The net worth of all EV chargers sold in 2022 was estimated to be around US$ 5,130.5 million in 2022. This year, it is expected to be US$ 6,520.9 million and increase at a CAGR of 26.6% from 2023 to 2033. By the end of the year 2033, the overall valuation of the global EV charger market is expected to be around US$ 68,967.2 million.

In response to the ongoing escalation in the cost of gasoline and diesel, there are greater sales of fuel-efficient automobiles like BEVs and HEVS. The depletion of fossil fuel sources and the rising propensity of businesses to maximize profit from these oil reserves are to blame for this. Therefore, these factors increase the need for cutting-edge EV charging technology, resulting in a rise in the popularity of electrically driven automobiles.

The demand for EV charger is expected to grow in the future as more people switch to electric vehicles. As the popularity of EVs continues to increase, the need for charging infrastructure will grow to support these vehicles. Additionally, governments and businesses around the world are investing in charging infrastructure to support the transition to electric vehicles, which is expected to further drive the demand for EV chargers.

The development of new and improved charging technologies is also expected to drive growth in the EV charger market. For example, the development of fast charging technologies, such as DC fast charging, has led to the need for chargers that can handle higher voltage and current levels. These chargers can provide a significant amount of charge in a short amount of time, making them a more attractive option for drivers who need to quickly recharge their vehicles.

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Key Takeaways

  • Germany holds an overall market share of 11.2% of the global EV charger business, which is higher than any other country. With the presence of some of the leading electric vehicle suppliers, it is poised to hold its dominance in the coming days.
  • The United States follows Germany in the production and sales of EV chargers, and contributes nearly 9.6% of the global revenue share. Significant expenditure by the key EV charger market players in research and development is poised to keep it a market leader in this sector.
  • In the Asia Pacific region, China is the leading manufacturer of chargers for electric vehicles and is poised to grow at 20.8% on an annual basis.
  • Meanwhile, India is anticipated to witness a year-on-year growth rate of 26.6% during the period from 2023 to 2033.
  • Based on vehicle type, battery-operated electric vehicles (BEVs) generate the most amount of demand for EV chargers around the world. In the year 2022, this market segment contributed revenue of around US$ 2,350 million, which was figured out to be 45.8% of the global EV charger market size.
  • Japan is also a prominent market, with substantial demand for EV chargers owing to the presence of many EV manufacturing companies. The overall value of the Japan EV charger market is expected to reach US$ 413.8 million by 2033.

For more information: https://www.futuremarketinsights.com/reports/ev-charger-market

Competitive Landscape

Key players operating in the global EV charger market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, bp pulse, Schaffner Holding AG, and POD point among others.

Due to the existence of multiple market entities, the global EV charger industry is fairly fragmented and is getting more competitive each year. Also, for enhancing their market positions and expanding their shares, the leading players are consistently engaged in a variety of R&D initiatives. Other strategies include partnerships, buyouts, acquisitions, cooperation, new product introductions, and many others.