Electric Car Chargers Market Size, Share, Growth, And Industry Analysis, By Type (Slow AC, Fast AC and Fast DC), By Application (Home, Office and Commercial), Regional Forecast to 2028

Report Overview

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The global electric car chargers market size is estimated to be USD 6.488 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with electric car chargers experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 29.9 billion in 2028, exhibiting a CAGR of 29.0% during the forecast period. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Due to declining environmental quality and rising fuel costs, electric automobiles are frequently viewed as an environmentally friendly alternative to conventional cars with internal combustion engines. These electric vehicles propel themselves using electric motors that are powered by electrical energy kept in batteries. These vehicles come in a variety of types with a range of capacities, and they can be recharged by plugging them into an electrical outlet. Therefore, the only source of electricity for them is the battery system of the car. Since the car doesn't have a backup power source, the battery must be recharged before it can be used again.

Electric vehicles are becoming more appealing to consumers and businesses worldwide due to developments in battery storage technology, lightweight vehicle design, automated electric grids, skyrocketing gas prices, and growing environmental concerns. As a result, the market for electric car chargers is being primarily driven by the rising sales of electric vehicles, which are being driven by rising environmental consumer consciousness and favorable government laws in the form of tax breaks, grants, and subsidies.

COVID-19 Impact: Halt on Transportation to Constraint Market Growth

Even the most adventurous people put off using an airline or taking public transportation when the COVID-19 pandemic started which adversely impacted electric car chargers market. Uncertainty combined with the fear of contracting the virus when sharing space with strangers on a bus, train, or airplane, as well as changing work habits, contributed to some of the biggest statistical declines in the history of the transportation industry. The travel and transportation industry has been impacted by more than just the fear of contracting the virus. In response to the pandemic, actions such as an increase in telework have altered traveler behavior by eliminating work commutes for many and delaying in-person business trips due to the possibility of virtual meetings and conferences.

Latest Trends

"Rising Adoption of Electric Cars to Fuel Market Growth"

One of the key drivers of market expansion for electric car chargers is the increase in the usage of electric vehicles on a global scale. The International Energy Agency reports that there are now more than 500,000 electric passenger cars on the road. This increase in demand can be ascribed to a number of government policies and programmes meant to encourage the purchase of environmentally friendly automobiles, as well as to the declining cost of batteries.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into slow AC, fast AC and fast DC.

In terms of product, slow AC is the largest segment.

• By Application Analysis

Based on application, the market can be divided into home, office and commercial.

In terms of application, commercial is the largest segment.

Driving Factors

"Wireless Charging Technology to Augment Market Growth"

Due to aspects like ease, safety, reliability, and others wireless charging technology is predicted to present a number of chances to the market for electric car chargers. Using mobile phones and other devices, users of wireless charging can remotely manage the charging process, improving the user experience. Additionally, since no wires are used, problems like cable ageing, leakage, magnetic impact, etc. are also avoided. Additionally, wireless charging results in a reduction in the amount of battery capacity needed, the control of fluctuations in the output of renewable energy sources, and efficient use of land resources. Therefore, it is anticipated that wireless charging for electric vehicles will be a significant future development.

"Development of Charging Infrastructure to Fuel Market Growth"

Another significant element propelling the expansion of this market is the improvement of charging infrastructure. The availability of more public charging stations has made it simpler for customers to conveniently charge their electric vehicles. This is encouraging people to use electric vehicles more widely. Additionally, private businesses are making investments in the creation of charging infrastructure, which will accelerate the electric car chargers market growth.

Restraining Factors

"Low Baseline Range of the Electric Vehicles to Impede Market Expansion"

A baseline range of 150 miles for the most recent generation of electric vehicles has been established, and this aspect is indirectly impacting the demand for electric car chargers. Despite the reasonable range, owners of electric cars worry that they might run out of power during a lengthy drive or in an emergency. If there is no nearby charging station, the severity of the problem could increase tenfold. However, the situation is anticipated to change soon due to favorable government policies.

Regional Insights

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"North America to Dominate the Market Due to Favorable Government Policies"

The global market was controlled by North America and owns largest portion of electric car chargers market share. Over the forecast term, the region is anticipated to continue to rule government policies that are favorable, the widespread use of electric vehicles, and the rising need for intelligent charging infrastructure in the area are all considered to be contributing factors to the market growth. Government policies that are favorable, the widespread use of electric vehicles, and the rising need for intelligent charging infrastructure in the area are all considered to be contributing factors to the market growth.

Due to rising sales of electric vehicles like the Nissan Leaf and Tesla Model S, which have DC fast charging capabilities, in nations like Norway and Sweden, among others, Europe accounted for a sizable portion of income generating.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Chargepoint (U.S.)
• ABB (Switzerland)
• Eaton (Ireland)
• Leviton (U.S.)
• Blink (U.S.)
• Schneider Electric (France)
• Siemens (Germany)
• General Electric (U.S.)
• AeroVironment (U.S.)
• Panasonic (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.