PUBLISHER: Allied Market Research | PRODUCT CODE: 1344435
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344435
According to a new report published by Allied Market Research, titled, "Electric Vehicle Charger Market," The electric vehicle charger market was valued at $7.2 billion in 2022, and is estimated to reach $91.2 billion by 2032, growing at a CAGR of 29.3% from 2023 to 2032.
Electric vehicles equipped with onboard chargers can be charged at multiple locations, including homes, offices, and public charging stations, providing greater flexibility to vehicle owners, which drives the demand for onboard chargers. Moreover, manufacturers constantly develop onboard chargers with advanced flexibility. For instance, in May 2023, Delta-Q Technologies, a company specializing in the design and manufacturing of battery charging solutions for electric vehicles (EVs) announced the commencement of full production of its 3.3 kW battery charger. The XV3300 battery charger is a 3-in-1 onboard charging system. The charger combines three charging functions into a single onboard charging system.
Off-board chargers include AC level 1 and AC level 2 charging systems. AC level 1 charging provides charging through 120 V AC plug, while AC level 2 charging offers charging through 120V-240 V. Level 1 charging can drive electric vehicle 2-5 miles of range per hour of charging, whereas level 2 charging can drive up to 10-20 miles of range per 1 hour of charging. Off-board chargers convert AC to DC to provide fast charging to electric vehicles. An increase in demand for plug-in electric vehicles (PHEVs) is expected to boost the demand for these chargers. Offboard chargers possess the capability to accommodate multiple charging points, enabling concurrent charging for multiple vehicles. This scalability proves particularly advantageous for public charging infrastructure, as it optimizes the utilization of charging resources in an efficient manner.
The electric vehicle charger market is segmented on the basis of vehicle type, end user, charging type, and region. Based on vehicle type, it is segmented into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of end user, it is classified into residential, and commercial. By charging type, it is categorized into on-board chargers, and off-board chargers. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include: Chargemaster, Chroma ATE Inc, Delphi Technologies, Robert Bosch GmbH, AeroVironment, Inc., Schaffner Holding AG, Pod Point, ABB, Siemens, and ChargePoint, Inc.