The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Electric Vehicle Charger Global Market Report 2024, the electric vehicle charger market is expected to show significant growth in the forecast period.

The electric vehicle charger market has witnessed exponential growth, surging from $6.79 billion in 2023 to $8.67 billion in 2024, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 27.7%. This surge in the historic period can be attributed to the robust adoption and sales growth of electric vehicles (EVs), government incentives, environmental concerns, and strategic investments by the automotive industry in EVs.

Driving Factors for Past Growth

• Rapid adoption and sales growth of electric vehicles.
• Government incentives and regulations.
• Environmental concerns and emissions reduction goals.
• Consumer demand for convenient charging.
• Automotive industry investments in EVs.

Charging into the Future: Projected Growth

The electric vehicle charger market is poised for exponential growth in the coming years, reaching a substantial $21.85 billion in 2028, with a Compound Annual Growth Rate (CAGR) of 26.0%. Anticipated growth drivers in the forecast period include the expansion of EV charging networks, standardization of charging connectors, international market growth, global EV adoption, and the proliferation of public and private charging stations.

Catalysts for Future Growth

• Expansion of EV charging networks.
• Standardization of charging connectors.
• International market growth.
• Global EV adoption.
• Increase in public and private charging stations.

Notable Trends in the Forecast Period

• Adoption of fast and ultra-fast charging solutions.
• Emergence of wireless charging technologies.
• Advancements in EV battery technology.
• Smart grid integration and demand response.
• Autonomous and self-parking charging stations.

Government Regulations Fueling Market Growth

Driving Force Behind Current Growth

• Governments worldwide are implementing stringent regulations to curb environmental pollution.
• The U.S. government, under the Biden-Harris Administration, aims to electrify 50% of vehicles by 2030.
• Rising regulations drive the electric vehicle charger market’s growth, aligning with global emission reduction goals.

Key Market Players

• ABB Group, AeroVironment Inc., ChargePoint Inc., BP Chargemaster, and other major players are pivotal in the growth of the electric vehicle charger market.

Technological Advancements Shaping the Market

Driving Technological Progress

• Companies in the electric vehicle charger sector focus on technological advancements to reduce carbon emissions and meet customer demand.
• China-based Envision Group introduces the Mochi charging robot, powered by 100% green electricity, offering a flexible solution for growing EV charging demands.

Strategic Acquisition Boosting Capabilities

• Eaton Corporation acquires Green Motion SA in March 2021, expanding its electric vehicle charging capabilities.
• Green Motion SA, a Switzerland-based company, specializes in manufacturing electric vehicle charging hardware and related software.

Market Segmentation for Precision Solutions

1. Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV).
2. Charging Type: On-Board Chargers, Off-Board Chargers.
3. End-User: Residential, Commercial.

Regional Dynamics

• Asia-Pacific emerges as the largest region in the electric vehicle charger market in 2023, reflecting the region’s pivotal role in industry growth.

View More On The Electric Vehicle Charger Market Report 2024 – https://www.thebusinessresearchcompany.com/report/electric-vehicle-charger-global-market-report

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The Electric Vehicle Charger Global Market Report 2024  provides an in-depth analysis on the electric vehicle charger market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the electric vehicle charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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