The electric vehicle (EV) charger market consists of devices that charge battery electric vehicles and plug-in hybrid electric vehicles. EV chargers are designed to transfer electric energy safely from the grid to a vehicle to recharge its batteries. They enable EVs to travel further by efficiently charging their batteries in a short period of time. Various types of EV chargers are available including portable, fixed mount, and wallbox chargers suited for both home and public charging needs. EV chargers play a vital role in boosting EV adoption as they provide the infrastructure required to fuel these vehicles.
The Global Electric Vehicle Charger Market is estimated to be valued at US$11.5 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024-2030.
Efficient charging infrastructure is key to popularizing EVs and reducing range anxiety among customers. Furthermore, supportive government policies around the world promoting clean mobility are accelerating investments in EV charging network expansion. However, high installation costs of public charging stations remain a barrier to widespread adoption.
Key Takeaways
Key players operating in the Electric Vehicle Charger market are Tesla, Chargepoint, Schneider Electric, Siemens, ABB, Leviton, Blink Charging, Semaconnect and Webasto.
Growing environmental concerns and higher fuel efficiency compared to gasoline vehicles have increased demand for electric vehicles globally. Furthermore, falling battery prices and improving charging infrastructure are encouraging more consumers to switch to electric. Global electric car stock exceeded 10 million in 2021 indicating rising popularity of these vehicles.
Countries around the world are aggressively working towards expanding public EV charging networks to improve consumer experience and ease range anxiety. China has emerged as an EV superpower with the largest charging infrastructure in the world. Meanwhile, initiatives like the EU's Alternative Fuels Infrastructure Regulation are obligating member states to rapidly deploy public chargers across Europe.
Market key trends
The use of vehicle-to-grid (V2G) technology is a key trend in the Electric Vehicle Charger Market Demand. V2G allows EV batteries to power buildings and feed electricity back into the grid during peak demand periods and times of high renewable energy output. This helps stabilize the grid and improves battery utilization for vehicle owners. Major players like Nuvve, Eaton, and Nissan are conducting V2G trials to evaluate the technology's potential for reducing infrastructure costs and turning EVs into Distributed Energy Resources.
Porter's Analysis
Threat of new entrants: Investment required for infrastructure installation and battery tech development poses barriers to entry. Regulatory compliances for electronics also make entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various charging station network and charger options. Switching cost for buyers is low.
Bargaining power of suppliers: Suppliers of raw materials and components have low to moderate bargaining power due to availability of substitutes and intensity of competition. Suppliers face threat from new charging technology developments.
Threat of new substitutes: Threat from other sustainable transport options like Battery Electric Buses, investment in mass rail infrastructure poses threat.
Competitive rivalry: Intense competition due to increasing capabilities of global and local players. Price wars and partnerships becoming common.
Geographical Regions: Currently, North America and Europe hold over 60% of the global electric vehicle charger market value owing to supportive government policies and high EV adoption. China is steadily catching up due to its push for new energy vehicles.
The Asia Pacific region excluding China is projected to witness the fastest growth during the forecast period. Countries like India, Japan, South Korea are witnessing EV sales rise supported by charging infrastructure build-outs, purchase incentives and fossil fuel reductions goals.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)