vehicles by providing a means to recharge batteries. They come in various power levels to charge electric vehicles within practical timeframes. Slow chargers can take several hours for a full charge while fast chargers can recharge an electric vehicle up to 80% within 30 minutes. High power fast chargers allow longer range electric vehicles to be conveniently used for day to day travel and commercial applications.

The global Electric Vehicle Charger Market is estimated to be valued at US$ 11.52 Billion in 2023 and is expected to exhibit a CAGR of 28.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Electric vehicle adoption is growing rapidly driven by supportive government policies and incentives promoting lower carbon emissions. Major automakers are significantly investing in electric vehicles and expanding their product lineups. It is estimated electric vehicles sales will rise to over 26 million annually by 2030 up from about 3 million in 2021. This rising electric vehicle parc will drive strong demand for public and private chargers supporting convenient charging access. Also, technological advancements are leading to faster charging solutions requiring less time to charge. Combined, these factors are supporting the electric vehicle charger market to exhibit rapid growth over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the electric vehicle charger market is moderate as setting up electric vehicle charging infrastructure requires huge capital investments and established distribution networks.

Bargaining power of buyers: The bargaining power of buyers in the electric vehicle charger market is high as the buyers have several product options from different manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers in moderate as the suppliers of raw materials and components for electric vehicle chargers have established supply networks.

Threat of new substitutes: The threat of new substitutes is low as there are no close substitutes for electric vehicle chargers available currently.

Competitive rivalry: High due to presence of many global players.

SWOT Analysis

Strength: Wide product portfolio and global presence of major players. Growing investments in developing EV charging infrastructure.

Weakness: High initial investment requirements and long payback periods. Range anxiety among customers due to lack of sufficient charging infrastructure.

Opportunity: Increasing sales of electric vehicles worldwide due to stringent emission norms. Favorable government policies and tax incentives for adoption of electric mobility.

Threats: Technology developments may make existing charger models obsolete. Slow pace of infrastructure development hampering large-scale adoption of EVs.

Key Takeaways

The global Electric Vehicle Charger Market Share  is expected to witness high growth, exhibiting CAGR of 28% over the forecast period, due to increasing adoption of electric vehicles globally driven by stringent emission norms and government incentives for green mobility.

Regional analysis - Asia Pacific dominates the global electric vehicle charger market and is estimated to grow at the fastest rate during the forecast period owing to the large EV market in China. Europe and North America are other major regions.

Key players operating in the electric vehicle charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, POD Point. The major players are focusing on new product launches and partnerships to strengthen their market position.

For More Insights, Read- https://www.ukwebwire.com/new-avenue-for-electric-vehicle-charger-market-trend-and-share-analysis/Adoption