The growth of the EV charging market is influenced by factors such as the growing demand for electric vehicles and the growing sensitivity of various governments toward a cleaner environment. Technological advancements in EV charging and enhanced range of distance covered by electric vehicles are some of the major factors driving the growth of electric vehicles. These vehicles require the installation of efficient charging infrastructure. Thus, the EV charging market is expected to witness significant growth in the future.
EV Charging Market is projected to grow from USD 2.5 billion in 2019 to reach USD 27.6 billion by 2027, at a CAGR of 34.7% during the forecast period.
Portable charger market is expected to grow at the highest CAGR.
The portable charger segment is expected to be the fastest-growing market. The electric vehicle portable chargers are easy to use and can be used in offices, homes, malls, and hotels. Earlier, EV drivers had to go to the charging point location to charge the vehicle. Hence, the charging process was time-consuming and inconvenient. Also, the distance that can be covered through charging depended on the amount of battery charged through the charging station. To counter this situation, companies such as Tesla and ClipperCreek introduced a portable charger for EVs. With these portable chargers, EV drivers could carry the charger with them and charge the car whenever needed. In addition, a portable charger eliminates the need to develop charging infrastructure for installing a stationary charging station.
North America: The US is expected to lead the North American market
The North American region is estimated to be the fastest-growing market. North America comprises developed economies such as the US and Canada. North America is home of many leading players such as Tesla, ChargePoint, Leviton, and Car Charging Group. Infrastructural developments and industrialization in the developed economies have opened new avenues, creating several opportunities for OEMs. The implementation of new technologies and the establishment of new government regulations are driving this market in this region.
Key Market Players
The major players in this market are Tesla (France), ABB (Switzerland), BYD Auto (China), Siemens (Germany), and Bosch (Germany).
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