Electric Vehicle AC Charger Market Forecasts to 2028 – Global Analysis By Product (Fast Charger and Standard Charger), Vehicle Type (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), End User and By Geography

Electric Vehicle AC Charger Market Forecasts to 2028 – Global Analysis By Product (Fast Charger and Standard Charger), Vehicle Type (Plug-in Hybrid Electric Vehicle (PHEV) and Battery Electric Vehicle (BEV)), End User and By Geography

According to Stratistics MRC, the Global Electric Vehicle AC Charger Market is accounted for $4.99 billion in 2022 and is expected to reach $31.34 billion by 2028 growing at a CAGR of 35.8% during the forecast period. AC charging is the most commonly used method for powering up electric vehicles. AC chargers are compact in size compared to DC charging stations; therefore, they are highly preferred for offices and residential use. AC charging is available at the majority of charging stations built worldwide. However, grid power is available in the form of AC, whereas battery power is available in the form of DC. 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.

According to the International Energy Agency 2021, global electric vehicle sales doubled in the year 2021 compared to 2020. In 2021, nearly 10% of the total cars sold worldwide were electric, reaching a new record of 6.6 million units.

Market Dynamics:

Driver:

Rising electric vehicle sales and EV penetration

Rising global electric vehicle sales are one of the primary drivers of market growth. The global automotive industry has been undergoing once-in-a-century transformation. Electric vehicle sales have increased significantly over the last decade as a result of rising demand for emission-free vehicles, rigorous government laws for automotive emission control, and incentives and tax breaks offered by governments around the world to encourage electrification. As a result, rising demand for electric vehicle chargers as a result of rapid automobile electrification globally is expected to drive the electric vehicle AC charger market throughout the forecast period.

Restraint:

Slow charging speed of AC chargers

The majority of charging stations on the market provide AC charging. However, AC charging provides a charging speed of roughly 22kW depending on the car and power available to the charging infrastructure. In comparison to AC chargers, DC chargers provide faster charging. A fast DC charging station's standard power is 50kW, which is more than double the power of an AC charging station. Furthermore, ultra-fast DC charging stations provide up to 150kW of power. As a result, the populace's preference for fast charging of electric vehicles in congested areas is expected to hinder market growth over the forecast period.

Opportunity:

Increasing government focus on strengthening the charging service network

Increased government attention on expanding electric vehicle charging service networks and charging infrastructure is expected to boost market growth during the forecast period. Governments around the world are investing heavily in improving EV charging infrastructure. Emerging economies such as China, India, and others are also heavily focused on expanding the EV charging service network in order to accelerate the adoption of electric vehicles in their respective regions in order to combat climate change and reduce reliance on fossil fuels, further propelling market growth.

Threat:

High cost

Concerns about the high installation costs involved with EV charger installation, along with a lack of incentives, may hamper industry growth. However, in industrialised countries, various measures for EVSE (electric vehicle supply equipment) have been implemented. For example, as part of the CEJA (Climate and Equitable Jobs Act), Illinois planned to provide tax credits equal to more than 80% of the EVSE expenses to qualifying applications.

Covid-19 Impact

The COVID-19 epidemic disrupted worldwide supply chains, severely affecting the electric vehicle charger business. The COVID-19 crisis had a detrimental influence on all indexes, however recovery rates varied. Due to the COVID-19 epidemic, several countries enacted total lockdowns. EV charging service providers are already reporting drops in operational charger use of approximately 80%. The AC charging infrastructure is made up of several semiconductor components, the majority of which are manufactured in China and other Asia Pacific countries that were severely impacted by the pandemic.

The battery electric vehicle (BEV) segment is expected to be the largest during the forecast period

The battery electric vehicle (BEV) segment is estimated to have a lucrative growth. Increasing electric vehicle sales globally to reduce carbon emissions caused by conventional vehicles will fuel market expansion throughout the forecast period. BEVs are more prevalent on the market than PHEVs. Battery technological breakthroughs and lowering battery prices are likely to promote BEV sales in the future years, increasing demand for EV chargers. The expansion of the BEV market is related to rising electric vehicle sales, which will drive demand for electric vehicle AC chargers during the forecast period.

