Market Size of High Power Charger For Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 22.36 Billion |
| Market Size (2029) | USD 94.13 Billion |
| CAGR (2024 - 2029) | > 33.30 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
High Power Charger For Electric Vehicle Market Analysis
The High Power Charger For Electric Vehicle Market size is estimated at USD 22.36 billion in 2024, and is expected to reach USD 94.13 billion by 2029, growing at a CAGR of greater than 33.30% during the forecast period (2024-2029).
The high power charger for the electric vehicle market is being driven by increased sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), along with lower costs of powertrain components. Governments worldwide are launching various schemes and policies to encourage the adoption of EVs over conventional vehicles.
• More than 10 million electric cars were sold worldwide in 2022. The momentum was expected to continue into 2023, with sales projected to grow by another 35%, reaching approximately 14 million vehicles.
• Globally, EVs are expected to represent over 40% of auto sales in 2030, equating to around 40 million vehicles.
In addition, investments and acquisition activities of non-renewable energy giants that are diversifying their portfolios to meet the escalating vehicle electrification trend are likely to drive the market's growth in the coming years.
The growth in terms of adoption and sales of electric vehicles, increasing stringent safety norms promoting the adoption of electric vehicles by the government, and the introduction of advanced technology (high-power technology) for electric vehicles manufactured with high-power capabilities are expected to lead to a growth in the high-power charger for electric vehicles market in the coming years.
Technological advancements, such as the deployment of electronic payment methods through RFID technology, controlled by a cloud-computing platform in fast charger manufacturing, shall provide future growth opportunities for the market.
