April 22, 2024
Electric Vehicle Charger Market

Electric Vehicle Charger Market is Estimated to Witness High Growth Owing to Increasing Adoption of EV Charging Infrastructures

The electric vehicle charger market has been witnessing significant growth in recent years. Electric vehicle chargers are devices used for charging electric vehicles that have rechargeable batteries. They transfer electric energy to the vehicle, which then uses its onboard electric motor to power it. There are different types of chargers available including slow, fast, and rapid chargers based on the charging power and speed. Fast and rapid chargers are increasingly being installed at homes as well as commercial and public places to encourage higher adoption of electric vehicles by minimizing charge time. The increasing awareness about environmental pollution caused by emission of greenhouse gases from gasoline vehicles and government policies promoting electric vehicles are major factors boosting the demand for EV chargers.

The Global electric vehicle charger market is estimated to be valued at US$ 13.28 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the electric vehicle charger market are Esker Inc., SAP SE, Comarch SA, Oracle Corporation, Bill.com Holdings Inc., SK Global Software, MHC Automation, Quadient(YayPay Inc.), Qvalia AB, Kofax Inc., HighRadius Corporation, Workday Inc., and Corcentric LLC.

The key opportunities in the electric vehicle charger market include rising investments by both government and private organizations towards building public EV charging infrastructures and setting up of EV charging stations at workplaces, tourism places and long highway routes to overcome range anxiety among consumers. Growing partnerships between automakers and charging companies for developing improved and standardized EV charging solutions present significant growth prospects.

Technological advancements such as launch of smart charging solutions, wireless and inductive charging, bi-directional vehicle-to-grid (V2G) charging and mega charging stations with high power capacity are expected to provide major fillips to the electric vehicle charger market. V2G technology facilitates transfer of energy stored in EV batteries back to the power grid helping power companies balance demand-supply of electricity more efficiently.

Market drivers
Stringent government regulations regarding vehicular emissions and policies promoting electric vehicles adoption like incentives and toll taxes exemption for EVs are major drivers propelling demand for EV chargers. The rising fuel costs and increasing consumer awareness about monetary and environmental benefits of electric cars compared to gasoline vehicles are compelling factors prompting more consumers to switch to electric vehicles and boosting need for associated charging infrastructure and services.

Current challenges in Electric Vehicle Charger Market:
The Electric Vehicle Charger Market Demand  is facing few challenges currently which includes lack of standardized charging infrastructure across countries and regions. There is a need for developing universal or inter-operable EV charging standards that promotes roaming and enables drivers to charge their vehicles seamlessly when traveling. Second challenge is the high upfront cost of electric vehicles and public charging stations which limits faster adoption of EVs. Governments need to provide more purchase incentives and promote affordable charging infrastructure development to address this challenge. Third challenge is range anxiety among drivers as most EVs currently have driving range of less than 300km per charge. Battery technology advancement is needed to improve vehicle range and fast charging solutions are required to enhance driver confidence.

SWOT Analysis
Strength: Developing universal EV charging standards and government incentives for infrastructure development and EV purchases are expanding network coverage. Continuous technology advancement is increasing vehicle range.
Weakness: High upfront cost of EVs and chargers limits mass adoption. Lack of standardization across regions creates interoperability issues.
Opportunity: Growing environment awareness and policy push for emission reduction is driving EV market growth. Increased investments from automakers in electrification provides opportunities.
Threats: Dependency on raw material prices and limited sources. Challenges around battery waste disposal and recyclability. Rising input costs may impact EV prices.

Geographically, North America region currently holds the major share of the global electric vehicle charger market in terms of value owing to supportive policies and incentives for EV adoption as well as growing charging infrastructure development across major countries like US and Canada. Asia Pacific region is emerging as the fastest growing regional market with countries like China, Japan and South Korea driving higher EV sales and subsequently charging point installations. China due to its ambitious EV targets represents the largest electric vehicle market globally.

The Europe region is also expanding considerably over the forecast period supported by stringent emission norms and push for sustainable mobility across the EU member countries. Countries including Germany, UK, France, Norway are at the forefront of promoting electric mobility in the region. Overall growing electric vehicle sales, investments into charging infrastructure expansion and development of universal charging standards are strengthening regional markets.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it