Electric Vehicle Charger Market | Share, Revenue & Industry Trends

 


Electric Vehicle Charger Market tell that, an electric vehicle charger also referred to as an EV charger, electric, rapid recharging system, rapid charging system, electric rapid recharging system, and electric rapid electric vehicle (EV) kit, is a small device that is linked to the car's battery to recharge it while the automobile is parked. A plug-in hybrid electric vehicle (PHEV), on another hand, uses electricity from the energy company as opposed to gasoline. Both types are clean and eco-friendly. An electrical vehicle charger can be small and unobtrusive.

Increasing sales of electric vehicles (EV) worldwide are expected to operate a vehicle growth of the global Electric Vehicle Charger Market. According to the International Energy Agency (IEA), in 2019, electric car sales reached 2.1 million globally, registering a growth rate of 2.6%. According to the Edison Electric Institute (EEI), by March 2019, there were around 1.18 million electric vehicles on U.S. roads, with EV sales increasing by 81% in 2018 as compared to 2017. Individuals are increasingly preferring electric vehicles over conventional gasoline-fueled vehicles as a result of rising prices of fossil fuels and growing awareness regarding carbon emission. Consequently of the, the demand for electric vehicle chargers is accelerating rapidly. Hence, these factors are expected to operate a vehicle growth of the global electric vehicle charger market. Furthermore, supportive government policies and subsidies are expected to boost the global electric vehicle charger market growth in the near future.

Not enough standardization in charging infrastructure combined with inadequate power grid infrastructure is anticipated to hamper the global Electric Vehicle Charger Market growth in the near future. Besides, the high cost of EVs as compared to internal combustion engine (ICE) vehicles is anticipated to restrain growth of the market. However, rising construction of EV charging stations powered by renewable sources can present lucrative growth opportunities in the near future. Among regions, Asia Pacific is anticipated to witness significant growth in the global electric vehicle charger market. This is owing to increasing government investment in the development of charging infrastructure in the region. Furthermore, Europe is expected to register an effective growth rate, owing to growing efforts to lessen carbon footprint by numerous European countries.

Major competitors operating in the global electric vehicle charger market are AeroVironment, Inc., Webasto SE, ABB, Tesla, Inc., BP Chargemaster, Siemens AG, ChargePoint, Inc., Schneider Electric, ClipperCreek, Inc., SemaConnect, Inc., Eaton Corp., Leviton Manufacturing Co., Inc., and General Electric Company.

As an example, in September 2020, Tesla Inc., a U.S.-based EV manufacturer, launched fast electric car charging in Berlin, Germany with an increase of cities because the target.

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