmentally friendly transportation, and governments are promoting electric vehicles and their charging infrastructure through favorable policies, subsidies, and tax breaks (FAME, India). Additionally, a number of countries have made plans to gradually phase out the sale of automobiles powered by fossil fuels. The Global EV Charger Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global EV Charger Market Definition

Chargers for electric cars (EVs), which have batteries and an electrical source to assist in charging the batteries, are used to provide charging for EVs. These vehicles can be charged at one of three charging levels, namely level 1, level 2, and level 3. Electric vehicles are less expensive than traditional petrol/diesel cars in terms of the purchase price as well as maintenance costs. The harmful gas-containing carbon footprints that are discharged into the atmosphere are decreased by electric automobiles.

To reduce carbon emissions, electric vehicles have become increasingly popular. Businesses are advancing their EV charging networks’ charging technologies quickly. Commercial venues have a much higher market penetration of EV charging equipment than residential areas do. According to predictions, there will be more commercial charging stations as EV adoption rises.

Global EV Charger Market Overview

The rising costs of petroleum products and crude oil are one of the most significant factors influencing the EV Charger Market. Consumers in emerging market economies are already feeling the effects of the rising price of gasoline. Electric-powered vehicles are projected to have lower running costs than conventional vehicles. It is anticipated that manufacturers would create EVs with far superior batteries and longer usage times. A rise in demand for EVs and EV charging stations may also result from the falling price of EVs and the falling price of batteries.

The EV Charger Market is projected to grow as a result of rising government support for environmentally friendly and energy-efficient vehicles. The rising price of gasoline is already having an impact on consumers in developing nations. Electricity will be used to power electrical cars, which is projected to lower their operating costs. The government’s ongoing support, the rise in EV usage, the low initial cost of current EV charging technologies, and intensive R&D to speed up charging are all necessary for the EV Charger Market to expand.

The high initial cost of Level 3 fast chargers and ultra-fast chargers, however, is the main obstacle to the expansion of the EV Charger Market. People prefer to use fossil fuel-powered automobiles for 5-7 minutes, whereas level 1 and level 2 chargers might take anywhere from 6 to 16 hours to fully charge. As a result, there is a need in the market for rapid chargers that can charge EVs in under 30 minutes. A Level 3 charger can be fairly expensive at first, though. This serves as a deterrent to many who may otherwise switch to electric vehicles (EVs), as lengthy charging times may interfere with most people’s already hectic schedules.

Global EV Charger Market Segmentation Analysis

The Global EV Charger Market is segmented on the basis of Type, Component, Bus Charging Infrastructure, And Geography.

EV Charger Market, By Type

• Plug-in Charging Station (Level-1, Level-2, Level-3)
• Wireless Charging Station

Based on Type, The market is bifurcated into Plug-in Charging Station (Level-1, Level-2, Level-3) and Wireless Charging Station. Due to the quick development of technology and the increasing demand for level 3 charging stations internationally, the level 3 charging station sector is anticipated to hold the greatest proportion of the overall EV Charger Market. Level 3 charging stations provide faster charging and accommodate long-range battery electric vehicles. For instance, level 3 charging stations are the most popular charging stations on highways since they can charge some electric vehicles up to 80% in 20 to 30 minutes.

EV Charger Market, By Component

• Hardware
• Software

Based on Component, The market is bifurcated into Hardware and Software. Due to the increased need for charging station hardware replacement, upgrade, and modification to improve lifespan and performance as well as to gain comparative and competitive advantage, the Hardware sector is anticipated to hold the highest share of the global EV Charger Market. However, during the projection period, the Software category is anticipated to develop at the quickest CAGR.

EV Charger Market, By Bus Charging Infrastructure

• Off-Board Top-Down Pantograph
• On-Board Bottom-Up Pantograph

Based on Bus Charging Infrastructure, The market is bifurcated into Off-Board Top-Down Pantograph and On-Board Bottom-Up Pantograph. The Off-Board Top-Down Pantograph segment is anticipated to experience the highest growth share of the entire EV Charger Market in 2020. This is primarily attributable to its quick, dependable, and flexible operation as it only requires one charging terminal, which greatly increases the flexibility of bus service because the off-board charging infrastructure can be used by multiple buses per hour, even of different manufacturers. During the predicted period, this segment is expected to contribute significantly.

EV Charger Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global EV Charger Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In terms of market share, the Asia Pacific region is predicted to lead the world for EV chargers in 2020, followed by Europe, North America, Latin America, the Middle East, and Africa. Additionally, the Asia Pacific region is anticipated to experience rapid growth during the forecast period as a result of the region’s electrification of the automotive industry and initiatives to establish charging infrastructure, as well as the increasing adoption of electric vehicles in nations like China and Japan.

Additionally, nations like South Korea and India are stepping up their use of electric vehicles in an effort to minimize greenhouse gas emissions. For instance, to promote the use of electric vehicles and the related charging infrastructure, the Indian government started the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme on April 1, 2019.

Key Players

The “Global Laparoscopy Devices Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are  ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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