PUBLISHER: The Business Research Company | PRODUCT CODE: 1648758
PUBLISHER: The Business Research Company | PRODUCT CODE: 1648758
An electric vehicle charger is a device designed to deliver energy to the battery system of an electric vehicle (EV) over a specific period. It is a component of electric vehicle supply equipment that furnishes electrical power to plug-in electric automobiles.
The main types of vehicles compatible with electric vehicle chargers are battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). Battery electric vehicles utilize an electric motor instead of an internal combustion engine, relying on a traction battery pack that requires charging through a designated outlet. The different charging types include on-board chargers and off-board chargers. These chargers find applications in various end-use sectors, including residential and commercial settings.
The electric vehicle charger market research report is one of a series of new reports from The Business Research Company that provides electric vehicle charger market statistics, including electric vehicle charger industry global market size, regional shares, competitors with an electric vehicle charger market share, detailed electric vehicle charger market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle charger industry. This electric vehicle charger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric vehicle charger market size has grown exponentially in recent years. It will grow from $11.79 billion in 2024 to $15.01 billion in 2025 at a compound annual growth rate (CAGR) of 27.3%. The growth in the historic period can be attributed to electric vehicle (ev) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in evs.
The electric vehicle charger market size is expected to see exponential growth in the next few years. It will grow to $39.85 billion in 2029 at a compound annual growth rate (CAGR) of 27.7%. The growth in the forecast period can be attributed to expansion of ev charging networks, standardization of charging connectors, international market growth, global ev adoption, and growing public and private charging stations. Major trends in the forecast period include fast and ultra-fast charging solutions, wireless charging technologies, ev battery advancements, smart grid integration and demand response, and autonomous and self-parking charging stations.
The electric vehicle charger market is experiencing growth due to the increasing stringency of government regulations aimed at limiting environmental pollution. Governments worldwide are implementing stringent regulations to curb harmful vehicular emissions, necessitating a shift towards advanced technologies that reduce vehicle emission levels. An illustrative example is the Biden-Harris Administration's goal in April 2023, setting a target for 50% of vehicles to be electrified by 2030 in the United States. These regulations are expected to be a significant driver for the growth of the electric charger market in the upcoming years.
The electric vehicle charger market is expected to receive a boost from the expanding residential sector. As a critical segment of the economy and society, the residential sector encompasses the housing and living arrangements of individuals, families, and households. Electric vehicle (EV) chargers in residential areas offer convenience, cost savings, and environmental benefits, along with considerations for efficiency, lifespan, and safety. In October 2023, data from the United States Census Bureau revealed a 13.8% increase in privately owned housing units approved by building permits on a seasonally adjusted yearly basis, indicating a growing residential sector. This expansion in the residential sector is a key factor propelling the growth of the electric vehicle charger market.
Leading companies in the electric vehicle (EV) charger market are concentrating on developing cutting-edge solutions, such as the Fastest DC Charger, to improve the EV charging experience. The Fastest DC Charger is a type of EV charging station that uses direct current (DC) to deliver high power, enabling rapid battery charging for electric vehicles. For example, in May 2024, Exicom Tele-Systems Ltd., an India-based EV charging provider, launched the Harmony Gen 1.5, a high-performance DC fast charger tailored for electric vehicles. This solution is designed to meet the growing demand for efficient and user-friendly EV charging amid the rapid expansion of the EV market. With modular construction supporting power outputs from 60 kW to 400 kW and an efficiency rating exceeding 95%, it accommodates a range of vehicles while ensuring high performance.
Leading companies in the electric vehicle (EV) charger market are focused on developing innovative products, such as the DC Fast Charger, to offer rapid charging speeds with high reliability, tailored to Charge Point Operators (CPOs) and businesses managing electric vehicle fleets. The DC Fast Charger is a specialized EV charging station that uses direct current (DC) to deliver high power levels, enabling quick battery charging for electric vehicles. For example, in November 2023, Lincoln Electric Holdings, Inc., a US-based manufacturing company, introduced the Velion(TM) DC Fast Charger. Specifically designed for Charge Point Operators and companies with EV fleets, the Velion(TM) is a state-of-the-art Level 3 charger for electric vehicles. It exceeds federal domestic content requirements with over 75% compliance, operates efficiently in extreme temperatures, and boasts an impressive 97% uptime, delivering 150 kW of power. The charger is produced at a newly constructed factory with the capacity to manufacture one unit every 24 hours.
In August 2024, Exicom Tele-Systems Ltd, an India-based provider of eco-friendly EV charging solutions and critical power systems for homes and businesses, acquired Tritium for USD 37 million. This acquisition supports Exicom's commitment to advancing a sustainable future by expanding its global EV infrastructure and charging solutions. Tritium, an Australia-based company, specializes in the design and manufacturing of patented hardware and software for developing DC fast chargers for electric vehicles.
Major companies operating in the electric vehicle charger market include ABB Group, AeroVironment Inc., ChargePoint Inc., BP Chargemaster, Evatran Group Inc., Leviton Manufacturing Co. Inc., Webasto SE, Eaton Corporation plc, Schneider Electric SE, Siemens AG, Electricite de France S.A. (EDF), POD Point Ltd., IES Synergy, Efacec Power Solutions S.A., Hyundai Motor Company, Alfen N.V., Allego B.V., ClipperCreek Inc., Continental AG, Magna International Inc., SemaConnect Inc., TGOOD Global Ltd., ZF Friedrichshafen AG, Robert Bosch GmbH, Delta Electronics Inc., Cyber Switching Inc., Tesla Inc., EVgo Services LLC, Electrify America LLC, Blink Charging Co., Tritium Pty Ltd., Enel X, Wallbox Chargers S.L., EVBox Group, BorgWarner Inc.
Asia-Pacific was the largest region in the electric vehicle charger market in 2024. The regions covered in the electric vehicle charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the electric vehicle charger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The electric vehicle charger market consists of sales of on-board electric vehicle chargers and off-board electric vehicle chargers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Vehicle Charger Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric vehicle charger market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric vehicle charger ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric vehicle charger market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.