At 28.5% CAGR, EV Charger Market to hit USD 31158.2 Million by 2028 Globally, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

06 Jan, 2022, 12:00 GMT

LONDON, Jan. 6, 2022 /PRNewswire/ -- According to Brandessence market research, the EV Charger Market Size is poised to grow to USD 31158.2 Million by 2028 end. The Electric Vehicle (EV) Charger market size was valued of USD 5385.8 Million in 2021 and is expected to grow at 28.5% CAGR during the 2021-2028 periods.  

Rising environmental awareness in the recent decade globally is one of the major factors driving the growth of the global electric vehicle (EV) charger market. The emergence of industrial revolution and increased vehicle usages without any regulations for waste management systems have caused an immense degradation in the environment. A typical conventional passenger vehicle emits about 4.6 metric tons of carbon dioxide per year. To curb this damage, many government regulations are made on a global level. For instance, Paris agreement a treaty, is meant to globally keep temperature rise less than 2 degree.News: Enel, Eni Joined Forces on Electric Car Charging In Italy.

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EV Charger Market: An Overview

Growing demand for electric vehicles, and increased investments in innovation, and expansion of charging infrastructure remain key drivers of growth. According to the International Energy Agency, over 9 million electric vehicles were sold around the world in 2020. On the other hand, major EV charging technology has reached a point wherein 10-minute fast charging has become a reality. Furthermore, the increased demand for reliability and fast-charging continue to drive demand for branded EV charging products. The growing demand for loyalty programs, and increased opportunity for complete business integration at charging station promise more investment opportunities in the EV charger market.

Integrated end-to-end digital value chain remains a key trend in the global EV charger market. The end-to-end value chain is essential for providing best-end user experiences in the EV charger market. however, due to the complexities of innovation, developing a customer journey from software, hardware, maintenance, and operation remains the key challenge for players in the EV charger market. Hidden costs in development chains remains the core challenge in growth of the EV charger market.

EV Charger Market Top Manufacture Analysis

The EV charger market landscape is a fragmented, innovative, and competitive landscape. The increased private and public investment in this landscape has led to tremendous advancements in charging technologies. Some major companies globally, have invested in charging technology can deliver a 10-minute fast charging capacity for global EVs. Furthermore, the charging capacity also becomes increasingly safe, and effective in replacing conventional fuel-based technology. Some key players in the global EV charger market are,

  • ABB Ltd.
  • Webasto Group (Germany)
  • BP p.l.c. (U.K.)
  • Electrify America LLC. (U.S.)
  • Evgo Services LLC. (U.S.)
  • Royal Dutch Shell PLC (Netherlands)
  • Connected Kerb Limited (U.K.)
  • EVBox Group (Netherlands)
  • Robert Bosch GmbH
  • Siemens AG
  • Delphi Automotive
  • Chroma ATE
  • AeroVironment Inc.
  • Silicon Laboratories
  • Chargemaster PLC
  • Schaffner Holdings AG
  • POD Point

News: Enel, Eni Joined Forces on Electric Car Charging In Italy: On December 21st, 2021; Energy groups Enel and Eni have reached an agreement to allow electric car drivers to recharge vehicles using the two companies' infrastructure networks across Italy. Enel's energy e-service unit Enel X and Eni's Be Charge operate Italy's main electric vehicle (EV) charging networks with around 20,000 charging points. Under the agreement consumers will be able to use charging points from their smartphones using Enel X, Be Charge and Eni Apps. "The interoperability of charging infrastructures is a fundamental element in the strategy to spread electric mobility in Italy," Enel X head of e-mobility Federico Caleno said. Enel, which has more than 13,000 EV charging points, is keen to speed up the development of its e-mobility business and has said it could spin off and even list its network of charging stations. Be Charge, part of Be Power which was bought by Eni earlier this year, is owned by Eni's retail and renewables unit that is planning to list next year.

EV Charger Market: Segment Analysis

The superchargers segment of DC fast charging is expected to grow at the fastest pace during the forecast period. The level 2 DC fast charging can offer tremendous speeds with fast-charging connectors, and cables with growing infrastructure developed for long-range battery electric vehicles. However, the wireless charging is also expected to register notable growth during the forecast period. The increased wirless charging technology in Japan and key countries in Europe remains major promise for the global technology. The growing development of autonomous vehicles, and anxiety issues associated with charging infrastructure, and its limitations on sales of electric vehicle remain growth drivers of the EV charger market.

The wall-mounted EV charging remains the highest end-product in demand in the EV charger market. The wall-mounted chargers and increasing developments in two-wheelers in regions like Asia Pacific remain key opportunities in the market. the wall mounted EV chargers remain a promising product, thanks to its ease-of-use, convenience, and added DC charging facilities. The limited parking space in regions like Asia Pacific, and growth of fast-charging connectors, and safety of wall-mounted chargers remain major opportunities for growth. The growing demand for wall-mounted chargers for meeting increased demand for electric two-wheelers key drivers.

By Vehicle Type:

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

By End User:

  • Residential
  • Commercial

By Charging Type:

  • On-board Chargers
  • Off-board Chargers

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EV Charger Market: Key Trends

  • Increasing developments on both fronts including plug-in electric battery vehicle, and battery electric vehicle remains key promise for growth. The tremendous growth of electrical infrastructure around the world, with countries like Italy registering nearly 20,000 electric chargers just in Decemeber 2020, promises new avenues of opportunities. The increased advancements in sensors, semiconductors, batteries, displays, among others also remain promising opportunities for growth.
  • Entry of major technology players also will make way for advanced platforms for integration for end-to-end experiences. Companies like Google have noted increased interest in electric charging technology, with as many as 1 million searches every month. The company has noted a 35% increase in browsing, and acquiring information online in 2020.
  • Growing demand for passive components like electromechanical components, and active components like transducers, and relays promise new growth opportunities. The growing interest in research, and increased demand for charging station remain major promise for growth.
  • Growing demand for lithium batteries also remains a notable insight into the future promise of EV charging station. In 2019, about USD 37 billion of lithium battery technology was sold, while it is expected to increase to USD 130 billion, rising at over 15% each year. The growing establishment of gig factories for production of lithium batteries, and increased private and public investment in next-generation charging station.
  • Green energy storage, with increased availability of renewable energy mediums also remains a major opportunity for increased investment. Growing regulations mandate include recovered, and recycled lithium, as well as increased incorporation of electricity from renewable resources. These green technologies are key to producing electricity vehicles, and ensuring sustainable operations on other sectors like mining, along with cost optimization for electricity production in the long run.

 EV Charger Market: Geographical Analysis

The EV charger market report is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The North America is likely to hold highest share of revenues in the total revenues pie. The growing demand for electric vehicles and increased attention to innovation in electrical charging infrastructure with lead companies like Tesla remains promising avenues for growth. Furthermore, the EV charger market remains a promising prospect in countries like Asia Pacific, wherein sales of electric two-wheeler are at an all-time high. The rise in sales of two-wheelers, and growing public infrastructure for meeting needs specific to the region remains promising opportunities for growth.

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North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

South America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

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