Global Electric Vehicle Charger Market - WishTree Insight

Global Electric Vehicle Charger Market by Charger Type (Fast Charger and Slow Charger), Connector (Combined Charging System (CCS), CHAdeMO, and Others), Application (Commercial and Residential), and Regions (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Electric Vehicle Charger market size was valued at USD 5.9 billion in 2022 and is expected to surpass USD 54.5 billion by 2032, expanding at a CAGR of 45.5 % during the forecast period, 2022–2032. The market's growth is attributed to government regulations to limit environmental pollution, the surge in government initiatives for developing EV vehicles, and the increasing market penetration of electric vehicles.

INTRODUCTION

An electric vehicle (EV) charger is a device used to charge the battery of an electric vehicle. There are several types of chargers, including Level 1, Level 2, and Level 3 (also known as DC fast chargers). Level 1 and Level 2 chargers use alternating current (AC) power and are typically slower, while Level 3 chargers use direct current (DC) power and can charge an EV battery much more quickly.

There are several chargers, each with different charging speeds and power capacities:

• Level 1 charger: Uses a standard 110-120V household outlet and provides the slowest charging speed, typically taking 8-12 hours to charge an EV battery fully.
• Level 2 charger: Uses a 220-240V outlet and provides a faster charging speed, typically taking 4-6 hours to charge an EV battery fully. This is the most common type of charger used in homes and workplaces.
• Level 3 charger (DC fast charger): Uses direct current (DC) power and is the fastest type of charger, capable of fully charging an EV battery in as little as 30 minutes to an hour.

There are also several charging networks and standards, such as the Combined Charging System (CCS) and the CHAdeMO standard, which allow EVs to charge at a variety of charging stations across different countries and regions.

Additionally, some EV manufacturers offer proprietary charging solutions, such as Tesla's Supercharger network. These charging stations are designed specifically for their EVs and offer even faster charging speeds.

Market Trends, Drivers, Restraints, and Opportunities

• Government regulations to limit environmental pollution is a key driver propelling the market.
• Increase in market penetration of electric vehicles is driving the market growth.
• Increasing partnerships among car manufacturers for charging facilities by providing a subscription model is expected to boost market growth.
• Green energy is anticipated to play a significant role in the global electric vehicle charger market.
• The technological progress of both electric vehicle charging software and hardware is anticipated to propel the market growth.

Scope of the Report

Market Segment Insights

The fast charger segment is projected to register a considerable CAGR

Based on charger type, the electric vehicle charger market is bifurcated into fast charging and a slow charging The fast charger segment is expected to expand rapidly during the forecast period owing to increasing demand for its deployment in commercial stations. However, the slow charger segment is anticipated to hold a significant share of the market in the coming years owing to initiatives by the government s for accelerating the deployment of public charging infrastructure, which employs slow chargers.

The CHAdeMO segment is expected to expand at a rapid pace

Based on the connector, the electric vehicle charger market is divided into combined charging systems (CCS), CHAdeMO, and others. The CHAdeMO segment is expected to expand rapidly during the forecast period owing to its compatibility with a majority of electric vehicles and the convenience of handling it. However, the combined charging system (CCS) segment is anticipated to hold a key share of the market in the coming years owing to increased preference by major automobile manufacturers for the adoption of CSS connectors in their EVs.

The commercial segment is expected to boost the market

On the basis of application, the electric vehicle charger market is segregated into commercial and residential. The commercial segment is projected to register a considerable CAGR during the forecast period due to the initiatives and allocation of funding by the governments and automobile manufacturers for expanding EVCI infrastructure.

Asia Pacific is anticipated to constitute a key market share of 60%

In terms of regions, the electric vehicle charger market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific is expected to constitute a key share of the market during the projected period owing to the investment in the development of charging infrastructure. However, the market in Europe is anticipated to continue the market growth at a rapid pace during the forecast period.

Competitive Landscape

Key players competing in the Electric Vehicle Charger market are Schneider Electric (France); ABB (Switzerland); Eaton Corp. (Ireland); Tesla, Inc. (U.S.); General Electric Point (U.S.); Siemens AG (Germany).

FAQs

How much is the market worth?

The Electric Vehicle Charger market size was valued at USD 5.9 billion in 2022 and is expected to surpass USD 54.5 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 45.5%.

What are the key drivers of the market?

The market's growth is attributed to government regulations to limit environmental pollution, the surge in government initiatives for developing EV vehicles, and the increasing market penetration of electric vehicles.

What segments are covered in the Electric Vehicle Charger report?

The segments covered in the report are charger type (fast charger and slow charger), connector (combined charging system (CCS), CHAdeMO, and others), and application (commercial and residential).

Mention which region is expected to hold the highest share of the Electric Vehicle Charger market.

The Asia Pacific region is expected to hold the highest share of the Electric Vehicle Charger market.

Which segment holds the largest market share in the Electric Vehicle Charger by 2032?

The CHAdeMO segment holds the largest market share in the Electric Vehicle Charger by 2032.

Mention the key players in the market.

Schneider Electric (France); ABB (Switzerland); Eaton Corp. (Ireland); Tesla, Inc. (U.S.); General Electric Point (U.S.); Siemens AG (Germany).