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.
An electric vehicle charger is an essential device used to recharge the battery of an electric vehicle. It is responsible for converting AC power from the electrical grid into DC power that can be stored in the vehicle's battery.
The growth and demand for electric vehicle chargers are expected to increase significantly in the future as more and more people switch to electric vehicles. This is driven by several factors, including government incentives, increased environmental awareness, and improvements in technology.
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- 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.
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.
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- BorgWarner Inc. finalized acquiring Delphi Technologies Company in the year 2020. The EV power electronics products, including the EV charger business of BorgWarner, are expected to benefit from the merger with Delphi Technologies.
- According to an agreement between Enel X, Be Charge, and Eni Apps in December 2021, customers can utilize their smartphones to access charging stations.