The Business Research Company’s Electric Vehicle Charger Global Market Report 2021 – COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, November 11, 2021 /EINPresswire.com/ — The increasing stringent regulations by the governments to limit environmental pollution are contributing to the growth of the electric vehicle charger market. Many governments have implemented stringent government regulations to limit harmful vehicular emissions, making it vital for vehicle manufacturers to shift to advanced technologies that reduce vehicle emission levels. For instance, the California Air Resources Board passed new laws in 2020 that require truck manufacturers to switch to electric zero-emission trucks by 2024, and Governor Brown signed an MOU with 14 other states to develop and expedite the market for electric medium- and heavy-duty vehicles. Therefore, the rising stringent regulations by the governments are projected to drive the growth of the electric charger market in the coming years.
The global electric vehicle charger market size is expected to grow from $3.23 billion in 2020 to $3.94 billion in 2021 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%.
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In March 2021, 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 covered in the global 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.
TBRC’s global electric vehicle charger market report is segmented by vehicle type into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV), by charging type into on-board chargers, off-board chargers, by end-user into residential, commercial.
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.
Electric Vehicle Charger Global Market Report 2021 – 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 is one of a series of new reports from The Business Research Company that provides electric vehicle charger market overview, forecast electric vehicle charger 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, restraints, leading competitors’ revenues, profiles, and market shares.
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