A new study from analytics firm Technavio suggests that the global market for EV chargers will exceed 68 million by 2027.
Technavio’s latest report estimates that the global electric vehicle charger market will grow to more than 68,483,180 units by 2027, giving the market a compounded annual growth rate (CAGR) of more than 29%. (!)
The company has compiled its data into a 2500USD report that can be downloaded here, and which includes an in-depth analysis into the many factors that are expected to influence the EV charger market, its major players, and consumers’ response to innovation and service in the years ahead. You can get a sample of what’s involved, below, and let us know what you think of the growing charger market in the comments.
Global electric vehicle charger market – Vendor Analysis + Vendor offerings
- ABB Ltd. – The company offers electric vehicle chargers such as DC fast charging and DC high power and grid chargers.
- Blink Charging Co. – The company offers electric vehicle chargers such as DC fast charging and level-two AC charging stations.
- BorgWarner Inc. – The company offers electric vehicle chargers with a range of DC fast chargers, DC stations, hybrid chargers, high-frequency chargers, and battery recovery and multi-voltage chargers that provide customers with full-function solutions.
- Chargemaster NZ – The company offers electric vehicle chargers such as portable chargemaster chargers.
Vendor Landscape
The global electric vehicle charger market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer electric vehicle chargers in the market are ABB Ltd., Blink Charging Co., BorgWarner Inc., Bosch Automotive Service Solutions Inc, Chargemaster NZ, ChargePoint Inc., ClipperCreek Inc., EV Safe Charge Inc., Evatran Group Inc., EVBox BV, FLO Services USA Inc., GreenPower Motor Co. Inc., Hyundai Motor Co., Leviton Manufacturing Co. Inc., NRG-X Charging Systems (VOLTERIO), SemaConnect Inc., Siemens AG, Tesla Inc., WiTricity Corporation, Zhejiang Benyi Electrical Co., Ltd., and others.
Vendors are trying to manufacture EV chargers that speed up the charging process without hampering the performance of vehicles or reducing the battery life. The integration of vendors with automakers of HEVs and EVs will drive the expansion of the global EV charger market during the forecast period.
Related Reports:
- The electric vehicle test equipment market is estimated to grow at a CAGR of 23.11% between 2022 and 2027. The size of the market is forecast to increase by USD 117.98 million. This report extensively covers market segmentation by vehicle type (hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles), application (EV component, EV charging, and powertrain), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The electric vehicle (EV) charging station market size is expected to increase by USD 15.81 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 20.65%. This report extensively covers the market segmentation by type (AC and DC) and geography (APAC, Europe, North America, MEA, and South America).
Electric Vehicle Charger Market Scope
| Page number | 165 |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2027 |
| Growth momentum & CAGR | Accelerate at a CAGR of 29.63% |
| Market growth 2023-2027 | 68483.18 thousand units |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 27.81 |
| Regional analysis | APAC, North America, Europe, South America, and Middle East and Africa |
| Performing market contribution | APAC at 44% |
| Key countries | US, China, Germany, France, and The Netherlands |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | ABB Ltd., Blink Charging Co., BorgWarner Inc., Bosch Automotive Service Solutions Inc, Chargemaster NZ, ChargePoint Inc., ClipperCreek Inc., EV Safe Charge Inc., Evatran Group Inc., EVBox BV, FLO Services USA Inc., GreenPower Motor Co. Inc., Hyundai Motor Co., Leviton Manufacturing Co. Inc., NRG-X Charging Systems (VOLTERIO), SemaConnect Inc., Siemens AG, Tesla Inc., WiTricity Corporation, and Zhejiang Benyi Electrical Co., Ltd. |
| Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
SOURCE | IMAGES: TECHNAVIO.
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