Electric vehicle chargers are devices that provide the necessary electrical energy to recharge the battery of an electric vehicle. They supply electricity to the battery of an electric vehicle, restoring its energy levels and enabling the vehicle to travel longer distances. Chargers support different charging modes, Including alternating current (AC) charging for home and public chargers, and direct current (DC) fast charging for rapid recharging. Chargers come with different connector types to ensure compatibility with different electric vehicle models, such as CCS, CHAdeMO, and Type 2 connectors.
On the basis of charging type, the global electric vehicle charger market is segmented into on-board chargers, and off-board chargers. On-board chargers Include AC level 1 and AC level 2 charging systems. AC level 1 charging provides charging through a 120 V AC plug, while AC level 2 charging offers charging through 120V-240 V. Level 1 charging can drive electric vehicle 2-5 miles of range per hour of charging, whereas level 2 charging can drive up to 10-20 miles of range per 1 hour of charging. On-board chargers eliminate the requirement for external chargers, enabling users to directly charge their vehicles from standard electrical outlets or charging stations.
Electric vehicles equipped with onboard chargers can be charged at multiple locations, Including homes, offices, and public charging stations, providing greater flexibility to vehicle owners, which drives the demand for onboard chargers. Moreover, manufacturers constantly develop onboard chargers with advanced flexibility. For instance, in May 2023, Delta-Q Technologies, a company specializing in the design and manufacturing of battery charging solutions for electric vehicles (EVs) announced the commencement of full production of its 3.3 kW battery charger. The XV3300 battery charger is a 3-in-1 onboard charging system. The charger combines three charging functions into a single onboard charging system.
Off-board chargers Include AC level 1 and AC level 2 charging systems. AC level 1 charging provides charging through 120 V AC plug, while AC level 2 charging offers charging through 120V-240 V. Level 1 charging can drive electric vehicle 2-5 miles of range per hour of charging, whereas level 2 charging can drive up to 10-20 miles of range per 1 hour of charging. Off-board chargers convert AC to DC to provide fast charging to electric vehicles. An Increase in demand for plug-in electric vehicles (PHEVs) is expected to boost the demand for these chargers. Offboard chargers possess the capability to accommodate multiple charging points, enabling concurrent charging for multiple vehicles. This scalability proves particularly advantageous for public charging infrastructure, as it optimizes the utilization of charging resources in an efficient manner.
The electric vehicle charger market is segmented on the basis of vehicle type, end user, charging type, and region. Based on vehicle type, it is segmented into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of end user, it is classified into residential, and commercial. By charging type, it is categorized into on-board chargers, and off-board chargers. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market Include Chargemaster, Chroma ATE Inc, Delphi Technologies, Robert Bosch GmbH, AeroVironment, Inc., Schaffner Holding AG, Pod Point, ABB, Siemens, and ChargePoint, Inc.
On the basis of charging type, the global electric vehicle charger market is segmented into on-board chargers, and off-board chargers. On-board chargers Include AC level 1 and AC level 2 charging systems. AC level 1 charging provides charging through a 120 V AC plug, while AC level 2 charging offers charging through 120V-240 V. Level 1 charging can drive electric vehicle 2-5 miles of range per hour of charging, whereas level 2 charging can drive up to 10-20 miles of range per 1 hour of charging. On-board chargers eliminate the requirement for external chargers, enabling users to directly charge their vehicles from standard electrical outlets or charging stations.
Electric vehicles equipped with onboard chargers can be charged at multiple locations, Including homes, offices, and public charging stations, providing greater flexibility to vehicle owners, which drives the demand for onboard chargers. Moreover, manufacturers constantly develop onboard chargers with advanced flexibility. For instance, in May 2023, Delta-Q Technologies, a company specializing in the design and manufacturing of battery charging solutions for electric vehicles (EVs) announced the commencement of full production of its 3.3 kW battery charger. The XV3300 battery charger is a 3-in-1 onboard charging system. The charger combines three charging functions into a single onboard charging system.
Off-board chargers Include AC level 1 and AC level 2 charging systems. AC level 1 charging provides charging through 120 V AC plug, while AC level 2 charging offers charging through 120V-240 V. Level 1 charging can drive electric vehicle 2-5 miles of range per hour of charging, whereas level 2 charging can drive up to 10-20 miles of range per 1 hour of charging. Off-board chargers convert AC to DC to provide fast charging to electric vehicles. An Increase in demand for plug-in electric vehicles (PHEVs) is expected to boost the demand for these chargers. Offboard chargers possess the capability to accommodate multiple charging points, enabling concurrent charging for multiple vehicles. This scalability proves particularly advantageous for public charging infrastructure, as it optimizes the utilization of charging resources in an efficient manner.
The electric vehicle charger market is segmented on the basis of vehicle type, end user, charging type, and region. Based on vehicle type, it is segmented into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of end user, it is classified into residential, and commercial. By charging type, it is categorized into on-board chargers, and off-board chargers. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market Include Chargemaster, Chroma ATE Inc, Delphi Technologies, Robert Bosch GmbH, AeroVironment, Inc., Schaffner Holding AG, Pod Point, ABB, Siemens, and ChargePoint, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric vehicle charger market analysis from 2022 to 2032 to identify the prevailing electric vehicle charger market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric vehicle charger market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global electric vehicle charger market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By End User
- Residential
- Commercial
By Charging Type
- On-board Chargers
- Off-board Chargers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Netherlands
- Norway
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Delphi Technologies PLC
- Chroma ATE Inc.
