An electric vehicle charger, also known 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 connected to the car's battery to recharge it while the car is parked. A plug-in hybrid electric vehicle (PHEV), on the other hand, uses electricity from the power company instead of gasoline. Both types are clean and eco-friendly. An electric vehicle charger can be small and unobtrusive.
Increasing sales of electric vehicles (EV) worldwide are expected to drive 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), as of 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. Consumers are increasingly preferring electric vehicles over conventional gasoline-fueled vehicles due to rising prices of fossil fuels and growing awareness regarding carbon emission. As a result of this, the demand for electric vehicle chargers is accelerating rapidly. Hence, these factors are expected to drive 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.
Lack of standardization in charging infrastructure combined with inadequate power grid infrastructure is expected 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 expected 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 expected 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 a robust growth rate, owing to growing efforts to reduce 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.
For instance, in September 2020, Tesla Inc., a U.S.-based EV manufacturer, launched fast electric car charging in Berlin, Germany with more cities as the target.
