Portland, OR -- (SBWIRE) -- 07/03/2018 -- Asia-Pacific is expected to lead the global electric vehicle chargers market throughout the forecast period, followed by North America. LAMEA is expected to grow at a lowest rate during the forecast period. Furthermore, China dominates the electric vehicle chargers market in Asia-Pacific, similarly, the U.S. dominates the electric vehicle charger market in North America and UK leads the electric vehicle chargers market in European region.
The Global Electric Vehicle Chargers Market was valued at $163 billion in 2016, and is projected to reach at $1,786 billion by 2023, growing at a CAGR of 37.5% from 2017 to 2023, according to the latest report published by Allied Market Research.
Asia-Pacific dominates this market presently, followed by North America. In 2016, China dominated the market in Asia-Pacific; similarly, the UK led the overall market in the European region. The U.S. is dominating the market in North America presently.
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Government regulations regarding the use of electric vehicles to curb the environmental pollution drives the demand for electric vehicles, which boosts the market. Further, rise in demand for electric vehicles is also expected to fuel the market growth. However, high price of such electric vehicles and lack of presence EV chargers at public places is anticipated to hinder the growth of the market.
In 2016, the on-board chargers segment dominates the global electric vehicle chargers in charging type segment, in terms of revenue. However, based on vehicle type, hybrid electric vehicle led the global market followed, by plug-in hybrid electric vehicle in 2016.
Commercial users segment led the electric vehicle chargers market by end user in 2016. However, residential users segment is anticipated to depict highest CAGR throughout the forecast period.
Government Regulations to Curb Environment Pollution
Several policies have been deployed by the government to cater with environmental conditions. For instance, electric vehicle initiative (EVI), a multi-firm government policy forum established in 2009 under clean energy ministerial (CEM), helped the key players to accelerate the deployment of electric vehicles worldwide (as per iea.org).
Key Findings of the Electric Vehicle Chargers Market:
- On-board chargers generated the highest revenue of the global electric vehicle chargers market in 2016.
- In 2016, the hybrid electric vehicle type generated the highest revenue among the electric vehicle chargers market.
- Asia-Pacific is anticipated to exhibit a highest CAGR during the forecast period.
- In 2016, the commercial end user segment contributed the highest market shares in the electric vehicles chargers market.
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Key Players:
The key players profiled in the report include ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point.