Global Smart EV Charger Market By Connector Type (Supercharger, Combined Charging System (CCS), and CHAdeMO), By Distribution Channel (Online Platforms and Offline Stores), By End-User (Commercial and Residential), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Aug 2023
- Report ID: 104789
- Number of Pages: 238
The Global Smart EV Charger Market size is expected to be worth around USD 22.0 Billion by 2032 from USD 8.3 Billion in 2022, growing at a CAGR of 34.40% during the forecast period from 2023 to 2032.
An electric vehicle charger is a kit that connects an electric vehicle to a source of electricity to charge electric cars, electric vehicles, and hybrid vehicles. Its main work is to recharge the battery of an EV to keep the car in motion.
Even the automotive area has been harshly hit by the coronavirus trouble; automakers are likely to release an increasing number of electric vehicles post the pandemic. Such trends are predicted to increase the growth of the smart EV charger market. However, there is a need for more consideration for refining the structure of home charging.
Sales and Demand for Electric Vehicles have been Increasing across the World
Electric mobility become a mass production market from niche products. This is due to the drop in climate conditions due to transportation pollution. As per developments and announcements by automakers, 500 EV models are projected to be available by 2025.
Some manufacturers as Nissan and Tesla Inc., have developed electric vehicles that provide a hassle-free and smooth ride and are quitter on the road. The low maintenance cost of electric vehicles becomes an advantage that is beneficial for users in the long term.
The Price of Electric Vehicles is High
The price of an electric vehicle is contributed by its replacement of batteries after use for 4 to 5 years, and batteries could be costly. Batteries of electric vehicles include metals like Lead which is dangerous for human health disorders.
Also, no plans for waste management of these batteries and increasing production of electric vehicles is a present serious challenge for recyclers, which may stop the smart EV charger market during the forecast period. The danger of COVID-19 affected most businesses across the world and led to forced lockdowns which caused people to stay at home. Due to that decline in vehicle sales later contracting, the global smart EV charger market.
Growing Electric Vehicles Market
Electric vehicles are becoming popular as people seek ways to lower transportation costs. One of the major challenges facing EV adoption is the availability of charging infrastructure. There is a large gap between the actual number of charging stations and alertness.
Companies in the smart EV charger market should increase awareness about the exact locations of public charging stations to inspire people to switch from fuel vehicles to EVs.
Increased Demand for Fast Chargers
As the need for maximum energy capacity, most people use electric vehicles, and the demand for fast chargers has increased. Fast chargers allow EV vehicle user to charge their vehicle quickly and efficiently, making it easier for them to travel large distances.
Connector Type Analysis
The combined charging system (CCS) will hold a major share of the global smart EV charger market in 2022. This segment is holding more than 43% share of the market in 2022. Combined charging system connectors support both AC and DC charging.
CCS allows AC and DC charging from the same port. Vehicles with CHAdeMO connectors have a separate port for AC charging. As a result, it propels the combined charging system segment of this market during the forecast period.
Distribution Channel Analysis
The market is further divided into online platforms and offline stores by distribution channel. The offline store segment is estimated to be the most lucrative segment in the global smart EV charger market, with a market share of 73% and a projected CAGR of 6.8%, in 2022.
Offline stores include supermarkets/hypermarkets, specialty stores, etc. As such, the offline segment holds the majority of revenue share among others.
The residential was the leading segment in the global EV charger market in 2022; it holds a market revenue share of 53.6%. The higher acceptance of chargers in residential places across the globe has caused the growth of the residential part of the EV charger market.
Most of the time, consumers charge their vehicles at night and use them during the day for different intentions. The rising investment in the growth of modern-day infrastructure and the growing adoption of EV charging infrastructure in parking places and residential areas is predicted to increase the growth of this segment in the coming years.
The commercial is probable to be the fast-growing segment during the forecast period. This applies to the increasing number of charging stations in the public sector. The growth in government enterprises and increasing corporate investments in the development of EV charging infrastructure throughout the world are important factors that are expected to drive the growth of the segment in forthcoming years.
