Electric Vehicle Charger Market Is Estimated To Witness High Growth Owing To Growing Adoption Of Electric Vehicles

Electric vehicle chargers are equipment used to charge electric vehicles and plug-in electric vehicles. There are different types of chargers, ranging from slow chargers which take many hours to fast chargers which can charge vehicles very quickly. Electric vehicle chargers are crucial equipment for supporting the electric vehicle ecosystem and enables widespread adoption of electric vehicles.

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 Dynamics:
The electric vehicle charger market is expected to witness significant growth owing to growing adoption of electric vehicles globally. Technological advancements in battery technologies and charging infrastructure have made electric vehicles more viable and competitive against conventional vehicles. In addition, favorable government policies and subsidies aimed at promoting clean transportation are also fueling sales of electric vehicles. For instance, European Union has proposed regulations mandating installation of public charging points across major cities and highways to boost EV adoption. Furthermore, rising environmental concerns regarding vehicular emissions is another key factor propelling the electric vehicle charger market growth over the forecast period. However, high upfront installation and equipment costs associated with charging infrastructure remains a challenge for widespread adoption.

SWOT Analysis
Strength: The Electric Vehicle Charger Market has strong growth potential due to rising demand for electric vehicles. Governments across regions are heavily promoting electric vehicles to reduce carbon emissions. Another strength is the availability of different charging options like slow, fast, and rapid charging points.
Weakness: High upfront infrastructure cost required for setting up electric vehicle charging stations is a major weakness. There is also a lack of standardization for chargers which leads to interoperability issues.
Opportunity: Growing investments by both public and private players in developing EV charging infrastructure present lucrative opportunities. Advancements in battery technologies are further expected to boost the electric vehicle charger market.
Threats: Declining crude oil prices and availability of cheaper gasoline-powered vehicles are threats to the growth of electric vehicles and chargers. Trade barriers and restrictions imposed by certain countries are other threats.

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 consumer demand for electric vehicles. Stringent emission norms by governments and rising fuel costs are major growth drivers.

Regional analysis

The Asia Pacific region dominated the Electric Vehicle Charger Market in 2023, accounting for around 40% share. China, India, and Japan are major contributors to the regional market. Governments of developing countries are strongly promoting EVs by offering subsidies and tax rebates. Europe is another fast-growing regional market, driven by the presence of prominent automakers and supportive policies.

Key players

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, and POD Point. Major players are collaborating with automakers and expanding their production capacity and service networks to tap into the growing demand.