Electric Vehicle Charger Market to grow by 68,483.18 thousand units from 2022 to 2027 | Government incentives and subsidies for EV charging infrastructure developments drive the market - Technavio
NEW YORK, Sept. 5, 2023 /PRNewswire/ -- The electric vehicle charger market size is expected to grow by 68,483.18 thousand units from 2022 to 2027, progressing at a CAGR of 29.63% as per the latest Technavio market research report. Government incentives and subsidies for EV charging infrastructure developments notably drive the growth of the market. The prospect of alluring incentives for both EV chargers and EV purchases is poised to stimulate the expansion of EV charger installations. This strategic move not only beckons OEMs but also entices private enterprises to invest in the augmentation of infrastructure, thereby amplifying EV sales. A tangible manifestation of this strategy can be observed in Western Europe, where since 2019, 12 EU countries have initiated bonus payments or premiums for prospective EV buyers.- Download the sample report
Electric Vehicle Charger Market: Segment Overview
This market research report segments the electric vehicle charger market by end-user (Residential and Commercial), type (Slow charger and Fast charger), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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Key Factor Driving Market Growth
Recent trends influencing the market
Open and closed platform approaches by EV charger solution providers are an emerging market trend. The EV charger market is undergoing a transformative shift, driven by the influx of regional and local players, dynamic partnerships, and surging end-user demand. The escalating count of EV charger providers is paralleling trends witnessed in other technology-driven sectors like operating systems and smartphones. Several prominent market players anticipate that this trend will eventually culminate in a consolidation of the market, where dominancy and market shares will take precedence. Consequently, a similar dynamic is developing among EV charging solutions providers. This shift is prompting the emergence of both open and closed platform approaches within the market. Notably, companies such as EVgo, a frontrunner in fast charging solutions in North America, have embraced the open platform model with their freedom station plans. Such factors fuel the growth of the market during the forecast period.
What are the key data covered in the Electric Vehicle Charger Market reports:
The Global High Power Charger For Electric Vehicle (EV) Market size is estimated to grow by USD 40,486.62 million between 2022 and 2027 accelerating at a CAGR of 39.26%.
The EV charger service market share is expected to increase by USD 5.26 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.13%.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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