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Electric Vehicle Charger Market to Reach $25.5 Bn, Globally, by 2027 at 26.8% CAGR: Allied Market Research

Drivers, restraints, and opportunities- Drivers, restraints, and opportunities- Government regulations to limit environmental pollution, rise in market penetration of electric vehicles, and increase in government initiatives for development of electric vehicle charging infrastructure drive the growth of the global electric vehicle charger market. On the other hand, limited number of EV charging stations and inadequate standardization of EV charging impede the growth to some extent...
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Government regulations to limit environmental pollution, rise in market penetration of electric vehicles, and increase in government initiatives for development of electric vehicle charging infrastructure drive the growth of the global electric vehicle charger market. On the other hand, limited number of EV charging stations and inadequate standardization of EV charging impede the growth to some extent. However, upsurge in demand for luxury vehicles and rise in need for wireless charging of electric vehicles are expected to pave the way for multiple opportunities in the industry.

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Based on vehicle type, the PHEV segment accounted for nearly half of the global electric vehicle charger market share in 2019, and is expected to lead the trail by the end of 2027. PHEVs emit less gases over conventional ICS vehicles as they have extra capability to run a certain distance without burning a single drop of fuel which, in turn, has boosted the segment growth. The segment, on the other hand, would grow at the fastest throughout the forecast period. The fact that BEVs do not require gasoline at any point during operation, and they rely solely upon pure electric battery power drives the growth of the segment.

Based on charging type, the on-board chargers segment contributed to 95% of the global electric vehicle charger market revenue in 2019, and is anticipated to retain the lion's share till 2027. Rise in demand for BEVs and PHEVs is expected to boost the demand for onboard chargers during the estimated period. At the same time, the segment would register the fastest throughout the study period. Off-board chargers convert AC to DC to provide fast charging to electric vehicles. And, surge in demand for luxury and supercars is projected to fuel the demand for DC fast chargers, thereby driving the growth of the segment.

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Based on geography, Asia-Pacific , followed by Europe and North America , held the highest share in 2019, garnering nearly half of the global electric vehicle charger market. Growth in disposable income of the population is expected to increase the market presence of electric vehicle chargers in this province. Simultaneously, the would cite the fastest from 2020 to 2027. Deployment of strict government regulations to reduce the dependency on oil is expected to drive the market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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