Global electric vehicle charge market is anticipated to grow at a CAGR of 25.8%, during the forecast period (2024-2031). The market growth is attributed to the increasing market of Electric Vehicles (EV), cohesive government regulations for the growth of electric vehicles, subsidies offered by the government on electric vehicles and charging infrastructure, fluctuating prices of fossil fuels, and increasing carbon footprints due to IC engine-based vehicles. In addition, the Original Equipment Manufacturers (OEMs) and the charging point operators are collaborating to establish a widespread charging infrastructure for the electric vehicles. They are also developing open standards and protocols for interoperability across different charging networks.
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Market Synopsis: What to expect?
- The global electric vehicle charger market is segmented by ownership (into public and private), charger type (into slow chargers and fast chargers), connector type (into AC connectors and DC connectors), and region (into North America, Europe, Asia-Pacific and Rest of the World).
- Geographically, Asia-Pacific is anticipated to show the largest market share during the forecast period. This would have a significant contribution from economies such as China, Japan, India, and South Korea.
- The increasing number of smart city plans also presents an opportunity for the industry to grow. This is backed by the goal congruence of the smart city and electric vehicle, on the lifestyle. Further, as the masses are increasingly adopting electronic vehicles the significance of charging stations is increasing, which is evident in the industry growth.
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- According to a report published by the International Energy Agency (IEA) in 2022, the charging infrastructure is expanding significantly. The publicly available EV charging points increased by 40.0% in 2021. The public charging expansion was indifferent even to the adverse effects of COVID-19.
- Fast chargers constituted a third of the share of the publically accessible chargers, in 2021, amounting to 1.8 million charging points. Nearly 500,000 chargers were installed in the year.
- In 2021, the fast charging segment increased by 48.0%, as against 43.0% in 2020. Whereas slow charging increased by 33.0% in 2021 as compared to 46.0% in 2020. This denotes the higher growth potential of the fast charger segment in comparison to the slow charger segment.
- As per the IEA report, China has been the global leader in the number of publicly available chargers, for years. It accounts for about 85.0% of the fast chargers and 55.0% of slow chargers, globally.
- Europe ranks second in the slow charger market segment with over 300,000 slow chargers in 2021. The Netherlands is the major contributor to Europe’s slow charger segment with more than 80,000 slow chargers, followed by 50,000 in France, 40,000 in Germany, 30,000 in the United Kingdom, 20,000 in Italy, and over 12,000 in both Norway and Sweden.
- The US reported the slowest increase in the slow charger segment, at 12.0%, amounting to 92,000 in 2021, among the major markets. Korea reported an increase of about 70.0% to over 90,000.
- However, the fast charging segment outperformed the slow charging segment in China, with an increase of over 50.0% (470,000), being rolled out in 2021.
- The growth of public chargers in China’s charger market is attributed to the rapid deployment of government subsidies and active infrastructure development by public utilities. The country has also witnessed regulatory controls on electricity prices, public charging demand coming from urban dwellers, and increasing electrification of taxis. The ride-sharing and logistics fleets have improved the profitability of EV charging businesses. In addition, the massive speed and scale of the Electric Vehicle Supply Equipment (EVSE) rollout led to reductions in the costs of manufacturing charger modules for fast charging stations.
- The fast charger segment outpaced the slow charger segment even in Europe, the US, and South Korea.
The major market players in the global electric vehicle charger market include ABB Ltd., Tesla, Inc., Webasto SE, ABB Ltd., Chargemaster Ltd., ChargePoint, Inc., Delta Electronics Inc., Eaton Corp., Ecotap B.V., Efacec Electric Mobility, S.A, Engie, Leviton Manufacturing Co., Inc., Schneider Electric SE, SemaConnect, Inc., Siemens AG, The New Motion B.V., and others. The market players are contributing significantly to the industry growth by the adoption of various growth strategies including new product launches, mergers, and acquisitions, collaborations with government, and technological advancements.
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