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The market for AC chargers for electric vehicles was estimated at USD 3.69 billion in 2022 and is anticipated to increase from USD 4.38 billion in 2023 to USD 33.59 billion by 2030, at a CAGR of 34.82%. The COVID-19 pandemic has had an unprecedented and shocking impact on the world, and all regions have shown higher-than-expected demand for electric car AC chargers compared to pre-pandemic levels. According to our research, the global market grew by 47.44% in 2020 compared to 2019.
Since AC charging is the most popular way for recharging electric vehicles, demand for AC chargers will increase dramatically throughout the projection period as automotive electrification spreads throughout rising nations worldwide. The majority of the deployed charging stations worldwide provide AC charging. Although the electricity stored in batteries is in the form of DC, the power supplied by the grid is available in the form of AC. Therefore, electric vehicle chargers that can convert AC to DC and then feed it into the car's battery are needed in order to make use of the onboard AC charging stations.
Additionally, AC chargers are smaller than DC charging stations, making them a top choice for use in homes and offices. Additionally, it is projected that in the near future, demand for AC chargers for EVs would increase due to the growing desire for convenient charging of electric vehicles among the general public worldwide. In addition, compared to their DC counterpart, AC chargers are more cheap. Therefore, expanding use of AC chargers for electric vehicles in price-sensitive nations like India would probably boost the expansion of the global market in the years to come.
DRIVING FACTORS
One of the key factors propelling market expansion is the increase in global sales of electric vehicles. The global automotive industry has undergone a transformation that only happens once every hundred years. Sales of electric vehicles have increased significantly over the past ten years as a result of rising demand for zero-emission vehicles, stricter government rules governing automobile emissions, and incentives and tax breaks provided by governments all over the world to promote electrification. As a result, the rapid globalisation of automotive electrification is expected to fuel an increase in demand for electric car chargers throughout the course of the projection period.
RESTRAINING FACTORS
The majority of market-available charging stations offer AC charging. Nevertheless, based on the vehicle and power available to the charging infrastructure, AC charging delivers a charging speed of roughly 22kW. In contrast to AC chargers, DC chargers provide quick charging. Fast DC charging stations often provide 50kW of power, which is more than twice as much as AC charging stations. Additionally, ultra-rapid DC charging stations provide up to 150kW of power. Super-ultra-mega-fast DC charging stations with a high power output of 250kW have already been created by Tesla. Therefore, it is predicted that the population's demand for fast charging of electric vehicles in places with heavy traffic congestion will restrain market growth over the projected period.
Report Coverage
Global Electric Vehicle AC Charger research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle AC Charger report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle AC Charger competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle AC Charger market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle AC Charger market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle AC Charger market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Siemens AG (Germany), Blink Charging Co. (U.S.), ABB (Switzerland), ChargePoint Inc. (U.S.), Schneider Electric (France), Robert Bosch GmbH (Germany), Eaton (Ireland), EVBox (Netherlands), Wallbox Inc. (Spain), EO Charging (England)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle AC Charger market based on the below-mentioned segments:
Global Electric Vehicle AC Charger Market, By Type
BEV
PHEV
Global Electric Vehicle AC Charger market, By Product
Standard Charger
Fast Charger
Global Electric Vehicle AC Charger Market, By End User
Residential Charging
Commercial Charging
Global Electric Vehicle AC Charger market, Regional Analysis
Since AC charging is the most popular way for recharging electric vehicles, demand for AC chargers will increase dramatically throughout the projection period as automotive electrification spreads throughout rising nations worldwide. The majority of the deployed charging stations worldwide provide AC charging. Although the electricity stored in batteries is in the form of DC, the power supplied by the grid is available in the form of AC. Therefore, electric vehicle chargers that can convert AC to DC and then feed it into the car's battery are needed in order to make use of the onboard AC charging stations.
Additionally, AC chargers are smaller than DC charging stations, making them a top choice for use in homes and offices. Additionally, it is projected that in the near future, demand for AC chargers for EVs would increase due to the growing desire for convenient charging of electric vehicles among the general public worldwide. In addition, compared to their DC counterpart, AC chargers are more cheap. Therefore, expanding use of AC chargers for electric vehicles in price-sensitive nations like India would probably boost the expansion of the global market in the years to come.
DRIVING FACTORS
One of the key factors propelling market expansion is the increase in global sales of electric vehicles. The global automotive industry has undergone a transformation that only happens once every hundred years. Sales of electric vehicles have increased significantly over the past ten years as a result of rising demand for zero-emission vehicles, stricter government rules governing automobile emissions, and incentives and tax breaks provided by governments all over the world to promote electrification. As a result, the rapid globalisation of automotive electrification is expected to fuel an increase in demand for electric car chargers throughout the course of the projection period.
RESTRAINING FACTORS
The majority of market-available charging stations offer AC charging. Nevertheless, based on the vehicle and power available to the charging infrastructure, AC charging delivers a charging speed of roughly 22kW. In contrast to AC chargers, DC chargers provide quick charging. Fast DC charging stations often provide 50kW of power, which is more than twice as much as AC charging stations. Additionally, ultra-rapid DC charging stations provide up to 150kW of power. Super-ultra-mega-fast DC charging stations with a high power output of 250kW have already been created by Tesla. Therefore, it is predicted that the population's demand for fast charging of electric vehicles in places with heavy traffic congestion will restrain market growth over the projected period.
Report Coverage
Global Electric Vehicle AC Charger research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle AC Charger report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle AC Charger competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle AC Charger market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Siemens AG (Germany), Blink Charging Co. (U.S.), ABB (Switzerland), ChargePoint Inc. (U.S.), Schneider Electric (France), Robert Bosch GmbH (Germany), Eaton (Ireland), EVBox (Netherlands), Wallbox Inc. (Spain), EO Charging (England) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electric Vehicle AC Charger Market from 2021 to 2030.
- Market Forecast for Electric Vehicle AC Charger Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electric Vehicle AC Charger competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electric Vehicle AC Charger
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle AC Charger market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle AC Charger market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Siemens AG (Germany), Blink Charging Co. (U.S.), ABB (Switzerland), ChargePoint Inc. (U.S.), Schneider Electric (France), Robert Bosch GmbH (Germany), Eaton (Ireland), EVBox (Netherlands), Wallbox Inc. (Spain), EO Charging (England)
Primary Target Market
- Market Players of Electric Vehicle AC Charger
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle AC Charger market based on the below-mentioned segments:
Global Electric Vehicle AC Charger Market, By Type
BEV
PHEV
Global Electric Vehicle AC Charger market, By Product
Standard Charger
Fast Charger
Global Electric Vehicle AC Charger Market, By End User
Residential Charging
Commercial Charging
Global Electric Vehicle AC Charger market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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