NEW YORK, Jan. 21, 2022 /PRNewswire/ --Electric Vehicle Charger Market Facts at a Glance-

• Total Pages: 120
• Companies: 10+ – Including ABB Ltd., AddEnergie Technologies Inc., AeroVironment Inc., Chargemaster Ltd., ChargePoint Inc., Electricite de France SA, Evatran Group Inc., Leviton Manufacturing Co. Inc., Robert Bosch GmbH, and Webasto SE among others.
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: End-user (residential and commercial) & Type (slow charger and fast charger)
• Geography: APAC, North America, Europe, South America, and MEA

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According to the recent market study by Technavio, the Electric Vehicle Charger Market is expected to increase by 26825.74 thousand units from 2020 to 2025, at an accelerated CAGR of 28.35%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. APAC will register the highest growth rate of 44% among the other regions.

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Regional Market Outlook

The Electric Vehicle Charger Market share growth in APAC will be significant during the forecast period. China is the key market for electric vehicle chargers in APAC. Market growth in this region will be faster than the growth of the market in the South American and MEA regions. The high number of domestic automakers will facilitate the electric vehicle charger market growth in APAC over the forecast period. The key factors for the growth of the EV charger market in APAC are as follows:

• High number of domestic automakers
• Low-cost market owing to the highly advanced domestic EV models in China, South Korea, and Japan
• Joint ventures from top foreign automakers with domestic companies and technology partnerships for entering China, Japan, and South Korea
• Aggressive green car policies from governments
• Higher development rate of charging infrastructure in Japan and China China had the highest number of electric vehicles in use as of 2020 and is forecasted to continue to produce the most number of electric vehicles in Asia in 2025.

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Vendor Insights-

The Electric Vehicle Charger Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.

• ABB Ltd. - The company offers a total EV charging solution from compact, high-quality AC wall boxes, reliable DC fast-charging stations with robust connectivity.

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Latest Drivers & Trends Driving the Market-

• Electric Vehicle Charger Market Driver:
• Government incentives & subsidies for EV charging infrastructure developments:
  The key factor driving growth in the electric vehicle charger market is the government incentives and subsidies for EV charging infrastructure developments. Charging locations are categorized as home and on-road based on their location and as private and public based on infrastructure providers. OEMs offer home-based charging solutions with EV purchases; however, the challenge remains with the availability of on-road private and public charging facilities. The adoption rate of EVs in a region is directly proportional to the availability of charging infrastructure on roads. Attractive incentives for EV chargers and the purchase of EVs are expected to boost the installations of EV chargers and attract OEMs and private organizations to invest in the development of the infrastructure to increase the sales of EVs. Such government incentives are driving the growth of the electric vehicle charger market.
• Electric Vehicle Charger Market Trend:
• Open and closed platform approaches by EV charger solution providers:
  The open and closed platform approaches by EV charger solution providers are another factor supporting the electric vehicle charger market share growth. The EV charger market is becoming more dynamic owing to the entry of many regional and local players, vibrant partnerships, and demand from end-users. As the number of EV charger providers is increasing in the market, their business approach toward charging stations is following the same trend as that of other technology-related markets, such as operating systems and smartphones. Various top players in this market believe that within a few years, the market will close down the vibrancy to establish market shares and dominancy. Therefore, we are witnessing an Apple and Android or Windows and Linux approach among the EV charging solutions providers.

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SOURCE Technavio