Electric Vehicle Battery Charger Market Overview
Electric Vehicle Battery Charger Market Size was valued at USD 5.7 billion in 2022. The EV Battery Charger market is projected to grow from USD 6.84 Billion in 2023 to USD 29.41 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.00% during the forecast period (2023 - 2032). Government initiatives to increase the sale of electric vehicles and related infrastructure and increase demand for electric vehicles are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Electric Vehicle Battery Charger Market Trends
Government regulations to limit environmental pollution are driving market growth
The conventional gas-powered vehicle uses an internal combustion engine to generate Power. In an ideal scenario, the combustion system fully incinerates the fuel and only creates carbon dioxide and water as waste; however, the combustion system generates various greenhouse gases, leading to environmental pollution. On the other hand, an electric vehicle uses an electric motor powered via a continuous supply of current; hence, it does not create any pollutants. The U.S., Germany, France, and China have implemented stringent government laws and regulations for vehicular emission, making it mandatory for automobile manufacturers to use advanced technologies to combat high-emission levels in vehicles. A program launched by California Air Resources Board (CARB) also includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs), substantially boosting the electric vehicle charger market CAGR.
Additionally, The EV industry is foreseeing incredible growth in developed and developing regions around the globe. The higher dependence on biofuels has resulted in increased levels of air pollution. Consequently, the prevalence of various respiratory and other diseases is surging among the global population. Curbing the carbon footprint and shifting towards clean and green energy are the major factors expected to drive the growth of the global EV charger market. The increasing consumer awareness regarding carbon emission from vehicles, increased environmental consciousness, improvements in the standard of living, and growing adoption of advanced technologies are propelling the growth of the Electric Vehicle Battery Charger Market revenue.
Electric Vehicle Battery Charger Market Segment Insights
EV Battery Charger Electric Vehicle Type Insights
Based on electric vehicle type, the Electric Vehicle Battery Charger Market segmentation includes plug-in hybrid and battery electric vehicles. The plug-in hybrid vehicle segment led the global EV charger market in 2022. The increasing government initiatives to encourage the sales of electric vehicles are a key driver that led to the dominance of the PHEV segment in the global market. The increased demand for alternative fuel vehicles globally has fostered the sales of the PHEV segment. The rising production capacities of the top EV manufacturers and the resulting increased production and deployment of EV charging stations fuel the sales of PHEVs. Hence, the growth of this segment in the global EV charger market is expected to continue throughout the forecast period.
The battery electric vehicle (BEV) segment is anticipated to foresee the highest growth rate during the forecast period. The presence of BEVs is higher than that of PHEVs in the market. The technological advancements in the batteries and the declining battery prices over time are expected to drive the sales of BEVs in the forthcoming years and spur the demand for EV chargers.
Figure1: Electric Vehicle Battery Charger Market, by Type, 2022 & 2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
EV Battery Charger Level of Charging Insights
The Electric Vehicle Battery Charger Market segmentation, based on level of charging, includes store level 3, level 2, and level 1. The level 3 segment has had the largest market share. Because Level 3 is a highly-powered charging option with the potential to recharge an EV in less than 30 minutes fully. However, they are highly expensive. Level 3 charging stations cost approximately USD 30,000 to USD 50,000 on average, as the equipment cost is significantly higher and requires a transformer to be installed. In a DC fast charging system, the AC/DC conversion occurs in the charging equipment instead of the AC/DC converter, so the vehicle's Power is already in DC. Unlike the steady flow of electricity, DC chargers charge rapidly when the battery is empty, but the rate slows down as they start to charge fully. DC fast chargers use three different kinds of plug types that are not interchangeable. Japanese automakers use the CHAdeMO standard, European and US makers use the CCS system, while Tesla supercharger uses its proprietary connector specific to their vehicles.
January 2023 ABB E-mobility revealed its innovative Terra Home charging solution at CES 2023, the world's leading technology event in Las Vegas. It is set to be available for purchase around mid-2023. With its unique design, Terra Home empowers users to optimize their renewable energy usage, ultimately reducing their carbon impact.
November 2022 ABB formed a strategic alliance with Tallarna Ltd. to expand its user-friendly energy management technologies offerings. The solution leverages Al-powered data analytics to make it easier to undertake decarbonization projects for large real estate portfolios and energy infrastructure. The platform provides a one-stop shop for customers, showcasing energy optimization options, performance insurance, and third-party financing options.
EV Battery Charger Applications Insights
Based on applications, the Electric Vehicle Battery Charger Market segmentation includes private and public stores. The private segment has had the largest market share. This is due to the higher adoption of onboard chargers in private units across the globe has resulted in the growth of the private segment in the EV charger market. Most consumers charge their vehicles at night and use them during the day for various purposes. The rising investments in the development of modern-day private infrastructures and the growing adoption of the BEV charging infrastructure in the parking spaces of private units are expected to further boost the growth of this segment in the forthcoming years.
The public segment is expected to be the fastest-growing segment during the forecast period. This is attributable to the increasing number of charging stations in public spaces. The growing government initiatives and rising corporate investments in the development of EV charging infrastructure across the globe are the major factors expected to drive this segment's growth in the future.
EV Battery Charger Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electric Vehicle Battery Charger market will dominate; government initiatives to increase the sale of electric vehicles and related infrastructure and demand for electric vehicles will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: ELECTRIC VEHICLE BATTERY CHARGER MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Electric Vehicle Battery Charger market accounts for the second-largest market share due to the increased awareness regarding carbon emission, the high disposable income of consumers, and improved living standards fueling EV sales. Further, the German Electric Vehicle Battery Charger market held the largest market share, and the UK Electric Vehicle Battery Charger market was the fastest-growing market in the European Region.
The Asia-Pacific Electric Vehicle Battery Charger Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing adoption of the EV charging infrastructure and the growing demand for electric vehicles—the surge in the adoption of EVs for public transport in this Region. Moreover, China’s Electric Vehicle Battery Charger market held the largest market share, and the Indian Electric Vehicle Battery Charger market was the fastest-growing market in the Asia-Pacific region.
Electric Vehicle Battery Charger Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the electric vehicle battery charger market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The EV Battery Charger Market must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Electric Vehicle Battery Charger industry to benefit clients and increase the market sector. The Electric Vehicle Battery Charger industry has offered some of the most significant medical advantages in recent years. Major players in the Electric Vehicle Battery Charger market, including Delphi Automotive LLP (Ireland), Clore Automotive LLC (US), Robert Bosch GmbH (Germany), Current Ways Inc. (US), IES Synergy (France), Lear Corporation (US), Baccus Global LLC (US) and others, are attempting to increase market demand by investing in research and development operations.
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The Company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget and Switzerland's Brown, Boveri &Cie merged to create ASEA Brown Boveri, later simplified to the initials ABB.ABB formed a strategic alliance with Tallarna Ltd. to expand its user-friendly energy management technologies offerings. The solution leverages Al-powered data analytics to make it easier to undertake decarbonization projects for large real estate portfolios and energy infrastructure. The platform provides a one-stop shop for customers, showcasing energy optimization options, performance insurance, and third-party financing options.
Tata Power, one of India's largest Integrated Power companies, with its subsidiaries and jointly controlled entities, have an installed/managed capacity of 14101 MW. The Company has a presence across the entire power value chain - generation of renewable and conventional Power, including hydro and thermal energy, transmission & distribution, coal & freight, and power trading. With 5.2 GW of clean generation capacity from solar, wind, hydro, and waste heat recovery accounting for 37% of the overall portfolio, the Company is committed to clean energy generation. It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from the Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand. Tata Power is currently serving around 12 million consumers via its Discoms viz Tata Power Delhi Distribution Ltd. with the Government of Delhi for distribution in North Delhi; TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited and TP Southern Odisha Distribution Limited with Government of Odisha. Focusing on sustainable and clean energy development, Tata Power is steering the transformation into integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al. Tata Power entered into a strategic partnership with Hyundai to build a robust EV charging network and accelerate the adoption of EVS across India.
Key Companies in the Electric Vehicle Battery Charger market include
- Delphi Automotive LLP (Ireland)
- Clore Automotive LLC (US)
- Robert Bosch GmbH (Germany)
- Current Ways Inc. (US)
- IES Synergy (France)
- Lear Corporation (US)
- Baccus Global LLC (US)
- Tesla (US)
- CTEK Holding AB (Sweden)
- Meta Systems S.P.A (Italy)
- LG Electronics (South Korea)
- Ficosa Internacional SA (Spain)
- Schumacher Electric Corporation (US)
EV Battery Charger Industry Developments
October 2022 Chargepoint launched the CP6000 charger. This comprehensive charging solution caters to the needs of European businesses and fleets, providing them with the tools they need to transition to electric mobility. It combines station hardware, network software, and customer support to offer a seamless experience. The CP6000 is designed to be scalable, flexible, reliable, and provide a superior driver experience, capable of charging 1 or 3-phase Power with an adjustable output ranging from 3.7 to 22kw per port.
October 2022 Eaton expanded its contract with the General Services Administration (GSA) to cover electric vehicle supply equipment (EVSE) and related services. This move is crucial in achieving the US goal of reaching net-zero emissions by 2050 and advancing the development of EV charging infrastructure.
May 2022 Tata Power entered into a strategic partnership with Hyundai to build a robust EV charging network and accelerate the adoption of EVS across India.
Electric Vehicle Battery Charger Market Segmentation
EV Battery Charger Market Type Outlook
- Plug-in hybrid electric vehicle
- Battery electric vehicle
EV Battery Charger Market Level of Charging Outlook
EV Battery Charger Market Applications Outlook
EV Battery Charger Market Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2022
||USD 5.7 billion
|Market Size 2023
||USD 6.84 billion
|Market Size 2032
||USD 29.41 billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
||Value (USD Billion)
||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
||Electric Vehicle Type, Level of Charging, Applications, and Region
||North America, Europe, AsiaPacific, and the Rest of the World
||The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
|| Delphi Automotive LLP (Ireland), Clore Automotive LLC (US), Robert Bosch GmbH (Germany), Current Ways Inc. (US), IES Synergy (France), Lear Corporation (US), Baccus Global LLC (US)
|Key Market Opportunities
||Strategic initiatives by major players Increase in demand for electric vehicles
|Key Market Dynamics
||Government initiatives to increase the sale of electric vehicles and related infrastructure
Frequently Asked Questions (FAQ) :
The Electric Vehicle Battery Charger Market size was valued at USD 5.7 Billion in 2022.
The global market is projected to grow at a CAGR of 20.00% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Delphi Automotive LLP (Ireland), Clore Automotive LLC (US), Robert Bosch GmbH (Germany), Current Ways Inc. (US), IES Synergy (France), Lear Corporation (US), Baccus Global LLC (US).
The plug-in hybrid electric vehicle category dominated the market in 2022.
The private had the largest share of the global market.
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