Electric Vehicle Charger Global Market To Reach Value Of About $11 Billion In 2025
15 Nov, 2021
The electric vehicle charger market consists of sales of electric vehicle chargers that deliver energy to the vehicle battery system per unit of time. The electric vehicle charger is a part of electric vehicle supply equipment that provides electrical power to plug-in electric automobiles. Electric vehicle charging is divided into four stages, with Level 4 being the fastest.
Global Electric Vehicle Charger Market Size And Drivers:
The global electric vehicle charger market is expected to grow from $3.23 billion in 2020 to $3.94 billion in 2021 at a compound annual growth rate (CAGR) of 21.8%. The growth of the electric vehicle charger market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electric vehicle charger market is expected to reach $10.91 billion in 2025 at a CAGR of 29%. The increasing stringent regulations by the governments to limit environmental pollution are contributing to the growth of the electric vehicle charger market.
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Trends In The Global Electric Vehicle Charger Market
The growing technological advancements are shaping the electric vehicle charger market. Major companies operating in the electric vehicle charger sector are focused on developing technological solutions for electric vehicle chargers to reduce carbon emissions and meet customer demand. For instance, in April 2021, Envision Group, a China-based green technology company introduced Mochi charging robot which is 100% powered by green electricity. Mochi is a small, flexible robot with accurate location-sensing technology that allows it to navigate with centimeter-level precision. Mochi can be installed in a variety of settings and can automatically locate and charge electric vehicles, saving drivers time and effort. Mochi will give a versatile solution to help accommodate the growing demand for charging stations as more EVs hit the road.
Global Electric Vehicle Charger Market Segments:
The global EV charger market is further segmented –
By Vehicle Type: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
By Charging Type: On-Board Chargers, Off-Board Chargers
By End-User: Residential, Commercial
By Geography: The global electric vehicle charger market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/electric-vehicle-charger-global-market-reportElectric Vehicle Charger Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides electric vehicle charger market overviews, analyzes and forecasts market size and growth for the global electric vehicle charger market, electric vehicle charger market share, electric vehicle charger market players, electric vehicle charger market segments and geographies, electric vehicle charger market’s leading competitors’ revenues, profiles and market shares. The electric vehicle charger market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.