The electric vehicle charger market comprises charging stations and connectors that enable power transfer from an electric charging station to an electric vehicle. Charging stations could be either on-board chargers installed in electric vehicles or external chargers that allow for replenishment of the vehicles' battery packs. Different types of chargers such as slow, fast, and rapid chargers are utilized depending on the charging speed and power capacity requirements. Rising environmental concerns and stringent regulations regarding vehicular emissions have boosted the adoption of electric vehicles in recent years, fueling demand for chargers. Governments across nations are offering incentives for purchasing electric vehicles as well as setting up public charging infrastructure to encourage EV uptake. Key OEMs are aggressively expanding their electric vehicle lineups while charging network players are developing a widespread network of charging stations to eliminate range anxiety among drivers.

The Global Electric Vehicle Charger Market is estimated to be valued at US$ 13.28 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 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. The growing adoption of electric vehicles is driving the demand for chargers across both commercial and residential locations. Major automakers are partnering with EV charging network operators to setup public fast-charging infrastructure along highways and in populated cities to alleviate range anxiety issues. With growing environmental awareness, many countries are offering subsidies for electric vehicles as well as setting up public charging stations which is expected to boost the EV charger market globally over the coming years.

Market drivers

Stringent emission norms by governments worldwide coupled with rising fuel prices are compelling automakers to shift towards electric vehicles. This is directly translating to higher demand for associated charging infrastructure. Growing consumer inclination towards sustainable mobility solutions is another key aspect propelling the electric vehicle charger market. Major global initiatives like the Paris Agreement have put electric vehicles in focus for reducing carbon footprint of the transport sector. Governments are incentivizing local production of electric vehicles and chargers to boost economic activity as well as energy security. Such favorable regulations and initiatives are anticipated to accelerate theelectric vehicle charger market expansion over the forecast period.

Impact of geopolitical situation on Electric Vehicle Charger Market growth and strategies

The Electric Vehicle Charger Market Demand  is witnessing significant impact due to the ongoing geopolitical conflicts and tensions. Countries worldwide are pushing for sustainability and lowered dependence on fossil fuels in the wake of climate change concerns as well as energy security issues. However, the supply chain disruptions caused by ongoing situations like the Russia-Ukraine war have negatively impacted raw material availability and prices for electric vehicle components including chargers. Rising prices of nickel, lithium and cobalt needed for batteries is a challenge. The conflict has also contributed to higher energy costs which can discourage adoption of electric vehicles in the short term.

To deal with such external risks, manufacturers will need to diversify supplier networks, form strategic partnerships and collaborations globally. They must ensure alternative sourcing options and flexibility in production planning. Investing in local manufacturing and resource security can make supply chains more resilient. Governments need supportive policies like subsidies and tax credits and focus on building out charging infrastructure rapidly to sustain the momentum of EV adoption despite current geopolitical headwinds. Innovation in battery chemistries requiring fewer precious metals can provide long term energy independence and cost competitiveness for the electric vehicle industry.

Geographic regions with highest Electric Vehicle Charger Market value

In terms of current market value, China dominates the electric vehicle charger industry globally, accounting for over 35% market share. Aggressive EV promotion policies and massive investments in public charging by both government and private players have accelerated penetration of electric vehicles and chargers in China. Europe is another major regional market led by countries like Germany, France and the UK with a proactive shift towards low emission vehicles funded by regulatory support packages. Together, China and Europe contribute to over 60% of the total electric vehicle charger demand currently estimated at US$ 13.28 million in 2024.

Fastest growing region in the Electric Vehicle Charger Market

North America has been witnessing the fastest value growth in the electric vehicle charger market and is projected to take over as the second largest region dislodging Europe by 2030. Favorable federal and state level incentives for electric vehicles and investments in building out a network of 500,000 public chargers as targeted by the Biden administration are driving fast expansion of charging infrastructure and EV sales across United States and Canada. annual charger installations are projected to double in North America during 2024-2030 period making it the most promising emerging market for companies in this industry.

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