The Demand for EV Chargers Market is projected to register an impressive CAGR of 26.6% through 2033 Says Future Market Insights, Inc.

The Net Demand for EV Chargers in Terms of Value is to cross US$ 69 billion by 2033. FMI Report. With the rising popularity of electric vehicles, many are turning to faster charging stations. This influx in demand projects an increase in EV charger sales and installation at places like hotels, retail centres, and other public locations - providing a potential catalyst for even greater market growth.

NEWARK, Del, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The net worth of all EV chargers sold in 2022 was estimated to be around US$ 5,130.5 million in 2022. This year, it is expected to be US$ 6,520.9 million and increase at a CAGR of 26.6% from 2023 to 2033. By the end of the year 2033, the overall valuation of the global EV charger market is expected to be around US$ 68,967.2 million.

In response to the ongoing escalation in the cost of gasoline and diesel, there are greater sales of fuel-efficient automobiles like BEVs and HEVS. The depletion of fossil fuel sources and the rising propensity of businesses to maximize profit from these oil reserves are to blame for this. Therefore, these factors increase the need for cutting-edge EV charging technology, resulting in a rise in the popularity of electrically driven automobiles.

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Key Takeaways

  • Germany holds an overall market share of 11.2% of the global EV charger business, which is higher than any other country. With the presence of some of the leading electric vehicle suppliers, it is poised to hold its dominance in the coming days.
  • The United States follows Germany in the production and sales of EV chargers, and contributes nearly 9.6% of the global revenue share. Significant expenditure by the key EV charger market players in research and development is poised to keep it a market leader in this sector.
  • In the Asia Pacific region, China is the leading manufacturer of chargers for electric vehicles and is poised to grow at 20.8% on an annual basis.
  • Meanwhile, India is anticipated to witness a year-on-year growth rate of 26.6% during the period from 2023 to 2033.
  • Based on vehicle type, battery-operated electric vehicles (BEVs) generate the most amount of demand for EV chargers around the world. In the year 2022, this market segment contributed revenue of around US$ 2,350 million, which was figured out to be 45.8% of the global EV charger market size.
  • Japan is also a prominent market, with substantial demand for EV chargers owing to the presence of many EV manufacturing companies. The overall value of the Japan EV charger market is expected to reach US$ 413.8 million by 2033.

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Competitive Landscape

Key players operating in the global EV charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, bp pulse, Schaffner Holding AG, and POD point among others.

Due to the existence of multiple market entities, the global EV charger industry is fairly fragmented and is getting more competitive each year. Also, for enhancing their market positions and expanding their shares, the leading players are consistently engaged in a variety of R&D initiatives. Other strategies include partnerships, buyouts, acquisitions, cooperation, new product introductions, and many others.

Recent Developments

  • BorgWarner Inc. finalized acquiring Delphi Technologies Company in the year 2020. The EV power electronics products, including the EV charger business of BorgWarner, are expected to benefit from the merger with Delphi Technologies.
  • According to an agreement between Enel X, Be Charge, and Eni Apps in December 2021, customers can utilize their smartphones to access charging stations.

Key Segments

By Vehicle Type:

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

By Charging Type:

  • On-board Charger
  • Off-board Charger
  • Others

By End User:

  • Residential Electric Vehicles
  • Commercial Electric Vehicles
  • Other Electric Vehicles

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and the Pacific
  • The Middle East and Africa (MEA)

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Table of Content

1. Executive Summary | EV Charger Market

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity

        3.1.4. Trends

    3.2. Scenario Forecast

     3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

        3.2.3. Demand in Conservative Scenario

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EV Thermal System Market Demand: predicts the overall valuation is likely to reach US$ 15,600.9 million by 2033, growing from an expected value of US$ 2,243.7 million in 2023.

Micro-mobility Charging Infrastructure Market Share: projected CAGR of 22.5% for the next ten years, the market is likely to reach a valuation of nearly US$ 36.6 Bn by the end of 2032.

Battery Swapping Charging Infrastructure Market Growth: is expected to surpass an impressive valuation of USD 202.07 Million in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 21% from 2023 to 2033.

EV Charging Station Market Outlook: is estimated to reach a valuation of US$ 10,768.2 million in 2023. As per Future Market Insights (FMI) analysis, the EV charging station market size is expected to surpass US$ 113,889.1 million in the next decade. 

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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