According to Arizton’s latest research report, the EV charging equipment market is growing at a CAGR of 14.32% during 2023-2029.
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Report Scope:
Market Size (2029): $46.13 Billion
Market Size (2023): $20.67 Billion
CAGR (2023-2029): 14.32%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Product, End-Users, Components, and Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
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As the world intensifies its efforts to combat climate change, the electric vehicle (EV) charging equipment market is experiencing significant growth. Governments across the globe are implementing stringent emission regulations and setting ambitious targets to promote EV adoption.
The European Union, for example, has committed to a remarkable 37.5% reduction in CO2 emissions from new cars by 2030 compared to 2021 levels. Similarly, pioneering nations like Norway and the Netherlands are leading the charge with plans to ban the sale of new internal combustion engine vehicles by 2025 and 2030, respectively.
These proactive regulatory frameworks are compelling automotive manufacturers to accelerate their EV production. As the number of electric vehicles on the road continues to rise, the demand for robust and extensive charging infrastructure is becoming increasingly critical.
This convergence of environmental policy and automotive innovation presents a unique opportunity for growth within the EV charging equipment market, as stakeholders work together to create a sustainable future.
Key Market Development in the Global EV Charging Equipment Market
- In 2024, the EVBox group partnered with SMEG to supply 300 Troniq Modular fast charging stations to EVzen, boosting its presence in France and expanding its share of the European EV charging equipment market.
- In 2024, ChargePoint, Inc. and LG Electronics have partnered to innovate EV charging, combining the company management software with LG’s hardware. This partnership enhances both companies’ positions in the EV charging market, leveraging their combined expertise for advanced infrastructure projects.
Key Company Profiles
- ABB
- Alfen N.V.
- ChargePoint, Inc.
- Delta Electronics, Inc.
- Eaton
- EVBox Group
- Kempower
- StarCharge
- TELD New Energy Co. Ltd
- Wallbox Chargers, S.L.
- Aclara Technologies
- Aeidth Technologies
- AMPECO LTD
- Blink Charging Co.
- Bolt.Earth
- bp pulse
- ChargeHub
- Chargemaster
- chargeMOD
- Delphi Technologies
- Driivz
- Efacec
- Enel X Way
- Enphase Energy
- EVQ Point
- GARO
- Green Energy Wallet
- IES Synergy
- IOTECHA
- Landis+Gyr
- Leviton Manufacturing Co., Inc
- Okaya EV Pvt. Ltd.
- Pod Point
- QuantumEV
- Schneider Electric
- Shanghai Xundao New Energy Technology Co., Ltd.
- Sicon Chat Union Electric Co., Ltd.
- Siemens
- SimplyFuel Solutions
- SYNOP
- Tap Electric
- Tesla
- Titan Power
- Tridens d.o.o.
- Volttic EV Charging
- Xuji Group Co., Ltd.
AC Chargers Dominate Global EV Charging Equipment Market in 2023
In 2023, the AC product segment leads the global EV charging equipment market, capturing the largest share of revenue. This dominance is attributed to the cost-effectiveness, seamless grid integration, and ongoing technological advancements associated with AC chargers. Their flexibility, especially for overnight home charging using off-peak electricity rates, enhances their appeal among EV owners, further boosting market growth.
AC chargers can be easily integrated into existing electrical grids, which is crucial as these grids adapt to meet the rising demand from electric vehicles. Additionally, this integration allows businesses and municipalities to expand charging networks without incurring significant upfront costs. Continuous improvements in charging technology, including faster charging speeds and more efficient systems, are expected to further drive demand for AC chargers in the coming years.
Market Segmentation
Product
- AC
- DC
End-Users
- Residential
- Commercial
Components
- Hardware
- Software
Geographical Overview
The demand for EV charging equipment is rapidly increasing worldwide, driven by technological innovations, supportive government policies, rising environmental awareness, and greater consumer adoption of electric vehicles (EVs). In North America, growing environmental consciousness and lower operational costs are fueling consumer demand for EVs, prompting automakers to expand their offerings and increasing the need for robust charging infrastructure. Utilities and private companies are actively investing in fast-charging networks, alleviating range anxiety for EV owners.
Europe leads in EV adoption and charging infrastructure, with the European Commission targeting 3.5 million charging points by 2030 to meet stringent carbon reduction goals. Countries like Norway, Germany, and the UK are implementing significant incentives to promote EV use.
The APAC region, particularly China, Japan, South Korea, and India, is also witnessing substantial growth. China’s government initiatives and subsidies are pivotal in driving EV adoption, while Japan and South Korea set ambitious targets for infrastructure development. In India, government schemes are furthering EV acceptance and infrastructure investment.
In Latin America, countries like Brazil and Mexico are beginning to invest in EV infrastructure, although adoption remains limited by costs. Meanwhile, the Middle East and Africa are emerging markets for EV charging, with the UAE and South Africa leading investment efforts.
As the prevalence of EVs increases and charging technology evolves, the demand for EV charging equipment is expected to rise, transforming the future of transportation and energy systems globally.
Geography
APAC
- China
- South Korea
- Japan
- India
- Australia
- Thailand
- New Zealand
Europe
- Netherlands
- France
- Germany
- The U.K.
- Italy
- Belgium
- Spain
North America
- The U.S.
- Canada
Latin America
- Brazil
- Mexico
- Colombia
Middle East & Africa
- South Africa
- The UAE
- Egypt
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Key Questions Answered in the Report:
What is the growth rate of the global EV charging equipment market?
How big is the global EV charging equipment market?
What are the significant trends in the EV charging equipment market?
Which region dominates the global EV charging equipment market share?
Who are the key players in the global EV charging equipment market?
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