The residential charging segment is expected to have the highest CAGR during the forecast period

The residential charging segment is anticipated to witness the highest CAGR growth during the forecast period. The rising popularity of AC chargers in residential areas is attributed to the growth. The majority of users prefer to charge their automobiles at night and utilise them throughout the day for a variety of functions. Rising investments in the creation of contemporary residential infrastructures, as well as the increased acceptance of BEV charging infrastructure in residential parking spaces, are likely to drive the growth of this category in the coming years.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The market is expanding due to an increase in the use of electric vehicle charging stations, such as in China. China's government is working hard to improve the region's charging infrastructure. Furthermore, the government is heavily focused on green mobility adoption. Developing economies such as China, South Korea, and Japan are intending to increase the number of charging stations to encourage the adoption of electric vehicles in their respective countries.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. Local governments and government efforts in Europe are focusing on the deployment of public charging stations throughout the regions, as well as the adoption of green energy and green automobiles. This propels the market in the region. Furthermore, the region's dominant companies are focusing on producing efficient goods to provide rapid charging solutions for EV users.

Key players in the market

Some of the key players profiled in the Electric Vehicle AC Charger Market include Robert Bosch GmbH, Wallbox Inc., Eaton, ABB Ltd., Blink Charging Co., Siemens AG, ChargePoint Inc., EO Charging, EVBox, Schneider Electric, Telsa Motors Inc., Delphi Automotive PLC. and Legard.

Key Developments:

In September 2022, Blink Charging Co. signed a mutual service agreement with UBS Asset Management’s Real Estate along with the Private Markets business. In the agreement, Blink will provide the deployment of electric vehicle charging stations and related services to properties owned by UBS over the U.S. The agreement is done to provide the latest EV charging technology for fast, affordable charging services to the tenants of UBS.

In July 2022, ChargePoint signed a partnership with Charge Across Town and the State of California. In the partnership, the companies will deploy more than 100 EV chargers at residential properties. ChargePoint was awarded USD 4.25 million for this project by the California Energy Commission. ChargePoint will install its CPF50 and CT4000 electric charging ports, of which 75% will be reserved for low-income or disadvantaged buildings.

In April 2022, Wallbox partnered with Uber Canada to provide Wallbox electric vehicle chargers to the partner drivers of Uber. In this partnership, Wallbox will give the Uber partner drivers discounted prices for its Pulsar Plus electric vehicle charger. The Pulsar Plus is a compact electric vehicle home charger. With this initiative's help, Uber Canada aims to achieve sustainable vehicle transportation. The process will happen in 3 phases, 1st phase will cover Vancouver, 2nd phase will cover Toronto, and in the 3rd phase, other parts of Canada will be covered.

In November 2021, Siemens signed a partnership with Lightning eMotors. Lightning eMotors is a leading provider of electric powertrains and commercial vehicles fleet. In the partnership, the company will supply Siemens’ Level 2 electric vehicle chargers to commercial and government fleets. The company will sell and supply Siemens’ VerciCharge AC charging systems under Lightning eMotors’ Lightning energy brand. The charging station provides AC power of up to 11.5 kW to the vehicle's onboard charger, is also safe and weather resistant, and applicable for indoor and outdoor use.

In October 2021, EO Charging signed a partnership with Tesco, a logistics company based in the U.K., to install electric vehicle charging stations to be utilized for charging the fleet vehicles of Tesco. EO Charging will install its 200 AC fast chargers and 5 DC chargers across five sites in the initial phase. The Lakeside, Oxford, Glasgow, and Enfield charging depot will provide daily charging requirements and emergency services in case of a breakdown.

Products Covered:
• Fast Charger
• Standard Charger

Vehicle Types Covered:
• Plug-in Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)

End Users Covered:
• Commercial Charging
• Residential Charging

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements