The electric vehicle charger market is a rapidly growing industry owing to the rising adoption of electric vehicles across the globe. Electric vehicle chargers help in charging electric vehicles by transferring electric energy to the rechargeable batteries that power electric vehicles. They are compatible with multiple charging standards and voltage levels. With the increasing push for widespread adoption of EVs to reduce emissions, the demand for electric vehicle chargers is projected to surge significantly in the coming years.
The Global Electric Vehicle Charger Market is estimated to be valued at US$15.2 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the electric vehicle charger market are Tesla, Chargepoint, ABB, Evgo, and Siemens.
Some of the key opportunities in the Electric Vehicle Charger Market Demand include growing demand for fast charging infrastructure, increasing installations of home and commercial EV charging stations, and focus of governments on promoting electric mobility.
Technological advancements such as capabilities for bidirectional charging, vehicle-to-grid integration, and wireless charging are also fueling market growth.
Market drivers
Stringent government regulations regarding carbon emissions from vehicles are a major driver propelling the electric vehicle charger market. Many countries and cities across the globe have announced plans to ban or restrict sales of gasoline and diesel vehicles to lower air pollution. This is positively impacting the adoption of EVs and thereby the requirement of EV charging infrastructure.
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