Global Off-Board Electric Vehicle Charger (EVC) Market Size By EV Type (Battery Electric Vehicle, Hybrid Electric Vehicle), By Power Rating (15 - 30 KW, 30 - 50 KW), By Type (Level 2 Charger, Level 3 Charger), By Geographic Scope And Forecast
Report ID: 371973|No. of Pages: 202
Global Off-Board Electric Vehicle Charger (EVC) Market Size By EV Type (Battery Electric Vehicle, Hybrid Electric Vehicle), By Power Rating (15 - 30 KW, 30 - 50 KW), By Type (Level 2 Charger, Level 3 Charger), By Geographic Scope And Forecast
Off-Board Electric Vehicle Charger (EVC) Market Size And Forecast
Off-Board Electric Vehicle Charger (EVC) Market size was valued at USD 4,103.54 Million in 2022 and is projected to reach USD 14,684.27 Million by 2030, growing at a CAGR of 17.66% from 2023 to 2030.
Electric vehicles may charge significantly faster with OFF-BOARD chargers than with home chargers since they are made to have a higher charging power. They can provide the battery in the vehicle with direct current (DC), facilitating rapid charging. The Global Off-Board Electric Vehicle Charger (EVC) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Off-Board Electric Vehicle Charger (EVC) Market Definition
OFF-BOARD charging technology, a form of EV charging technology, allows electric vehicles to be charged without leaving the vehicle. EVs may be charged while parked in a public place thanks to technology extensively utilized in public charging stations. EVs may be charged inside private dwellings when parked in a garage or driveway using OFF-BOARD charging technology. Depending on the kind, OFF-BOARD charging technology often employs an AC or DC power source. Despite the ability to charge numerous vehicles at once and shorter charging durations, OFF-BOARD charging systems are typically more efficient than on-board charging systems.
OFF-BOARD EVCs can take many forms, ranging from household charging points to public charging stations, and they are an important component of the electric car ecosystem. These charging stations provide the essential connections, safety measures, and communication capabilities to allow power to be transferred from the grid to the EV. They differ in terms of charging speed, power output, and compatibility with various types of electric cars, but their fundamental role is to refill the energy stored in the EV’s battery, hence expanding its driving range and functioning. OFF-BOARD EVCs are often classified by charging speed, such as Level 2 and Level 3.
Level 2 charging uses greater power levels, often 240 volts, and is appropriate for residential and commercial charging stations. When compared to Level 1 charging, it greatly saves charging time. Charging (DC Fast Charging): The fastest charging technique is level 3 charging, commonly known as DC fast charging. It can charge faster at public charging stations since it runs at greater voltage and current levels. DC rapid chargers are widespread along roads and in cities. OFF-BOARD EVCs are user-friendly, with features such as payment systems, smartphone applications, and network access to monitor and manage the charging process. They play an important role in promoting the use of electric cars by offering simple and accessible charging alternatives in both private and public settings.
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Global Off-Board Electric Vehicle Charger (EVC) Market Overview
Electric vehicles may charge significantly faster with OFF-BOARD chargers than with home chargers since they are made to have a higher charging power. They can provide the battery in the vehicle with direct current (DC), facilitating rapid charging. Public spaces, including parking lots, retail malls, roads, and rest areas, frequently include these chargers. To enable EV charging for various customers, they are also placed in commercial buildings, offices, and other areas. The growing popularity of electric cars is one of the main factors propelling the OFF-BOARD EV Charger Market. Around the world, governments and automakers are pushing electric vehicles as a cleaner and more sustainable option than conventional internal combustion engine automobiles.
Thus, there is a growing demand for OFF-BOARD chargers to accommodate this rising EV fleet. Governments worldwide are swiftly encouraging the adoption of electric vehicles by enacting a range of regulations and laws. These consist of infrastructure improvements, tax breaks, subsidies, and refunds. These programs directly influence the growth of the OFF-BOARD EV charger market by enticing customers to convert to electric vehicles. Operators of electric vehicles might find OFF-BOARD EV chargers convenient. Electric vehicles have become increasingly popular for daily usage because of the widespread availability of charging stations in metropolitan areas, along roads, and shopping centers. Moreover, Transportation options that are cost-effective and environmentally friendly become increasingly important as more people migrate into cities.
Electric cars and OFF-BOARD charging facilities are essential to create eco-friendly urban areas with less noise and air pollution. Additionally, the price volatility of petroleum and gas has raised interest in electric cars as an approach to cutting expenses associated with transportation. Long-term operating costs and energy efficiency are often higher for electric cars, which also expands the demand. The popularity of electric cars has increased due to continuous developments in battery technology and charging infrastructure. Electric vehicles have become a more beneficial and practical choice due to their increased economy, longer driving range and faster charging times.
The lack of adequate facilities for charging is one of the main constraints facing the OFF-BOARD EV charger market. The growth of charging stations has not kept up with the rise in the number of electric vehicles on the road. Furthermore, locating charging stations that are compatible with the connections and charging rates used by various manufacturers may be challenging for owners of electric vehicles. OFF-BOARD chargers are not widely used because of this lack of standardization. Also, in comparison to on-board chargers, OFF-BOARD chargers usually operate slower, and many have a restricted charging range. This might be a disadvantage for EV owners requiring easy and speedy charging.
