Electric Vehicle Charger Global Market Report 2024

An electric vehicle charger is a device designed to deliver energy to the battery system of an electric vehicle (EV) over a specific period. It is a component of electric vehicle supply equipment that furnishes electrical power to plug-in electric automobiles.

The main types of vehicles compatible with electric vehicle chargers are battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). Battery electric vehicles utilize an electric motor instead of an internal combustion engine, relying on a traction battery pack that requires charging through a designated outlet. The different charging types include on-board chargers and off-board chargers. These chargers find applications in various end-use sectors, including residential and commercial settings.

The electric vehicle charger market research report is one of a series of new reports that provides electric vehicle charger market statistics, including electric vehicle charger industry global market size, regional shares, competitors with an electric vehicle charger market share, detailed electric vehicle charger market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle charger industry. This electric vehicle charger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle charger market size has grown exponentially in recent years. It will grow from $6.79 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth observed in the historical period can be attributed to several key factors, including the increasing adoption and sales growth of electric vehicles (EVs), government incentives and regulations promoting EV usage, heightened environmental concerns and goals for emissions reduction, consumer demand for convenient charging infrastructure, and significant investments by the automotive industry in the development and promotion of electric vehicles. These factors have collectively contributed to the expansion and development of the electric vehicle charger market.

The electric vehicle charger market size is expected to see exponential growth in the next few years. It will grow to $21.85 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The anticipated growth in the forecast period can be attributed to several factors, including the continued expansion of EV charging networks, the standardization of charging connectors, the growth of international markets, increased global adoption of electric vehicles (EVs), and the proliferation of both public and private charging stations. Major trends expected in the forecast period encompass the development of fast and ultra-fast charging solutions, advancements in wireless charging technologies, improvements in EV battery technology, the integration of smart grid technology and demand response mechanisms, and the emergence of autonomous and self-parking charging stations. These trends collectively contribute to the evolving landscape of electric vehicle charging infrastructure.

The electric vehicle charger market is experiencing growth due to the increasing stringency of government regulations aimed at limiting environmental pollution. Governments worldwide are implementing stringent regulations to curb harmful vehicular emissions, necessitating a shift towards advanced technologies that reduce vehicle emission levels. An illustrative example is the Biden-Harris Administration's goal in April 2023, setting a target for 50% of vehicles to be electrified by 2030 in the United States. These regulations are expected to be a significant driver for the growth of the electric charger market in the upcoming years.

The electric vehicle charger market is expected to receive a boost from the expanding residential sector. As a critical segment of the economy and society, the residential sector encompasses the housing and living arrangements of individuals, families, and households. Electric vehicle (EV) chargers in residential areas offer convenience, cost savings, and environmental benefits, along with considerations for efficiency, lifespan, and safety. In October 2023, data from the United States Census Bureau revealed a 13.8% increase in privately owned housing units approved by building permits on a seasonally adjusted yearly basis, indicating a growing residential sector. This expansion in the residential sector is a key factor propelling the growth of the electric vehicle charger market.

Technological advancements are playing a pivotal role in shaping the electric vehicle charger market. Major companies in the sector are actively engaged in developing technological solutions for electric vehicle chargers to reduce carbon emissions and meet customer demand. For instance, in April 2021, Envision Group, a China-based green technology company, introduced the Mochi charging robot. This innovative robot operates on 100% green electricity, utilizing accurate location-sensing technology for precise navigation. Mochi can be deployed in various settings and automatically locates and charges electric vehicles, providing a versatile solution to accommodate the growing demand for charging stations amid the increasing number of electric vehicles on the road.

Key players in the electric vehicle charger market are strategically focusing on product innovation, exemplified by the introduction of Terra 360, to enhance their competitive positioning. Terra 360, an electric charger designed for electric vehicle charging station equipment, is particularly well-suited for installation in compact depots or parking lots where space is limited. A notable example is ABB Ltd., a Switzerland-based automation company, which launched Terra 360 in September 2021. Distinguished as the fastest electric car charger, Terra 360 is capable of fully charging an electric car in less than 15 minutes, providing 100km of range in less than 3 minutes. Moreover, it offers the ability to simultaneously charge up to four vehicles with dynamic power distribution.

In a strategic move in March 2021, Eaton Corporation, a US-based power management company, acquired Green Motion SA for an undisclosed amount. This acquisition enabled Eaton Corporation to expand its capabilities in the electric vehicle charging sector. Green Motion SA, based in Switzerland, is a company specializing in the manufacturing of electric vehicle charging hardware and associated software. This acquisition underscores the industry's commitment to growth and development through strategic partnerships and acquisitions.

Major companies operating in the electric vehicle charger market include ABB Group, AeroVironment Inc., ChargePoint Inc., BP Chargemaster, Evatran Group Inc., Leviton Manufacturing Co. Inc., Webasto SE, Eaton Corporation PLC, Schneider Electric SE, Siemens AG, Électricité de France S.A. (EDF), POD Point Ltd., Schaffner Holding AG, IES Synergy, Efacec Power Solutions S.A., Webasto Charging Systems Inc., Hyundai Motor Company, Alfen N.V., Allego B.V., ClipperCreek Inc., Continental AG, Magna International Inc., SemaConnect Inc., TGOOD Global Ltd., ZF Friedrichshafen AG, Robert Bosch GmbH, Delta Electronics Inc., Cyber Switching Inc., Tesla Inc., EVgo Services LLC, Electrify America LLC, Blink Charging Co., Tritium Pty Ltd., Enel X, Wallbox Chargers S.L., EVBox Group, Enphase Energy Inc., BorgWarner Inc.

Asia-Pacific was the largest region in the electric vehicle charger market in 2023. The regions covered in the electric vehicle charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the electric vehicle charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The electric vehicle charger market consists of sales of on-board electric vehicle chargers and off-board electric vehicle chargers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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