Electric Vehicle (EV) Charger Market Trends and Competitive Positioning

Electric Vehicle (EV) Charger Market Growth Drivers, Challenges and Opportunities

The electric vehicle (EV) charger market size is forecasted to expand from USD 18.94 billion in 2025 to USD 175.16 billion by 2034, growing at a CAGR of 28.04% from 2025 to 2034.

Unlock Infinite Advantages: Subscribe to Annual Membership

Introduction

The electric vehicle (EV) charger market is a crucial branch of the electric vehicles industry. This industry deals in development and distribution of EV chargers across the globe. There are different types of chargers available in the market comprising of on-board charger and off-board charger. These chargers are designed for charging various types of vehicles including plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV), hybrid electric vehicle (HEV). The end-users of these chargers consist of commercial users and residential users. The rise in number of EV charging stations in different parts of the world has boosted the industrial expansion. This market is expected to rise significantly with the growth of the automotive industry around the world.

• According to the Vasudha Foundation, there were around 1800 EV charging stations in India during 2023 that rose to 16347 in 2024.

Highlights of the Electric Vehicle (EV) Charger Market

• Asia Pacific held the dominant share of the electric vehicle charger market due to the rising demand for BEVs in China, Japan and India.
• Europe is expected to grow with a significant CAGR due to the government initiatives aimed at strengthening the EV infrastructure across this region.
• The on-board chargers segment dominated the market due to its numerous advantages such as charging flexibility, cost-effectiveness, convenience, adaptability and some others.
• The plug-in hybrid vehicle (PHEV) segment led the market due to the growing demand for eco-friendly vehicles around the world.

Electric Vehicle (EV) Charger: Fundings and Stats

• According to the U.S. Department of Energy, the government invested around US$ 5 billion under the NEVI Formula Program to deploy EV chargers across the nation.
• In January 2024, the European Investment Bank (EIB) has announced to provide a loan of 40 million euros to Eldrive Holding GmbH for installing 8472 electric vehicle (EV) charging stations in Bulgaria, Lithuania and Romania in the upcoming years.
• According to the IEA, in the STEPS and APS, the global number of public charging points is projected to exceed 15 million by the year 2030.
• According to the Ministry of Heavy Industries, in India, there were around 12,146 public EV charging stations in 2024.

Industry Leader Announcement

In December 2024, Ehsan Mokhtari, the CTO of ChargeLab announced that, “We’re excited to introduce Spark™ to a wider set of customers today, These tools were designed to simplify the complex work of managing EV chargers. Spark™ underlines ChargeLab’s dedication to innovation and proactive problem-solving, establishing new standards in EV charger management.”

Competitive Landscape

The electric vehicle (EV) market is a highly competitive industry with the presence of several dominant players. Some of the crucial players in this industry consists of ABB Ltd., Chroma ATE, Aerovironment Inc., Robert Bosch GmbH, Siemens AG, Delphi Automotive, and some others. These market players are investing heavily for developing advanced charging solutions for EV consumers and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of Bosch, the revenue of Mobility Solutions segment in 2022 was 52477 million euros that increased to 56171 million euros in 2023.

Market Segments

By Vehicle Type

• Plug-in Hybrid Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)

By Charging Type

• On-board Charger
• Off-board Charger

By End User

• Residential
• Commercial

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)