Global Off-Board Electric Vehicle Charger (EVC) Market: Segmentation Analysis
The Off-Board Electric Vehicle Charger (EVC) Market is segmented on the basis of EV Type, Power Rating, Type, and Geography.
Off-Board Electric Vehicle Charger (EVC) Market, By EV Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
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Based on EV Type, the market is divided into Battery Electric Vehicle and Hybrid Electric Vehicle. Battery Electric Vehicle accounted for the largest market share in 2022. Battery Electric cars (BEVs) are completely electric without a gasoline engine. They are also more commonly referred to as EVs. The battery pack obtains charging from the grid and provides all of the energy needed to operate the vehicle. BEVs’ ability to lower glasshouse gas emissions is one of the most significant for their importance. Vehicles using conventional internal combustion engines (ICEs) produce a significant amount of carbon emissions, which causes air pollution and accelerates climate change.
However, there are no exhaust emissions with BEVs. OFF-BOARD EV chargers are essential in helping the transportation system shift to one that is more ecologically friendly by encouraging BEVs. In Addition, Cities may become more pedestrian-friendly and encourage active transportation and healthier lifestyles by reducing noise and air pollution. Large parking lots and petrol stations could also become less necessary, freeing up priceless urban areas for other purposes. Additionally, they use less gasoline to run, saving money. Furthermore, BEVs are a desirable alternative for consumers on a budget because of incentives and rebates offered in several places. BEVs are significantly more energy-efficient. Compared to other vehicles, their electrical grid energy conversion rate to vehicle propulsion is significantly greater. This efficiency leads to lower energy use and financial savings for both car owners and the electrical grid.
Off-Board Electric Vehicle Charger (EVC) Market, By Power Rating
- 15 – 30 KW
- 30 – 50 KW
- Below 15 KW
- Above 50 KW
Based on Power Rating, the market is divided into 15 – 30 KW, 30 – 50 KW, Below 15 KW, and Above 50 KW. The Off-Borad Electric Vehicle Charger whose power rating is between 30KW to 50 KW is considered in this segment. A 30 KW EV charger is an electric vehicle (EV) charging station that connects directly to a vehicle’s power port and charges up to 50 kW of electricity. An electric car (EV) is a motorized vehicle using electricity as its primary power source instead of gasoline. It is a powered mobile phone charger that charges the device three times faster than traditional chargers
30 KW to 50 KW charger is an uninterruptible two-way charger. Its core applies new semiconductor control technology with the most advanced control algorithms. This EV charger belongs to the G3 charging standard. It adopts the international standard AC power supply, which provides a safe, cost-effective, and convenient EV charging solution for different users. The 30KW high-power DC fast charger recharges the batteries of an electric vehicle at a high speed of 150km/h, which matches the driving speed of classic cars. EV chargers can charge an electric vehicle from 0% to 100%. The best solution to power car on the go is the best EV charger. Anyone can have a fully charged battery in minutes without leaving the house. This EV charger is one of the essential parts of an electric car or motorcycle.
Off-Board Electric Vehicle Charger (EVC) Market, By Type
- Level 2 Charger
- Level 3 Charger
Based on Type, the market is divided into Level 2 Charger and Level 3 Charger. Level 2 Charger is expected to hold the largest market share of the Off-board Electric Vehicle Charger (EVC) in the forecast period. The power system for charging electric vehicles (EVs) must include 240-volt chargers, sometimes called Level 2 chargers. Compared to a Level 1 charger, usually a regular 120-volt household outlet, it offers a more potent and quicker charging option. A Level 2 charger can typically charge a vehicle up to 20 to 25 miles per hour. Therefore, it would take around 5-6 hours for a standard electric car with a 60 kWh battery to fully charge from almost empty using a Level 2 charger.
Level 2 public charging stations are becoming increasingly prevalent, and they frequently provide electric car owners who need to top off their battery packs while traveling a faster and more reliable solution. These stations are beside major roads, shopping malls, and parking lots. Improved grid integration and load control are made possible by level 2 chargers. Level 2 chargers’ increased power capacity makes it possible to work with the electrical grid more efficiently. Using smart charging systems may optimize charging schedules, and the burden on the grid during peak times can be decreased. Moreover, the international standardization of Level 2 charging technology ensures interoperability with a broad spectrum of electric cars. This makes charging infrastructure more future-proof and can support new EV models without significant improvements.
Off-Board Electric Vehicle Charger (EVC) Market, By Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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On the basis of Regional Analysis, the Global Off-Board Electric Vehicle Charger (EVC) Market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is expected to hold the largest market share of the Off-board Electric Vehicle Charger (EVC) in the forecast period.
Key Players
The “Global Off-Board Electric Vehicle Charger (EVC) Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Chargepoint, ABB, Eaton, Leviton, Blink Charging, Schneider Electric, Siemens, and General Electric.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2019-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Period | 2019-2021 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Chargepoint, ABB, Eaton, Leviton, Blink Charging, Schneider Electric, Siemens, and General Electric. |
| Segments Covered | By EV Type, By Power Rating, By Type, and By Geography. |
| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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