ev charger market Size, Share, & Forecast 2028

 

ev charger market

The EV Charger Market is expected to reach USD 32 billion by 2028, expanding at a CAGR of 27.2% over the forecast period (2021-2028).

The factors driving growth of the EV Charger Market includes growing concerns related to greenhouse gas emissions and climate change, rising demand for energy efficient and low-carbon transportation systems around the world, Government policies promoting the adoption of electric vehicles and improvements in the living standards. Moreover, technological advancements in charging infrastructure, growing prevalence of respiratory and other diseases, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the EV Charger Market size. In addition, the increasing investments by major companies on research and development and growing population growth rates, are further contributing towards the market growth.

However, growth of the EV Charger Market is hindered attributed to high prices of electric vehicles and inadequate charging infrastructure in developing countries.

The prominent players operating in the market are Siemens AG, Chroma ATE Inc., Pod Point Limited, Silicon Laboratories Inc., Hitachi, Ltd., Eaton Corporation Plc, ABB Ltd., Robert Bosch GmbH, BorgWarner Inc., and Bp Pulse, among others.

Based on End-User, the Commercial segment is predicted to grow at a significant CAGR during the forecast period

Increasing installation of EV charging infrastructure at theatres, stadiums, and airports, is propelling EV Charger Market share.

Based on Charging Type, the On-board Chargers segment is projected to expand at a robust CAGR over the forecast period

On board systems are minimizes risks of vandalism of EVs and are designed to meet voltage requirements of the battery, are pushing segment’s growth.

Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period

As per the EV Charger Market Analysis, presence of the leading players such as Eaton Corporation Plc, BorgWarner Inc., Silicon Laboratories Inc., increasing installation of EV charging stations at public places, rapid urbanization, and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

 

Key Development

  • In 2020, BorgWarner Inc. acquired Delphi Technologies. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s power electronics products, vehicles, and aftermarket businesses. 

Market Segmentation

Segmentation by Vehicle Type

  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

Segmentation by End-User

  • Residential
  • Commercial

Segmentation by Charging Type

  • On-board Chargers
  • Off-board Chargers

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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