Electric Vehicle Chargers Demand and Benefits

The demand for Electric Vehicle Chargers is expected to grow at a significant pace in the upcoming years owing to the rising demand for electric and alternative fuel vehicles across the globe.

The demand for Electric Vehicle Chargers is expected to grow at a significant pace in the upcoming years owing to the rising demand for electric and alternative fuel vehicles across the globe. The rising concerns related to carbon emission from vehicles, climate change, and rising air pollution has shifted the focus toward the adoption of clean and green energy. This is a major factor that has driven the demand for electric vehicles.

Furthermore, the government incentives and subsidies provided to the customers to purchase electric vehicles is playing an exceptional role towards the increase in the adoption of the electric vehicles. In Japan, the government is offering US$ 1,800 for buying PHEV and US$ 3,700 for purchasing BEV. Further, the Canada government is proving US$ 3,700 for buying electric vehicles to the consumers. This is fueling the sales of the EVs, which is significantly boosting the growth of the EV charger market across the globe.

The electric vehicle (EV) charger global market size accounted for USD 7.01 billion in 2021, and it is projected to reach around USD 64.67 billion by 2030, registering growth at a CAGR of 28% during the forecast period 2022 and 2030.
Electric Vehicle Charger Market Size 2021 to 2030
Asia Pacific region dominated the global EV charger market in 2020. The presence of huge population, increased pollution levels owing to industrialization and rapid urbanization, rising disposable income, growing government initiatives, rising consumer awareness, and rising environment consciousness among consumers are some of the prominent factors that has driven the growth of the Asia Pacific EV charger market. The improved standard of living and high demand for personal commute solutions is driving the sales of the electric vehicles. Furthermore, the establishment of several top manufacturers in the region is facilitating the growth of the EV charger market in this region.

Europe is the second largest EV charger market. The consumer awareness regarding carbon footprint is high and the demand for the sustainable products like electric vehicles is also high. The presence of several top EVs manufacturers and the higher investments in building the EV charging infrastructure has led to the growth of the Europe EV charger market.

Market Dynamics of Electric Vehicle Charger

Driver: Burgeoning sales of electric vehicles across the globe

The globe has witnessed record high sales of electric vehicles in 2020. In 2020, there were around 3 million electric vehicles were sold across the globe despite the COVID-19 pandemic. The top manufacturers of EV such as Ford, BMW, Volkswagen, Tesla, and General Motors are increasing their investments in the expansion of manufacturing facilities and research & development. Therefore, the rising sales of the electric vehicles are expected to drive the demand for the EV chargers across the globe during the forecast period.

Restraint: High costs of the electric vehicles

There is a high acquisition cost associated with the electric vehicles. The electric vehicles are new to the market and the initial costs is high, which is limiting the low and middle income consumers to adopt the electric vehicles. This is also hindering the sale of the EV chargers in the residential sector.

Opportunity: Declining costs of battery

With the rapid investments in the research and development and technological advancements, the costs of the batteries is declining significantly. This is reducing the cost of travel and is promoting the adoption of electric vehicles.The price of the EV batteries reduced from US$1,100 per kWh in 2010 to US$137 per kWh in 2020. Therefore, travelling with electric vehicles is expected to become economical in the forthcoming future, which will propel the adoption of the electric vehicles and hence, the demand for the EV chargers is expected to soar.

Challenge: Lack of infrastructure

The developing and underdeveloped countries are characterized by the presence of poor infrastructure. The low financial capabilities of the government is restricting them to invest on the development of the EV charging infrastructure. Moreover, the lack of electrification in the rural areas may limit the adoption of the electric vehicles. Hence, the lack of proper infrastructure may restrict the growth of the EV charger market.

Recent Developments

The EV charger market is moderately fragment owing to the presence of several top market players. These market players are constantly involved in the various developmental strategies such as partnerships, mergers, acquisitions, collaborations, new product launches, and various others to strengthen their position and increase their market share.

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