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Global Electric Vehicle Charger Market to Grow at a CAGR of 25.3% During 2021-2026, Driven by the Growing Environmental Consciousness

According to a new report by EMR titled, ‘Global Electric Vehicle Charger Market Report and Forecast 2021-2026’, the market attained a value of about USD 3.8 billion in 2020. The industry is further expected to grow at a CAGR of 25.3% in the forecast period of 2021-2026.

The Asia Pacific region is significantly contributing to the market growth of electric vehicle charger due to the robust manufacturing of electric vehicle chargers in emerging economies like China. The market growth in the region is augmenting as a result of the availability of cost-effective manual labour and raw materials. In addition, the rising levels of pollution in countries like India and China due to rapid construction activities is further impelling the governments to take thoughtful measures to control the rising pollution and safeguard the environment. Hence, the emergence of electronic vehicles as a result of stringent government regulations and the presence of leading automobile manufacturers in the Asia Pacific region is driving the market growth of electric vehicle charger. Moreover, due to rapid investments and the evolution of technology, the introduction of features such as long battery life, fast charging, and improved battery consumption is furthering the industry growth.

A global leader in the market for electric vehicle charger, Evgo (NASDAQ: EVGO), recently announced the installation of eight new EVgo public fast chargers in the city of Santa Monica, California, in July 2021. The electric vehicle chargers are designed to provide zero-emission charging through EVgo’s network, supporting the city’s electric vehicle action plan. In addition, the installed chargers by EVgo are DC fast chargers that can provide a full charge in 15-45 minutes, depending upon the size of the vehicle. As a result of the growing sales of electronic vehicles in Santa Monica, the expansion of electric vehicle chargers in the city is becoming essential to support these vehicles. Hence, such initiatives by leading market players are significantly contributing to the overall market growth of electric vehicle charger.

Market Analysis by Vehicle Type, Charging Type, End User, and Region:

  • On the basis of vehicle type, the market can be divided into battery electric vehicle (BEV), plug-in electric hybrid vehicle (PHEV), and hybrid electric vehicle (HEV). 
  • Based on charging type, the market can be categorised into on-board chargers and off-board chargers. 
  • The market, on the basis of end user, can be divided into residential and commercial.
  • The major regional markets for electric  vehicle charger are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market for electric vehicle charger is being driven by the rising market penetration of electronic personal and passenger vehicles.
  • Electric vehicle chargers are fast, and with the rising prevalence of electronic vehicles, the robust manufacturing of electric vehicle chargers is making the product cost-effective, thus augmenting the market growth.
  • Owing to rapid investments and the evolution of technology, the introduction of features such as long battery life, fast charging, and improved battery consumption is contributing to the industry growth.
  • Residential charging is significantly aiding the market growth of electric vehicle charger as a result of low numbers of commercial charging points.

Key Offerings of the Report:

  • The EMR report gives an overview of the global electric vehicle charger industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for vehicle types, charging types, end users, and regions of electric vehicle charger.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global electric vehicle charger market are ABB Ltd., Bosch Automotive Service Solutions Inc., AeroVironment, Inc., Schaffner Group, Bp Pulse, and ChargePoint, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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