The North America is likely to hold highest share of revenues in the total revenues pie. Furthermore, the EV charger market remains a promising prospect in countries falling in the Asia Pacific region, wherein sales of electric two-wheeler are at an all-time high
The EV Charger Market Size is poised to grow to USD 31158.2 Million by 2028 end. The Electric Vehicle (EV) Charger market size was valued of USD 5385.8 Million in 2021 and is expected to grow at 28.5 per cent CAGR during the 2021-2028 periods.
“Rising environmental awareness in the recent decade globally is one of the major factors driving the growth of the global electric vehicle (EV) charger market. The emergence of industrial revolution and increased vehicle usages without any regulations for waste management systems have caused an immense degradation in the environment. A typical conventional passenger vehicle emits about 4.6 metric tons of carbon dioxide per year. To curb this damage, many government regulations are made on a global level,” reads a report by Brandessence market research.
The North America is likely to hold highest share of revenues in the total revenues pie. Furthermore, the EV charger market remains a promising prospect in countries falling in the Asia Pacific region, wherein sales of electric two-wheeler are at an all-time high.
EV Charger Market segments
The superchargers segment of DC fast charging is expected to grow at the fastest pace during the forecast period. The level 2 DC fast charging can offer tremendous speeds with fast-charging connectors, and cables with growing infrastructure developed for long-range battery electric vehicles. However, the wireless charging is also expected to register notable growth during the forecast period. The increased wirless charging technology in Japan and key countries in Europe remains major promise for the global technology. The growing development of autonomous vehicles, and anxiety issues associated with charging infrastructure, and its limitations on sales of electric vehicle remain growth drivers of the EV charger market.
The wall-mounted EV charging remains the highest end-product in demand in the EV charger market. The wall-mounted chargers and increasing developments in two-wheelers in regions like Asia Pacific remain key opportunities in the market. the wall mounted EV chargers remain a promising product, thanks to its ease-of-use, convenience, and added DC charging facilities. The limited parking space in regions like Asia Pacific, and growth of fast-charging connectors, and safety of wall-mounted chargers remain major opportunities for growth. The growing demand for wall-mounted chargers for meeting increased demand for electric two-wheelers key drivers.
Growing demand for lithium batteries also remains a notable insight into the future promise of EV charging station. In 2019, about USD 37 billion of lithium battery technology was sold, while it is expected to increase to USD 130 billion, rising at over 15% each year. The growing establishment of gig factories for production of lithium batteries, and increased private and public investment in next-generation charging station.