Electric Vehicle (EV) AC Charger Market Size to Grow USD 30960 Million by 2029 at a CAGR of 25.8% | Valuates Reports
BANGALORE, India, Dec. 1, 2023 /PRNewswire/ -- Electric Vehicle (EV) AC Charger Market is Segmented by Type (Wall-mounted, Floor-standing), by Application (Residential Charging, Public Charging): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Hybrid & Alternative Vehicles.
EV AC Charger market is projected to reach USD 30960 Million in 2029, increasing from USD 5058 Million in 2022, with a CAGR of 25.8% during the period of 2023 to 2029.
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Major Factors Driving the Growth of EV AC Charger Market:
Government incentives and environmental awareness are driving the global use of electric cars, which is driving the expansion of Electric Vehicle Alternating Current (EV AC) Chargers. The market for EV AC chargers is growing to meet the rising demand for practical, standardized, and sustainable charging solutions.
This is due to advancements in EV battery technology, standardization of charging infrastructure, urban development initiatives, and industry stakeholder collaboration.
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TRENDS INFLUENCING THE GROWTH OF THE EV AC CHARGER MARKET
The increasing worldwide usage of electric cars is the main factor propelling the growth of Electric Vehicle Alternating Current (EV AC) Chargers. Demand for effective and widely available AC charging infrastructure rises as more people and companies switch to electric cars. By offering a standardized and simple charging option, EV AC chargers are essential in supporting the growing EV industry. Government programs and subsidies designed to encourage environmentally friendly transportation have a major role in the spread of EV AC chargers. Across the globe, several governments are making investments in the construction of charging infrastructure and providing financial incentives to businesses and consumers alike. This is creating a climate that is favorable to the expansion of electric vehicle adoption and, in turn, the need for AC charging infrastructure.
People and businesses are choosing electric vehicles due to rising environmental consciousness and a worldwide movement to reduce carbon emissions. EV AC chargers are becoming more and more in demand as part of this environmental movement. By enabling recharging with electricity which is frequently derived from renewable energy sources—these chargers contribute to the environmentally favorable features of electric cars by lowering dependency on conventional fossil fuels. The need for EV AC chargers is being driven by developments in electric car battery technology, namely in the areas of energy density and charging efficiency. Improved battery performance allows for quicker charging without sacrificing battery life, which increases the appeal of AC charging options for EV consumers' regular charging requirements.
The market for EV AC chargers is mostly driven by charging infrastructure standardization and compatibility. The creation of uniform guidelines guarantees interoperability among various EV models and charging infrastructures, hence fostering extensive implementation. By streamlining the user experience, this standardization pushes EV drivers to select AC charging options. The industry's growth is accelerated by collaboration amongst many players, such as manufacturers, energy utilities, and providers of charging infrastructure for EV AC chargers. The development of extensive charging networks, faster charging times, and better user experiences all contribute to the infrastructure for AC charging growing more widely.
The expansion of EV AC chargers is mostly due to the electrification of fleets, particularly in commercial sectors like transportation and delivery services. Fleet managers understand the financial and environmental advantages of switching to electric cars, and they also know that these large-scale electric fleets require dependable AC charging infrastructure in order to be supported.
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EV AC CHARGER MARKET SHARE ANALYSIS
Global sales of EVs remained robust. 10,5 million new BEVs and PHEVs were supplied in total in 2022 with a 55% increase over 2021. Global EV sales have shown remarkable growth, with China and Europe emerging as the key drivers.
With a market share of 25.6%, new energy vehicle production and sales in China reach 7.0 million and 6.8 million, respectively, in 2022, marking a year-over-year rise of 96.9% and 93.4%. For eight years running, new energy vehicle manufacturing and sales have led the global market.
5.365 million pure electric cars were sold among them, representing an 81.6% increase in sales from the previous year. Sales of all-electric cars will reach 1.58 million in Europe in 2022, a 29% annual rise.
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Key Players:
- Webasto
- PRTDT
- Bull
- Zhida
- Yituo
- Highbluer
- Teld
- Star Charge
- Linkcharging
- LV C-CHONG
- Chargedai
- Chargepoint
- Wallbox
- Siemens AG
- Pod Point
- Enel X
- Lectron
- Grizzl-E
- DEFA
- Easee One
- Zaptec
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