The electric vehicle charger, also known as EV charger, is a device used for charging plug-in electric vehicles, including plug-in hybrids and battery electric vehicles. EV chargers can charge electric vehicles through conductive charging, also known as wired charging, which involves direct physical contact between the vehicle and the power source. Types of electric vehicle chargers include portable chargers, individual EV supply equipment, and EV supply equipment installed in multi-unit dwellings, workplaces, and public spaces such as parking lots. With increasing demands for electric vehicles globally owing to environmental benefits, electric vehicle charger manufacturers are developing advanced charging infrastructure and solutions to meet the growth in electric vehicle adoption.

The global Electric Vehicle Charger Market is estimated to be valued at US$ 34.5 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the major drivers propelling the growth of the Global Electric Vehicle Charger Market Size is the increasing sales of electric vehicles globally. Various governments are offering subsidies to encourage the adoption of electric vehicles among consumers in a bid to reduce carbon emissions from gasoline-powered vehicles. Additionally, major automotive manufacturers are investing heavily in the development of electric vehicles and expanding their electric vehicle product lines, making a wider variety of electric vehicles accessible to customers. For instance, according to the International Energy Agency, around 6.6 million electric cars were plying on the roads globally by the end of 2021, signifying a year-on-year increase of 75% in electric car sales. This rapid growth in electric vehicle sales is influencing the demand for electric vehicle charging infrastructure including both home and commercial/public electric vehicle chargers.

SWOT Analysis

Strength: Electric vehicle chargers provide clean and eco-friendly transportation solutions. They allow electric vehicles to charge efficiently from various power sources. The wide availability of multiple charger types including home, public, and fast chargers enables electric vehicles to charge conveniently in different locations. Governments across many countries offer subsidies and tax incentives to develop electric vehicle charging infrastructure which promotes their adoption.
Weakness: Setting up public charging stations requires huge investments. The high installation cost of electric vehicle chargers is passed on to consumers. Also, consumers may face range anxiety issues as the driving range per charge is limited for certain electric vehicle models compared to gasoline vehicles.
Opportunity: Rising environmental awareness and stringent emission norms will drive the demand for electric vehicles. This increases opportunities to establish more public charging stations globally. Technologies such as ultra-fast charging can help address range limitations and improve consumer confidence in electric vehicles.
Threats: Limited standardization between charging systems of different automakers can cause inconvenience to users. Grid constraints in certain areas may hamper network upgrades needed to power more charging points. Other alternative fuel technologies such as hydrogen fuel cells also pose competition if they achieve cost parity with electric vehicles.

Key Takeaways

The global electric vehicle charger market is expected to witness high growth over the forecast period till 2028.

Regional analysis: Asia Pacific currently dominates the market led by strong government support for electric vehicles in China. Europe is the second largest regional market boosted by rising EV adoption and charging infrastructure development programs. North America is projected to emerge as a lucrative regional market driven by supportive policies under the new US administration.

Key players operating in the electric vehicle charger market are Tesla, Schneider Electric, ABB, Siemens, Bosch, Evatran Group, Blink Charging, Chargemaster, ClipperCreek and Aerovironment. Tesla leads the global deployment of superchargers - its network exceeds 25,000 chargers worldwide. Chargemaster has established a significant public charging network across Europe and is expanding into the US market. Other players are engaged in partnerships with automakers, energy companies and public authorities to develop widespread fast-charging networks.

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