Dublin, June 28, 2024 (GLOBE NEWSWIRE) -- The "Global EV Chargers Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
This study represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. It presents a Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The 'EV chargers market' is expected to grow at a CAGR of 19.1% during the forecast period of 2024 to 2032, propelled by the proliferation of Battery Electric Vehicles, the expansion of the Hybrid Electric Vehicle market, and the growing demand for Off-board Chargers.
Challenges in charging infrastructure deployment underscore the need for ongoing efforts to create a seamless and efficient charging experience for electric vehicle users. The segmentation by propulsion and charger type provides a nuanced understanding of market dynamics, emphasizing the industry's commitment to providing diverse and convenient charging solutions.
The geographic segmentation underscores global trends and the pivotal role of regions like Asia-Pacific in shaping the future of electric vehicle charging infrastructure. The competitive landscape highlights the strategic collaborations and market outlook of key players, positioning them as key contributors to the evolving landscape of the EV chargers market.
Proliferation of Battery Electric Vehicles (BEVs)
The EV chargers market experiences robust growth driven by the proliferation of Battery Electric Vehicles (BEVs). Evidential data showcases a surge in the adoption of BEVs from key players such as Tesla, Nissan, and BMW. In 2022, BEVs contributed substantially to both revenue and market share. This driver reflects the global shift towards sustainable transportation and the increasing consumer preference for electric vehicles with zero emissions.
Hybrid Electric Vehicle (HEV) Market Expansion
The expansion of the Hybrid Electric Vehicle (HEV) market emerges as another significant driver for the EV chargers market. Evidence-based insights highlight the continuous growth of HEVs from manufacturers like Toyota, Honda, and Ford. In 2023, HEVs are projected to exhibit the highest CAGR during the forecast period from 2024 to 2032. This driver underscores the industry's commitment to providing diverse electric propulsion options, addressing the varying needs and preferences of consumers globally.
Growing Demand for Off-board Chargers
The growing demand for Off-board Chargers acts as a pivotal driver for market growth. Evidence suggests an increasing preference for off-board charging solutions from manufacturers like Siemens, ABB, and Schneider Electric. In 2023, off-board chargers are expected to contribute substantially to both revenue and the highest expected CAGR during the forecast period. This driver underscores the relevance of off-board charging infrastructure in accommodating the charging needs of electric vehicle users in diverse settings.
Challenges in Charging Infrastructure Deployment
Despite the positive momentum, challenges in charging infrastructure deployment pose a significant restraint to the EV chargers market. Evidential data suggests occasional hurdles in establishing a widespread and efficient charging network. Companies, including ChargePoint, EVBox, and Blink Charging Co., actively address these challenges by collaborating with government entities and investing in infrastructure development. This restraint highlights the need for ongoing efforts to overcome regulatory, logistical, and financial obstacles and create a seamless charging experience for electric vehicle users.
Market Analysis by Propulsion: BEVs Dominate the Market
The market segmentation by propulsion unveils dynamic trends in both Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs). In 2022, BEVs dominated the market, contributing both the highest revenue and a significant market share. However, HEVs are expected to exhibit the highest CAGR during the forecast period from 2023 to 2031. This segmentation underscores the evolving landscape of electric vehicle propulsion, with a notable shift towards hybrid options, reflecting advancements in technology and the industry's continuous efforts to provide versatile solutions to consumers.
Market Analysis by Chargers Type: Off-board Chargers Dominate the Market
The market segmentation by charger type provides insights into the dynamics of on-board and off-board charging solutions. In 2023, off-board chargers are projected to contribute substantially to both revenue and the highest expected CAGR during the forecast period. This segmentation reflects the industry's emphasis on developing robust off-board charging infrastructure to meet the growing demand for convenient and accessible charging options in various locations.
North America Remains the Global Leader
The geographic segmentation of the EV chargers market unveils global trends and regional variances. In 2022, North America led in terms of both revenue and market share, with companies like Tesla and ChargePoint making substantial contributions. However, Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, driven by factors such as government incentives, increasing consumer awareness, and the rapid adoption of electric vehicles. This shift highlights the global nature of the market and the need for region-specific strategies to cater to diverse automotive landscapes.
Market Competition to Intensify during the Forecast Period
The competitive landscape of the EV chargers market is characterized by strategic collaborations and a holistic market outlook. In 2022, key players, including Tesla, ChargePoint, Siemens, ABB, Alfen N.V., Allego B.V., Clore Automotive LLC, CTEK Holding AB, Efacec, Enervalis, EVBox, IES Synergy, Juuce Limited., Meta Systems S.P.A, OVO Energy Ltd, Schneider Electric, Schumacher Electric Corporation, and Wallbox Chargers, S.L. dominated the market, reflecting their comprehensive capabilities and significant contributions to charging infrastructure development.
Strategies encompass collaborative ventures with governments and automakers, expansion of charging networks, and investments in research and development. Looking ahead to the period from 2024 to 2032, these key players are expected to continue their strategic initiatives, adapting to emerging market dynamics and contributing to the advancement of electric vehicle charging technology on a global scale.
Key Questions Answered
- What are the key micro and macro environmental factors that are impacting the growth of EV Chargers market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the EV Chargers market?
- Which is the largest regional market for EV Chargers market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving EV Chargers market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the EV Chargers market worldwide?
Company Profiles: Company Overview, Financial Performance, Product Portfolio, Strategic Initiatives
- Tesla
- ChargePoint
- Siemens
- ABB
- Alfen N.V.
- Allego B.V.
- Clore Automotive LLC
- CTEK Holding AB
- Efacec
- Enervalis
- EVBox
- IES Synergy
- Juuce Limited.
- Meta Systems S.P.A
- OVO Energy Ltd
- Schneider Electric
- Schumacher Electric Corporation
- Wallbox Chargers, S.L.
Market Segmentation
Propulsion
- Battery Electric Vehicle
- Hybrid Electric Vehicle
Chargers Type
- On-board Chargers
- Off-board Chargers
Application
- Private
- Public
For more information about this report visit https://www.researchandmarkets.com/r/8ohcey
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