- Siemens
- AeroVironment, Inc.
- ABB
- ChargePoint, Inc.
- Chargemaster
- Pod Point
- Robert Bosch GmbH.
- Schaffner Holding AG.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC VEHICLE CHARGER MARKET, BY VEHICLE TYPE
CHAPTER 5: ELECTRIC VEHICLE CHARGER MARKET, BY END USER
CHAPTER 6: ELECTRIC VEHICLE CHARGER MARKET, BY CHARGING TYPE
CHAPTER 7: ELECTRIC VEHICLE CHARGER MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Electric Vehicle Charger Market,' The electric vehicle charger market was valued at $7.2 billion in 2022, and is estimated to reach $91.2 billion by 2032, growing at a CAGR of 29.3% from 2023 to 2032.The Electric Vehicle Charger Market is likely to experience a significant growth rate of 29.3% from 2023-2032 owing to the implementation of stringent government regulations to limit environmental pollution, an increase in penetration of electric vehicles, and increase in government initiatives for the development of electric vehicle charging infrastructure.
An electric vehicle charger is used to charge electric vehicles with a battery and the electrical source that helps to charge the battery. Currently, three different modes of charging are available in the market, level 1, level 2, and DC fast charging. Level 1 and level 2 charging are the types of AC modes of charging, which charge the vehicle at 120 volts and 240 volts, respectively. Such chargers may be installed at home or in public places as per the requirements of an individual. It is the equipment that is used to supply electric power to recharge the batteries of electric vehicles (EVs). It provides the necessary electrical energy to replenish the battery pack of EV, enabling the vehicle to operate with electric power. Key factors driving the growth of the electric vehicle charger market are the stringent government regulations to limit environmental pollution, the rise in penetration of electric vehicles, and government initiatives to develop electric vehicle charging infrastructure. The growth of the electric vehicle charger market can be attributed to the surge in demand for luxurious & feature-enabled vehicles and wireless charging for electric vehicles. Wireless charging for EVs is a method of charging electric vehicles without the need for a physical connection between the charging station and the vehicle.
The working of wireless charging includes using an electromagnetic field to transfer energy from a charging pad or plate on the ground to a receiver coil on the underside of the EV, which is then converted into electricity to charge the battery. Wireless electric vehicle charging (WEVC) is a highly efficient, convenient, and easy-to-use wireless charging technology for charging electric vehicles. Plugless is one of the leading companies that offer wireless charging to electric vehicles. Furthermore, EVs offer multiple advantages such as reduced fuel (petrol, diesel, and gas) consumption and low emission from the tailpipe, which boost the demand for wireless charging. Therefore, the benefits of wireless charging such as convenience, ease of use, and improved user experience provide significant opportunities for the growth of the market. Moreover, there is rise in the development of plug-and-charge technology that simplifies the charging process by enabling EVs to automatically authenticate and initiate charging when connected to a compatible charging station. This eliminates the need for RFID cards or smartphone apps, enhancing the convenience and user-friendliness of the charging experience. In addition, Vehicle-to-Grid (V2G) technology is continually advancing, allowing for bidirectional energy flow between EVs and the power grid. With V2G integration, EVs consume electricity and feed excess energy back to the grid as needed. This advancement has the potential to create a more flexible and resilient energy ecosystem, optimizing energy utilization and grid stability.
The electric vehicle charger market is segmented into vehicle type, end user, charging type, and region. On the basis of vehicle type, the market is categorized into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of end user, it is categorized into residential, and commercial. On the basis of charging type, it is fragmented into on-board chargers, and off-board chargers. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Netherlands, Norway, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Chargemaster, Chroma ATE Inc, Delphi Technologies, Robert Bosch GmbH, AeroVironment, Inc., Schaffner Holding AG, Pod Point, ABB, Siemens, and ChargePoint, Inc. The players in the market have been actively engaged in the adoption of various strategies such as product launch, agreement, expansion, and partnership to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights
- By vehicle type, the battery electric vehicle (BEV) was the highest revenue contributor to the market, and is estimated to reach $31.1 billion by 2032, with a CAGR of 30.6%.
- By end user, the residential dominated the global market, and is estimated to reach $66.4 billion by 2032, with a CAGR of 29.1%.
- Based on charging type, the on-board chargers segment was the highest revenue contributor to the market, with $6.3 billion in 2022, and is estimated to reach $78.5 billion by 2032, with a CAGR of 29.1%.
- Based on region, Asia-Pacific was the highest revenue contributor, accounting for $3.5 billion in 2022, and is estimated to reach $40.7 billion by 2032, with a CAGR of 28.2%.
Companies Mentioned
- Delphi Technologies PLC
- Chroma ATE Inc.
- Siemens
- AeroVironment, Inc.
- ABB
- ChargePoint, Inc.
- Chargemaster
- Pod Point
- Robert Bosch GmbH.
- Schaffner Holding AG.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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