Electric Vehicle Charger Market (By Vehicle Type: Plug-in Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV); By Charging Type; By End User) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global electric vehicle charger market was surpassed at USD 8.97 billion in 2022 and is expected to hit around USD 106.11 billion by 2032, growing at a CAGR of 28.02% from 2023 to 2032.

Key Pointers

• The plug-in hybrid vehicle (PHEV) segment dominated the global EV charger market in 2022 based on the type of vehicle.
• In 2022, the on-board charger’s market had the majority of the global EV charger market share.
• The residential segment of the global EV charger market accounted for the highest volume and attracted many new entrants in the market.
• APAC is estimated to contribute 44.03% to the growth of the global market during the forecast period.

Chargers for electric cars (EVs), which have batteries and an electrical source to assist in charging the batteries, are used to provide charging for EVs. These vehicles can be charged at one of three charging levels, namely level 1, level 2, and level 3. Electric vehicles are less expensive than traditional petrol/diesel cars in terms of the purchase price as well as maintenance costs. The harmful gas-containing carbon footprints that are discharged into the atmosphere are decreased by electric automobiles.

To reduce carbon emissions, electric vehicles have become increasingly popular. Businesses are advancing their EV charging networks’ charging technologies quickly. Commercial venues have a much higher market penetration of EV charging equipment than residential areas do. According to predictions, there will be more commercial charging stations as EV adoption rises.

The rising costs of petroleum products and crude oil are one of the most significant factors influencing the EV Charger Market. Consumers in emerging market economies are already feeling the effects of the rising price of gasoline. Electric-powered vehicles are projected to have lower running costs than conventional vehicles. It is anticipated that manufacturers would create EVs with far superior batteries and longer usage times. A rise in demand for EVs and EV charging stations may also result from the falling price of EVs and the falling price of batteries.

The EV Charger Market is projected to grow as a result of rising government support for environmentally friendly and energy-efficient vehicles. The rising price of gasoline is already having an impact on consumers in developing nations. Electricity will be used to power electrical cars, which is projected to lower their operating costs. The government’s ongoing support, the rise in EV usage, the low initial cost of current EV charging technologies, and intensive R&D to speed up charging are all necessary for the EV Charger Market to expand.

The high initial cost of Level 3 fast chargers and ultra-fast chargers, however, is the main obstacle to the expansion of the EV Charger Market. People prefer to use fossil fuel-powered automobiles for 5-7 minutes, whereas level 1 and level 2 chargers might take anywhere from 6 to 16 hours to fully charge. As a result, there is a need in the market for rapid chargers that can charge EVs in under 30 minutes. A Level 3 charger can be fairly expensive at first, though. This serves as a deterrent to many who may otherwise switch to electric vehicles (EVs), as lengthy charging times may interfere with most people’s already hectic schedules.

Electric Vehicle Charger Market Segmentations: