What Has Driven the Growth of the Electric Mobility Chargers Market in Recent Years?
The electric mobility chargers market has seen considerable growth due to a variety of factors.
• In recent times, the market size of electric mobility chargers has seen an explosive increase. It is projected to expand from a valuation of $14.33 billion in 2024, to attain a market value of $18.33 billion in 2025, registering a compound annual growth rate (CAGR) of 27.9%.
The significant growth observed in the past is a result of factors such as elevated levels of carbon footprint, a surge in the demand for electric vehicles, a notable increase in greenhouse gas (GHG) emissions from the transport industry, supportive government policies and incentives, and a boost in the acceptance of automotive electrification.
How Will the Electric Mobility Chargers Market Size Evolve over the Forecast Period?
The electric mobility chargers market is expected to maintain its strong growth trajectory in upcoming years.
• The market for electric mobility chargers is anticipated to experience a significant surge in the upcoming years, expanding to a value of $49.36 billion by 2029 with a 28.1% compound annual growth rate (CAGR). Several factors contribute to this predicted growth during the forecast period. These include the pressing requirement for charging infrastructure development, increased usage of energy-saving vehicles, elevated concerns about global warming, higher demand for eco-friendly modes of transport, and escalating urban population. The forecast period is also expected to witness numerous trends such as the evolution of electric vehicle supply equipment (EVSE), incorporation of cutting-edge technologies, advancements in charging methodologies, product modernization, and the progression of electric mobility networks.
What Are The Core Factors Supporting Growth In Electric Mobility Chargers Market?
As more energy-efficient vehicles hit the road, experts project the growth of the electric mobility chargers market to follow suit. This trend towards energy-efficient vehicles stems from various factors, including the desire to decrease greenhouse gas emissions, improve energy efficiency and security, aid grid efficiency, and support sustainable governmental policies. Electric mobility chargers serve a critical role as an integral part of this green transit revolution, supplying the required power for electric and hybrid vehicles. The International Energy Agency, an autonomous body based in France, reported in July 2023 that more than 2.3 million electric cars were sold in the first quarter of the year, marking a 25% increase from the same quarter in 2022. They predict these sales to climb to 14 million by the end of 2023 – a year-on-year growth of 35%. This surge is anticipated to gain more momentum in the latter half of the year. Consequently, the rapid adoption of energy-efficient vehicles promises a bright future for the electric mobility chargers market.
What Key Areas Define The Segmentation Of The Global Electric Mobility Chargers Market?
The electric mobility chargers market covered in this report is segmented –
1) By Product: Electric Bikes, Electric Scooters, Electric Motorized Scooters, Electric Motorcycles
2) By Drive: Belt Drive, Chain Drive, Hub Drive
3) By Battery: Lead Acid Battery, Li-Ion Battery, Other Battery
4) By End-User: Commercial, Residential, Industrial
Subsegments:
1) By Electric Bikes: Standard Electric Bikes (Pedal Assist), High-Power Electric Bikes, Folding Electric Bikes, Electric Mountain Bikes, Electric Road Bikes, Cargo Electric Bikes
2) By Electric Scooters: Stand-Up Electric Scooters, Foldable Electric Scooters, Long-Range Electric Scooters, Off-Road Electric Scooters, Electric Scooters For Sharing Systems
3) By Electric Motorized Scooters: Low-Speed Electric Motorized Scooters, High-Speed Electric Motorized Scooters, Compact Electric Motorized Scooters, Heavy-Duty Electric Motorized Scooters, Electric Motorized Scooters For Disabled Users
4) By Electric Motorcycles: Urban Electric Motorcycles, Sports Electric Motorcycles, Cruiser Electric Motorcycles, Touring Electric Motorcycles, High-Performance Electric Motorcycles
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How Are Emerging Trends Reshaping The Dynamics Of The Electric Mobility Chargers Market?
A number of prominent businesses in the electric mobility chargers sector are exploring revolutionary technologies like liquid-cooled charging systems to establish a unique position in the market. Essentially, these innovative liquid-cooled charging systems employ a liquid as a coolant to control and disperse the heat produced when electric vehicles are charging. For instance, Lotus Cars Ltd, a notable sports and racing car producer based in the UK, in November 2023, unveiled Lotus' EV Charging Solutions. This suite of EV charging solutions includes an ultra-rapid 450 kW DC charger, a power cabinet, and a liquid-cooled technology-based modular unit. This modular power cabinet is ideal for areas requiring high-energy, aiming to enhance efficiency and shorten charging durations, such as stops along the motorway. The power cabinet can provide a power output reaching up to 480 kW and is equipped with a charging terminal with the capacity to concurrently charge up to four vehicles.
Who Are the Key Players in the Electric Mobility Chargers Market?
Major companies operating in the electric mobility chargers market are include:
•Siemens AG
• Schneider Electric SE
• ABB Ltd.
• Fortum Corporation
• Bharat Electronics Limited
• Leviton Manufacturing Company Inc.
• Exide Industries
• Luminous Power Technologies
• Karma Automotive LLC
• Wallbox
• EVBox BV
• Tritium Ltd.
• Exicom Tele-Systems Ltd.
• ChargePoint Holdings Inc.
• Blink Charging Ltd.
• Volta Inc.
• Servotech Power Systems Ltd.
• Electrify America LLC
• Tirex Chargers Pvt Ltd.
• Meras Plugins Pvt Ltd.
• AARGO Inc.
• Fermata Energy LLC
What Is The Most Dominant Region In The Electric Mobility Chargers Market?
Asia-Pacific was the largest region in the electric mobility chargers market in 2024. The regions covered in the electric mobility chargers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
