Electric Vehicle Charger Market to Reach $25.5 Bn, Globally, by 2027 at 26.8% CAGR: Allied Market Research
Government regulations to curb down environmental pollution and increase in government initiatives for development of EV charging infrastructure drive the growth of the global electric vehicle charger market
PORTLAND, Oregon, April 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Charger Market by Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), Charging Type (On-board Chargers, and Off-board Chargers), and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global electric vehicle charger industry was estimated at $3.8 billion in 2019, and is anticipated to hit $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Government regulations to limit environmental pollution, rise in market penetration of electric vehicles, and increase in government initiatives for development of electric vehicle charging infrastructure drive the growth of the global electric vehicle charger market. On the other hand, limited number of EV charging stations and inadequate standardization of EV charging impede the growth to some extent. However, upsurge in demand for luxury vehicles and rise in need for wireless charging of electric vehicles are expected to pave the way for multiple opportunities in the industry.
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The PHEV segment to dominate by 2027-
Based on vehicle type, the PHEV segment accounted for nearly half of the global electric vehicle charger market share in 2019, and is expected to lead the trail by the end of 2027. PHEVs emit less gases over conventional ICS vehicles as they have extra capability to run a certain distance without burning a single drop of fuel which, in turn, has boosted the segment growth. The BEV segment, on the other hand, would grow at the fastest CAGR of 29.0% throughout the forecast period. The fact that BEVs do not require gasoline at any point during operation, and they rely solely upon pure electric battery power drives the growth of the segment.
The on-board chargers segment to maintain the dominant share-
Based on charging type, the on-board chargers segment contributed to 95% of the global electric vehicle charger market revenue in 2019, and is anticipated to retain the lion's share till 2027. Rise in demand for BEVs and PHEVs is expected to boost the demand for onboard chargers during the estimated period. At the same time, the off-board chargers segment would register the fastest CAGR of 29.1% throughout the study period. Off-board chargers convert AC to DC to provide fast charging to electric vehicles. And, surge in demand for luxury and supercars is projected to fuel the demand for DC fast chargers, thereby driving the growth of the segment.
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Asia-Pacific, followed by Europe and North America, garnered the major share in 2019 –
Based on geography, Asia-Pacific, followed by Europe and North America, held the highest share in 2019, garnering nearly half of the global electric vehicle charger market. Growth in disposable income of the population is expected to increase the market presence of electric vehicle chargers in this province. Simultaneously, the LAMEA region would cite the fastest CAGR of 28.3% from 2020 to 2027. Deployment of strict government regulations to reduce the dependency on oil is expected to drive the market.
Key players in the industry-
- POD Point
- Robert Bosch GmbH
- Siemens AG
- Delphi Automotive
- Chroma ATE
- Silicon Laboratories
- ABB Ltd.
- Chargemaster PLC
- Aerovironment Inc.
- Schaffner Holdings AG
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