Key Market Segments:
Based on connector Type
- Combined Charging System (CCS)
Based on the Distribution Channel
- Online Platforms
- Offline Stores
Based on End-Users
COVID-19 Impact Analysis
The COVID-19 pandemic spread worldwide, posing a threat to the EV charger market. It has impacted most industries. Lockdowns have been compulsory by the government of many countries compelling people to stay at home, and it reduced human interaction.
Many companies allowed their employees to work from home to confirm company continuity in the market through the pandemic, which is predicted to delay the market over the forecast period. The increasing use of remote working practices is predicted to hinder the growth of the automotive industry and limit EV vehicles.
The COVID-19 disaster has caused manufacturing and supply chain disturbances in the world’s automotive industry. Over the forecast time, the change in consumer preference for essential products will likely affect this market. Also, the pandemic has closed international borders, resulting in a large drop in global demand for electric vehicles.
While most OEMs did not experience large losses, some OEMs suffered from the pandemic. For example, BYD’s profit dropped by 85% in the first quarter of 2020. Some companies such as Tesla, ABB, Siemens, Shell, and others suffered losses in 2020.
Asia-Pacific Dominates the Global Smart EV Charger Market During the Forecast Period
The Asia-Pacific region is estimated to be the most lucrative market in the global smart EV charger market. It holds a revenue share of 36.5%. The Asia Pacific market is likely to be focused on the large growth of EV charging infrastructure in China, increasing demand for reasonable EVs for everyday use, and governments helping EVs. China invested about USD 2.4 billion in improving the charging infrastructure in the country till 2022.
Korea and Japan have declared a target to significantly increase the number of electric vehicle charging points in particular countries in the upcoming year. Furthermore, the Indian government has announced plans to build 69,000 electric vehicle charging stations over the country as part of its first stage of EV infrastructural development, with demand for 4 lakh charging stations probable by 2026.
Europe holds the second position in the market for electric vehicles because of key market players in that area. North America raised USD 3.46 billion in 2020 and is projected to reach USD 13.64 billion in 2028 at a CAGR OF 24% over the period. North America is estimated to show prominent growth in this market.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Several smart EV charger market companies are concentrating on expanding their existing operations and R&D facilities.
Furthermore, businesses in the smart EV charger market are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about electric vehicle chargers, which is boosting the target products’ growth.
Market Key Players:
Listed below are some of the most prominent smart EV charger industry players.
- EO Charging
- OVO Energy Ltd
- Bosch Automotive Service Solutions Inc.
- Robert bosch
- ABB Ltd
- Pod Point
- Silicon Labs
- Delphi Technologies
- Other Key Players
- In January 2023, ABB E-mobility revealed its advanced Terra Home charging solution at CES 2023, the world’s leading technology event held in Las Vegas. It is set to be open for purchase around mid-2023. With its exclusive design, Terra Home empowers users to increase renewable energy use, finally decreasing their carbon effect.
- In October 2022, Eaton extended its contract with the General Services Administration(GSA) to cover electric vehicle supply equipment and services. This move is significant in succeeding in the US goal of reaching net-zero emissions by 2050.
Report Features Description Market Value (2022) US$ 8.3 Bn Forecast Revenue (2032) US$ 148.3 Bn CAGR (2023-2032) 34.4% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Connector Type- Supercharger, Combined Charging System(CCS), CHAdeMO; By Distribution Channel-Online Platforms and Offline Stores; By End-Users- Commercial and Residential. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Tesla, Alfen, EO Charging, OVO Energy, Bosch, Enervalis, Wallbox, Siemens, ABB Ltd, Pod Point, Silicon Labs, Delphi Technologies, and other key players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)What is the Smart EV Charger Market Size in the Year 2023?
The Global Smart EV Charger Market size was USD 8.3 Billion in 2022, growing at a CAGR of 34.40% during the forecast period.What is the Smart EV Charger Market CAGR During the Forecast Period?
The Global Smart EV Charger Market size is growing at a CAGR of 34.40% during the forecast period from 2023 to 2032.What is the Smart EV Charger Market Size During the Forecast Period 2023-2032?
The Global Smart EV Charger Market size is expected to be worth around USD 22.0 Billion by 2032 growing at a CAGR of 34.40% during the forecast period.
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