Electric Vehicle Charger Market Size to Reach 18.51 Million Units by 2024 at a CAGR 29% | Technavio - PRNewswire

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Electric vehicles are getting adopted globally due to government initiatives to cut down the automotive emissions. Awareness about clean energy and lucrative incentives on the purchase of electric vehicles is also boosting the sale. Thus, growing sales of electric vehicles is a major factor driving the growth of the electric vehicle charger market.

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43% of the market's growth will originate from APAC during the forecast period. China is a key market for electric vehicle chargers in APAC. Market growth in this region will be slower than the growth of the market in Europe and North America. The significant growth of the electric vehicle charger market in the APAC region can be attributed to the continuous adoption of electric vehicles either for private or public purposes. Government initiatives to improve air quality in Asia are also driving the market growth in the APAC region over the forecast period.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.

Know About the Key Opportunities and Growth of Electric Vehicle Charger

Market in Auto Parts & Equipment Industry

https://www.technavio.com/report/electric-vehicle-charger-market-industry-analysis

The electric vehicle charger market is segmented by end-user (residential and commercial), type (slow charger and fast charger), and geography (APAC, Europe, North America, and ROW).

The EV charger market growth by the residential segment will be faster than the growth of the market in the commercial segment. The residential end-user segment includes EV chargers that are used in homes, multi-dwelling buildings, and workplaces. The positive sales of EVs increase the demand for residential EV chargers due to the proactive efforts by utility providers in creating a better relationship with customers.

The electric vehicle charger market is concentrated. The entry of new entrants and local vendors, particularly Chinese vendors, is easy into the market as there are no stringent regulations or high initial investment requirements. This aspect also provides buyers various options to choose from. However, there are many established vendors and big players already in the market that have a strong market hold and brand value.

Key Market Dynamics:

Market Drivers

Government incentives and subsidies for EV charger infrastructure developments
Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure
Fuel emission and efficiency regulations driving adoption of EVs and charger

Market Challenges

Stringent approval rules for the establishment of a charger unit
Increasing number of EV charger will significantly impact the power grid
Lack of infrastructure in potential markets

Future Trends

Open and closed platform approaches by EV charger solution providers
Powering EV charging stations through renewable energy
Ultracapacitors in EV energy storage system

Companies Mentioned

ABB Ltd.
AddÉnergie Technologies Inc.
AeroVironment Inc.
BP Plc
ChargePoint Inc.
Electricite de France SA
Evatran Group Inc.
Leviton Manufacturing Co. Inc.
Robert Bosch GmbH
Webasto SE

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Key Topics Covered:

Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix

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Report: https://www.technavio.com/report/electric-vehicle-charger-market-industry-analysis

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