LONDON, Nov. 15, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the EV charger market, growing technological advancements are shaping the electric vehicle charger market. Major companies operating in the electric vehicle sector are focused on developing technological solutions for electric vehicle chargers to reduce carbon emissions and meet customer demand.
For instance, in April 2023, Envision Group, a China-based green technology company introduced the Mochi charging robot which is 100% powered by green electricity. Mochi is a small, flexible robot with accurate location-sensing technology that allows it to navigate with centimeter-level precision. Mochi can be installed in a variety of settings and can automatically locate and charge electric vehicles, saving drivers time and effort. Mochi will give a versatile solution to help accommodate the growing demand for charging stations as more EVs hit the road.
The main types of vehicles in electric vehicle chargers are battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). Battery electric vehicles employ an electric motor instead of an internal combustion engine. Battery electric vehicles use a traction battery pack to power the electric motor that needs to be plugged into the charging outlet. The different charging types include on-board chargers, off-board chargers and are used in various end-use sectors such as residential, commercial.
The Business Research Company’s report titled Electric Vehicle Charger Global Market Report 2023 – By Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), By Charging Type (On-Board Chargers, Off-Board Chargers), By End-User (Residential, Commercial), COVID-19 Growth And Change covers major EV charger companies, EV charger market share by company, EV charger manufacturers, EV charger market size, and EV charger market forecasts. The report also covers the global EV charger market and its segments.
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The EV charger market consists of sales of electric vehicle chargers that deliver energy to the vehicle battery system per unit of time. The electric vehicle charger is a part of electric vehicle supply equipment that provides electrical power to plug-in electric automobiles.
The global electric vehicle charger market is expected to grow from $3.23 billion in 2020 to $3.94 billion in 2023 at a compound annual growth rate (CAGR) of 21.8%. The growth of the electric vehicle charger market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electric vehicle charger market is expected to reach $10.91 billion in 2025 at a CAGR of 29%.
Asia Pacific was the largest region in the electric vehicle charger market in 2020. The regions covered in the electric vehicle charger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
In March 2023, Eaton Corporation, a US-based power management company acquired Green Motion SA for an undisclosed amount. Through this acquisition, Eaton Corporation expands its electric vehicle charging capabilities. Green Motion SA is a Switzerland-based company that manufactures electric vehicle charging hardware and related software.
Major players in the electric vehicle charger market are ABB Ltd., AeroVironment Inc., ChargePoint Inc., BP Chargemaster, Evatran Group Inc., Leviton, Webasto SE, Eaton, Schneider Electric, Siemens, Electricite de France SA, POD Point, Schaffner Holdings AG, IES Synergy, and Efacec.
Electric Vehicle Charger Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide electric vehicle charger market overviews, electric vehicle charger market analyze and forecast market size and growth for the whole market, electric vehicle charger market segments and geographies, electric vehicle charger market trends, electric vehicle charger market drivers, electric vehicle charger market restraints, electric vehicle charger market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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