Portland, OR, June 09, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global electric vehicle charger market generated $3.80 billion in 2019, and is estimated to reach $25.50 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key winning strategies, industry roadmap, major segments, and competitive landscape.
Increase in market penetration of electric vehicles, rise in government initiatives for development of electric vehicle charging infrastructure, and surge in government regulations to limit environment pollution drive the growth of the global electric vehicle charger market. However, limited number of EV charging stations and lack of standardization of EV charging hinder the market growth. On the other hand, surge in demand for luxury and feature enabled vehicles and wireless charging for electric vehicles create new opportunities in the coming years.
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Covid-19 scenario:
- The sales of electric vehicle (EV) chargers have been significantly dropped during few months of coronavirus pandemic due to the decrease in demand for vehicles all over the globe.
- The import/export of raw material required for the EV chargers and production activities in the EV industry have been stopped during global lockdown to avoid spread of coronavirus.
- Investors have frozen the funding for the electric vehicle projects that began in the first or second quarter of 2020, considering the losses in the automobile industry during coronavirus outbreak.
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The report offers a detailed segmentation of the global electric vehicle charger market based on vehicle type, charging type, end user, and region.
Based on vehicle type, the PHEV segment contributed to the largest share in 2019, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the BEV segment is expected to register the highest CAGR of 29.0% from 2020 to 2027.
Based on charging type, the on-board chargers segment accounted for the largest share in 2019, holding for nearly 95% of the total share, and is expected to maintain the largest share throughout the forecast period. However, the off-board chargers segment is estimated to portray the highest CAGR of 29.1% during the forecast period.
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Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 28.3% from 2020 to 2027.
Leading market players analyzed in the research include ABB Ltd., Siemens AG, Chroma ATE, Robert Bosch GmbH, Silicon Laboratories, Delphi Automotive, Schaffner Holdings AG, Aerovironment Inc., Chargemaster PLC, and POD Point.
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Similar Reports We Have:
Europe Electric Vehicle Chargers Market: The Europe electric vehicle chargers market size was valued at $477.2 million in 2016, and is projected to reach at $2,756.4 million by 2023, growing at a CAGR of 29.4% from 2017 to 2023.
Wireless Electric Vehicle Charging Market: The global Wireless EV charging market was valued at $7.6million in 2019, and is projected to reach $701.4 million by 2030, registering a CAGR of 45.8% from 2020 to 2030.
Electric Vehicle (EV) Charging Station Infrastructure Market: The EV charging station infrastructure market is segmented on the basis of charging level, application, and region.
Electric Vehicle Charging System Market: The global Electric Vehicle Charging System market size was valued at $3.18 billion in 2018, and is projected to reach $66.27 billion by 2026, registering a CAGR of 45.6% from 2019 to 2026.
Electric Vehicle Battery Market: The global electric vehicle battery market was valued at $23 billion in 2017 and is projected to reach at $84 million by 2025, growing at a CAGR of 17.2% from 2018 to 2025.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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