AC Charger for EVs Market was valued at USD 5.2 Billion in 2022 and is projected to reach USD 15.0 Billion by 2030, growing at a CAGR of 18.0% from 2024 to 2030.
The global Electric Vehicle (EV) market has witnessed a rapid acceleration in demand from 2018 to 2022, driven by rising concerns over environmental impact, advancements in battery technology, and government regulations promoting sustainable transportation solutions. During this period, the growth of the AC charger for EVs market followed suit, with an increasing number of electric vehicles hitting the road. But what does the future hold from 2023 to 2033, as demand is poised to escalate even further? Let's delve deeper into the evolution of the AC charger market and its forecasted growth.
The surge in EV adoption between 2018 and 2022 led to a corresponding expansion in the AC charger infrastructure, enabling seamless charging solutions for users. The development of Level 2 AC chargers, known for their faster charging times compared to standard home outlets, became pivotal. Governments worldwide also implemented incentives and policies, further encouraging EV sales and charger installations. For instance, in 2021, countries like the U.S. and European Union introduced supportive measures to reduce the upfront costs of EV charging installations, while businesses began installing chargers to cater to the growing EV user base.
However, the demand for AC chargers is set to skyrocket from 2023 to 2033. The global shift towards electric mobility, especially in the wake of stricter emission regulations, is expected to accelerate. The International Energy Agency (IEA) estimates that by 2030, the number of EVs on the road could exceed 200 million globally, which would significantly increase the need for widespread charging infrastructure. As more EVs are produced, the requirement for efficient, quick-charging AC chargers will be even more critical to ensure that these vehicles remain viable for long-distance travel and urban use alike.
Increased consumer awareness, coupled with corporate sustainability goals, will spur the market further. Additionally, the ongoing advancements in smart grid technology and the integration of renewable energy sources into the charging ecosystem will enhance the efficiency and sustainability of charging stations, further driving the market demand. Major players in the charging infrastructure industry are investing heavily in innovation, exploring ways to make AC chargers more affordable, faster, and compatible with a wider range of EVs.
The market's trajectory will also be influenced by the cost and availability of raw materials like copper and rare earth metals, which are essential for both EV manufacturing and the production of AC chargers. Supply chain challenges may impact the scalability of charging infrastructure deployment in the short term. Yet, long-term projections suggest that robust growth is imminent.
As we look towards the next decade, the AC charger market is positioned for transformative growth. This trend will coincide with advancements in EV battery capacity, charging speed, and the integration of high-power chargers that can cater to the evolving needs of electric vehicles. With strong demand anticipated across the residential, commercial, and public charging sectors, the AC charger market will undoubtedly play a central role in the future of transportation.
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AeroVironment
ChargePoint
Elektromotive
LG Electronics
Aker Wade
ABB
Lilac Solution
Lester
Silicon Labs
BYD
XJ Group
NARI
Huashang Sanyou
Wanma
Dilong
Potevio
Kenergy
Anhev
Shunhang
Tonhe
Chroma ATE
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global AC Charger for EVs Market
Residential Charging
Commercial Charging
Based on Types the Market is categorized into Below types that held the largest AC Charger for EVs market share In 2023.
On-board Charger
Off-board Charger
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global AC Charger for EVs Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global AC Charger for EVs Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global AC Charger for EVs Market, By Type
6. Global AC Charger for EVs Market, By Application
7. Global AC Charger for EVs Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global AC Charger for EVs Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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