Global Electric Vehicle Charger (EVC) Market Size is Estimated to Reach USD 52728 million by 2030, Growing at a CAGR of 27%: Straits Research
Implementing stringent government regulations regarding using electric vehicles to curb environmental pollution drives their demand. This is because electric vehicles aid in reducing carbon emissions, which contain toxic gas particles, which, in turn, boost the need for EV chargers Furthermore, the surge in demand for electric vehicles fuels market growth. An increase in demand for luxury electric vehicles is expected to offer ample opportunities to key players operating in the market.
New York, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) — Electric vehicle (EV) chargers use a battery and an electrical source to charge the battery of electric automobiles. Levels 1, 2, and 3 can be used to charge such vehicles. Electric vehicles are less expensive to purchase and maintain than conventional gasoline or diesel-powered automobiles.
Their demand is driven by the implementation of stringent government laws on using electric vehicles to reduce environmental pollution. This is because electric vehicles help reduce carbon emissions, which contain harmful gas particles, increasing the demand for EV chargers. Moreover, the demand increase for electric vehicles drives market expansion. Increased demand for premium electric vehicles is anticipated to present numerous opportunities for market leaders.
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Implementation of Strict Government Regulations to Limit Environment Pollution to Drive the Global Electric Vehicle Charger (EVC) Market
According to Straits Research, “The global electric vehicle charger (EVC) market size was valued at USD 6135 million in 2021 and is estimated to reach an expected value of USD 52728 million by 2030, registering a CAGR of 27% during the forecast period (2022 – 2030).” The conventional gasoline-powered vehicle generates power with an internal combustion engine. In an ideal scenario, the combustion system completely combusts the fuel and emits carbon dioxide and water as waste; however, the combustion system produces a variety of greenhouse gases, resulting in environmental pollution. In contrast, an electric vehicle utilizes an electric motor powered by a continuous supply of current; as a result, it does not result in the emission of harmful gases. Germany, the U.S., France, and China have enacted stringent government regulations for vehicular emission, mandating that automakers employ cutting-edge technologies to combat the high emission level of vehicles. In addition, a program launched by the California Air Resources Board (CARB) includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs), significantly increasing the adoption of electric vehicles and the demand for electric vehicles chargers.
In addition, numerous policies have been implemented by governments around the world to meet environmental conditions. Electric Vehicle Initiative (EVI), a multi-firm government policy forum founded under Clean Energy Ministerial (CEM) in 2009, assisted key partners in accelerating the global deployment of electric vehicles (as per IEA.org).
In addition, during the fourth quarter of 2018, the Chinese government unveiled its New Energy Vehicle (NEV) rule, which prohibits the long-term sale of cars using internal combustion engines (ICS). In addition, the Indian government provides subsidiaries to promote the sale and use of electric vehicles. Thus, it is projected that these factors would jointly fuel the expansion of the global electric vehicle charger market.
Wireless Charging for Electric Vehicles to Provide Opportunities for the Global Electric Vehicle Charger (EVC) Market
In the future, the introduction of wireless charging for electric vehicles is anticipated to increase the demand for electric vehicles. Wireless electric vehicle charging (WEVC) is a highly effective, convenient, and user-friendly technique for charging electric vehicles wirelessly. Plugless is among the top providers of wireless charging for electric automobiles.
In addition, EVs offer various benefits, including lower fuel (petrol, diesel, and gas) use and low exhaust emissions, which increase the demand for wireless charging. Thus, it seems inevitable that wireless charging for electric or plug-in hybrid vehicles will become widespread in the near future.
- Depending on vehicle type, the global electric vehicle chargers market is divided into battery electric vehicles (BEV), plug-in electric vehicles (PHEV), and hybrid electric vehicles (HEV). The PHEV segment was the highest contributor to the market and is estimated to grow at a CAGR of 25% during the forecast period.
- based on charging type, the global electric vehicle chargers market is bifurcated into onboard and off-board chargers. The onboard chargers segment was the highest contributor to the market and is estimated to grow at a CAGR of 26.9% during the forecast period.
- By end user, the global electric vehicle chargers market is divided into residential and commercial EV chargers. The residential segment was the highest contributor to the market and is estimated at a CAGR of 26.7% during the forecast period.
Region-wise, the global electric vehicle chargers market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 27%. Numerous nations, including Mexico, Canada, and the United States, utilize digital infrastructure to promote communication between automobiles and infrastructures to collect crucial information, thereby lowering traffic congestion and enhancing road safety. For example, Ford teamed with Postmates, Qualcomm, and Autonomic to provide cities with cloud services to promote communications between vehicles and local infrastructure via transportation mobility cloud and Cellular Vehicle-to-Everything (C-V2X) systems. In addition to private firms, the governments of these nations make substantial expenditures on this technology and construct additional smart cities. This increase in the creation of smart cities is anticipated to significantly push the EV charger market.
Europe is the second largest region. It is estimated to grow at a CAGR of 27.4% during the forecast period. The most prominent companies in the European market, including BMW, Daimler, Ford, and Volkswagen, intend to establish a rapid charger for electric vehicles along Europe’s major highways. In addition, demand for BEVs and PHEVs is anticipated to rise in the future years. In addition, implementing strict government rules to reduce environmental pollution is expected to increase the European electric vehicle market. The first commercially available EV charger was Evatran’s Plugless L2 (level 2) EV charging system, which featured wall-mountable control panels and a wireless transmitter for charging. Germany, the United Kingdom, and France experienced the most significant penetration of electric vehicle (EV) chargers due to economies of scale, high-income levels, and their status as automotive manufacturing hubs. Thus, these factors considerably contributed to the expansion of the European market for electric vehicle chargers.
The primary global electric vehicle chargers market companies include ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point.
- September 2022 – ABB said it would purchase the PowerTech Converter (PTC) company, a renowned supplier of auxiliary power converter solutions for light rail cars and metros. The acquisition is a crucial component of ABB Motion’s external growth plan.
- September 2022 – ABB E-mobility, a leader in electric vehicle (EV) charging infrastructure, today announces the continued expansion of its global and US manufacturing footprint with new manufacturing operations in Columbia, South Carolina.
Global Electric Vehicle Charger (EVC) Market: Segmentation
By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Charging Type
- Onboard Chargers
- Off-board Chargers
By End User
- North America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/electric-vehicle-charger-market/segmentation
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