According to a report published by ResearchAndMarkets.com, the global EV charger market is projected to reach $27.9 billion by 2027, growing at a CAGR of 33.4% from 2021 to 2027. The growth in the market is driven by government initiatives for the installation of EV charging infrastructure, growing demand for electric vehicles and the need for reducing greenhouse gas emissions.
Furthermore, the rise in demand for electric buses and trucks has also contributed to the growth of the EV charger market. Several companies such as Tesla, Shell, Total, and E.ON have been investing in building EV charging infrastructure to meet the growing demand for electric vehicles.
In addition, the development of smart charging solutions and the integration of renewable energy sources into the EV charging infrastructure is expected to provide significant opportunities for the growth of the EV charger market. Overall, the EV charger market is expected to continue to grow in the coming years, driven by advancements in technology, supportive government policies, and increasing adoption of electric vehicles worldwide.