Portland, OR -- (SBWIRE) -- 06/22/2018 -- Growth in disposable income, increase in demand for electric vehicle, and the strengthening of the European economy drive the adoption of electric vehicle chargers across Europe. Moreover, various benefits offered by electric vehicles such as low maintenance, reduced noise pollution, and emission free fuel the market.
The Europe Electric Vehicle Chargers Market was valued at $477.2 million in 2016, and is projected to reach at $2,756.4 million by 2023, growing at a CAGR of 29.4% from 2017 to 2023, according to the latest report published by Allied Market Research.
Electric vehicle chargers supply electrical energy to recharge electric vehicles, such as battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. Government regulations related to the use of electric vehicles to curb environmental pollution drives the demand for electric vehicles.
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In 2016, the on-board chargers segment dominated the Europe electric vehicle chargers in charging type segment, in terms of revenue. Moreover, battery electric vehicle segment witnessed significant growth, as it can be replaced easily and requires low maintenance.
Netherlands was the highest revenue contributor to the Europe electric vehicle chargers market in 2016, accounting for around 23.85% share, owing to surge in demand for electric vehicle charging infrastructure. Furthermore, rise in demand for noise reduction and increase in innovation in the field of e-mobility drive the market across the country.
Government regulations to curb environment pollution
Stringent government regulations to reduce carbon footprints and increased usage of renewable sources of energy impact the growth of the Europe EV chargers market. Further, upsurge in sales of electric vehicles is expected to boost the demand for electric vehicle chargers.
High market penetration of electric vehicles
Rise in demand for electric vehicles encourages the OEMs to manufacture more number of electric vehicle chargers to meet the demand of end users. According to IEA.org (International Energy Agency), more than 2 million units of electric vehicles have been sold across the globe, and this figure is expected to increase further in the near future.
Growth In Disposable Income Of Population
The strengthening GDP rate across various countries and rise in disposable income across the European region are expected to propel the demand for electric vehicle chargers during the forecast period. As per OECD.org, UK registered the highest growth rate as compared to other countries in Europe.
Key Findings of the Europe Electric Vehicle Chargers Market:
- The battery electric vehicle segment accounted for the highest share of the Europe electric vehicle chargers market in 2016, growing at a CAGR of 31.8% from 2017 to 2023.
- Netherlands generated the highest revenue, accounting for $113.8 million in 2016.
- The off-board chargers segment is expected to dominate the market, in terms of market share, during the forecast period.
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The report features a competitive scenario of the Europe electric vehicle chargers market and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study are ABB Ltd, Chargemaster Plc, Chroma Ate Inc., Innogy SE, KEBA AG, Mennekes Elektrotechnik GmbH & Co. KG, POD Point Ltd., Robert Bosch GmbH, Schaffner Holding AG, Siemens AG, and Silicon Laboratories, Inc. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the market.