NEW YORK, April 21, 2021 /PRNewswire/ — The «Electric Vehicle Charger Market» report has been added to Technavio’s library which consists of more than 17000 reports from 150+ industries.
The electric vehicle charger market is poised to grow by 18.5 million units between 2020-2024, progressing at a CAGR of almost 29% during the forecast period.
Electric vehicles are getting adopted globally due to government initiatives to cut down the automotive emissions. Awareness about clean energy and lucrative incentives on the purchase of electric vehicles is also boosting the sale. Thus, growing sales of electric vehicles is a major factor driving the growth of the electric vehicle charger market.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
43% of the market’s growth will originate from APAC during the forecast period. China is a key market for electric vehicle chargers in APAC. Market growth in this region will be slower than the growth of the market in Europe and North America. The significant growth of the electric vehicle charger market in the APAC region can be attributed to the continuous adoption of electric vehicles either for private or public purposes. Government initiatives to improve air quality in Asia are also driving the market growth in the APAC region over the forecast period.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Electric Vehicle Charger
Market in Auto Parts & Equipment Industry
The electric vehicle charger market is segmented by end-user (residential and commercial), type (slow charger and fast charger), and geography (APAC, Europe, North America, and ROW).
The EV charger market growth by the residential segment will be faster than the growth of the market in the commercial segment. The residential end-user segment includes EV chargers that are used in homes, multi-dwelling buildings, and workplaces. The positive sales of EVs increase the demand for residential EV chargers due to the proactive efforts by utility providers in creating a better relationship with customers.
The electric vehicle charger market is concentrated. The entry of new entrants and local vendors, particularly Chinese vendors, is easy into the market as there are no stringent regulations or high initial investment requirements. This aspect also provides buyers various options to choose from. However, there are many established vendors and big players already in the market that have a strong market hold and brand value.
Key Market Dynamics:
- Government incentives and subsidies for EV charger infrastructure developments
- Increasing EV sales through tax incentives pushing demand for well-built EV charger infrastructure
- Fuel emission and efficiency regulations driving adoption of EVs and charger
- Stringent approval rules for the establishment of a charger unit
- Increasing number of EV charger will significantly impact the power grid
- Lack of infrastructure in potential markets
- Open and closed platform approaches by EV charger solution providers
- Powering EV charging stations through renewable energy
- Ultracapacitors in EV energy storage system
- ABB Ltd.
- AddÉnergie Technologies Inc.
- AeroVironment Inc.
- BP Plc
- ChargePoint Inc.
- Electricite de France SA
- Evatran Group Inc.
- Leviton Manufacturing Co. Inc.
- Robert Bosch GmbH
- Webasto SE
Related Reports on Consumer Discretionary Industry Include:
Hybrid and Electric Vehicle On-Board Charger Market by Type and Geography – Forecast and Analysis 2020-2024: The hybrid and electric vehicle on-board charger market size has the potential to grow by 5.94 million units during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 30%. To get extensive research insights: Receive FREE Sample Report in Minutes!
Electric Commercial Vehicle Market by Product and Geography – Forecast and Analysis 2020-2024: The electric commercial vehicle market size has the potential to grow by 531.99 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Receive FREE Sample Report in Minutes!
Electric Vehicle (EV) Charging Station Market by Type and Geography – Forecast and Analysis 2021-2025: The electric vehicle (EV) charging station market has the potential to grow by USD 22.02 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 30.69%. To get extensive research insights: Receive FREE Sample Report in Minutes!
Electric Van Market by Product and Geography – Forecast and Analysis 2020-2024: The electric van market size has the potential to grow by 151.72 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Receive FREE Sample Report in Minutes!
Golf Cart Market by Product, Application, and Geography – Forecast and Analysis 2020-2024: The golf cart market size has the potential to grow by USD 937.32 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: Receive FREE Sample Report in Minutes!
Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by End-user
- Market Segmentation by Type
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
View original content to download multimedia:http://www.prnewswire.com/news-releases/electric-vehicle-charger-market-size-to-reach-18-51-million-units-by-2024-at-a-cagr-29–technavio-301274384.html