The Global Electric Vehicle Charger Market is estimated to grow at substantial growth rate with a CAGR of 26.8% during the forecast period 2020-2027. As per the detailed market study, the global electric vehicle charger industry was valued $3.80 billion in the year 2019 and is anticipated to reach $25.50 billion by the end of the year 2027.
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The global electric vehicle charger industry is driven by various growth factors such as increasing focus of governments considering the development of electric vehicle charging infrastructure, increase in market penetration of electric vehicles and government regulations to limit environment pollution. Whereas, lack of standardization of EV charging and limited number of EV charging stations act as growth restraining factors of the global electric vehicle charging market. On the contrary, increase in demand for high-end of luxury electric vehicles and technological advancements in the form of wireless charging system offer some lucrative opportunities for the market players operating in the global electric vehicle charger market.
Segmentation Overview of the Global Electric Vehicle Charger Market
The global electric vehicle charger market is segmented on the basis of vehicle type, charging type and end-user. These market segments are further categorized into various sub-segments to study the market in detail considering various growth determinants and geographical dynamics.
As per the segmentation study, under the category of vehicle type segment, the PHEV sub-segment dominated the market in the year 2019 with more than 50% of the total share, and is anticipated to maintain the dominance over the forecast period. Whereas, the BEV segment is estimated to witness the highest growth rate with a CAGR of 29% during the forecast period 2020-2027.
In charging type category, the off-board charger segment is anticipated to witness the highest growth rate with a CAGR of 29% during 2020-2027. Whereas, the on-board charger segment dominated the marketplace with 95% of the total market share and is anticipated to maintain the dominance during the forecast period.
On the basis of Vehicle Type Segment, the Global Electric Vehicle Charger Market is Sub-Segmented into:
On the basis of Charging Type Segment, the Global Electric Vehicle Charger Market is Sub-Segmented into:
On the basis of End User Segment, the Global Electric Vehicle Charger Market is Sub-Segmented into:
Key Players Insights of the Global Electric Vehicle Charger Market
POD Point, Schaffner Holdings AG, Chargemaster PLC, Silicon Laboratories, Aerovironment Inc., Chroma ATE, Delphi Automotive, Siemens AG, Robert Bosch GmbH and ABB Ltd. are some major players included in the global electric vehicle charger market.
Geographical Overview of the Global Electric Vehicle Charger Market
The Asia-Pacific electric vehicle charger market dominated the global marketplace in the year 2019 with more than 50% of the market share and is estimated to maintain the dominance over the forecast period. Whereas, the LAMEA electric vehicle charger market is estimated to grow at the highest growth rate with a CAGR of 28.3% during the forecast period 2020-2027.
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