Smart EV Charger Market Size, Share, Trends, Growth and Forecast 2032

Smart EV Charger Industry Prospective:

The global smart EV charger market size was worth around USD 4.13 billion in 2023 and is predicted to grow to around USD 50.92 billion by 2032 with a compound annual growth rate (CAGR) of roughly 32.20% between 2024 and 2032.

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Smart EV Charger Market: Overview

A smart electric vehicle (EV) charger is an advanced take on conventionally used chargers for electric vehicles. Conventional EV chargers are manually controlled while charging an electric energy-powered vehicle. On the other hand, smart counterparts offer novel networking and intelligent control features thus improving the overall EV charging process.

According to market research, smart EV chargers are equipped to remotely monitor charging states. They can also facilitate the scheduling of charging stop and start times depending on the electricity cost and availability. Smart EV chargers are equipped to provide additional benefits such as securing data connection between the connected mobile phone and the charger. Smart electric vehicle chargers are considered ideal for commercial fleet operators however, they can also be used by individual EV owners.

Furthermore, government initiatives to promote the adoption of EVs and smart chargers are likely to impact the demand for intelligent EV charging tools in the coming years. One of the major drawbacks of the industry is the high cost of the solutions available in the market limiting the number of potential users. Additionally, restricted awareness and lack of repair facilities for smart chargers may also inhibit overall market revenue in the long run.

Key Insights:

• As per the analysis shared by our research analyst, the global smart EV charger market is estimated to grow annually at a CAGR of around 32.20% over the forecast period (2024-2032)
• In terms of revenue, the global smart EV charger market size was valued at around USD 4.13 billion in 2023 and is projected to reach USD 50.92 billion by 2032.
• The market is projected to grow at a significant rate due to the growing adoption of EVs across the globe.
• Based on the power supply range, the 3 to 22 kW segment is anticipated to command the largest market share.
• Based on the end-user, the commercial charging station segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on region, Europe is projected to dominate the global market during the forecast period.

Smart EV Charger Market: Growth Drivers

Growing adoption of EVs across the globe to drive market demand rate

The global smart EV charger market is projected to grow during the forecast period due to the increasing adoption of electric vehicles globally. The demand for EVs in the last five years has witnessed tremendous growth driven by several influential factors. For instance, the cost of electric vehicles has reduced in the last decade allowing more automotive users to invest in sustainable vehicles. The increased production rate and entry of several players in the EV segment offering novel passenger and commercial-grade vehicles have assisted in reduced costs.

Furthermore, electric vehicle makers are customizing vehicles depending on the region and the general requirements of the domestic population. The fluctuating prices of fuel such as petrol and diesel are expected to encourage more consumers in the future to opt for electric vehicles.

In addition to this, favorable government policies targeting consumers as well as businesses are expected to positively affect the overall revenue in the EV segment during the projection period. For instance, according to the US Department of Energy (DOE), American EV buyers are eligible for tax credits up to USD 7500 for eligible EVs. Furthermore, used EVs in the eligibility range will provide tax credits of up to USD 4000. Other countries including emerging nations have launched several programs and initiatives for EV makers which are expected to help promote the production rate of electric vehicles.

Growing investments in commercial grade EV fleet to generate market revenue

The surge in demand and development of EV fleets for commercial purposes will be critical in promoting the usage of smart EV chargers in the commercial years. Businesses worldwide are focusing on reducing dependency on non-renewable energy. Moreover, the increased applications of energy-efficient solutions have further created more demand for intelligent electric vehicle chargers.

In October 2024, Ashok Leyland, a leading automobile maker operating from the Indian market, announced the launch of a new fleet of electric trucks in partnership with Billion Electric Mobility. The companies have bagged a tender worth INR 150 crore for manufacturing 180 units of new electric vehicles. According to official reports, Amazon, one of the world’s leading e-commerce companies, is expected to deploy over 10,000 EVs by 2025. The solutions available in the global smart EV charger market are highly beneficial to EV fleet users driving market sales.

Smart EV Charger Market: Restraints

High cost of intelligent chargers and limited awareness may impact overall revenue

The global industry for smart EV charger is projected to be restricted due to the high cost of intelligent chargers as compared to traditional counterparts. For instance, the average cost of a direct current (DC) fast charger is between USD 10,000 to USD 40,000 with the cost increasing further in the case of high-end models. Furthermore, the industry's growth rate will be inhibited due to limited awareness of the long-term advantages of using smart EV chargers.

Smart EV Charger Market: Opportunities

Increasing the introduction of new solutions in the market will generate expansion possibilities in the industry

The global smart EV charger market is projected to grow due to the rising launch of new solutions in the market. Industry producers of intelligent electric vehicle charging are working on deploying advanced tools that can eliminate the limitations of traditional chargers and improve the overall charging experience for users. In October 2024, Elli, a part of the Volkswagen Group, announced the launch of the company’s first EV charger for home applications in Europe. One of the key features of the Elli Charger 2 is its ability to leverage surplus charging using solar installations at home.

Furthermore, the smart EV charger is also equipped with a price-optimized charging feature thus allowing it to optimally charge the vehicle when the energy prices are at their lowest. To attract more customers the company has partnered with Otovo, a Norwegian solar power provider as customers can buy solar power systems from Otovo along with the charger. In addition to this, the introduction of novel software technologies facilitating the use of smart EV chargers will also be crucial to shaping the industry’s overall revenue in the coming years.

Smart EV Charger Market: Challenges

Complexities in regulatory framework and installation may challenge the overall revenue in the industry

The global industry for smart EV charger is projected to be challenged by the complexities associated with the regulatory framework governing the development and application of smart EV chargers. In addition to this, intelligent electric vehicle charging solutions demand high electrical capacity which may not be available in a large number of homes or commercial centers. The growing risk of cybercrimes associated with the use of smart chargers may also limit the overall adoption rate in the industry.

Smart EV Charger Market: Report Scope

Smart EV Charger Market: Segmentation

The global smart EV charger market is segmented based on power supply range, end-user, and region.

Based on the power supply range, the global market divisions are >60 kW, 22 to 60 kW, and 3 to 22 kW. In 2023, around 45% of leading revenue was listed in the 3 to 22 kW segment. Power supply between 3 to 22 kW offers cost-efficiency, energy efficiency, and optimal charging speed. Moreover, the range is widely suitable for a large range of operations. The demand for the 22 to 60 kW power supply range is expected to grow at a steady pace during the forecast period with rising end-user applications.

Based on the end-user, the global market segments are commercial charging stations and passenger charging units. In 2023, the highest demand was registered in the commercial charging station segment. The intelligent EV chargers help electric vehicle fleet operators improve business efficiency and reduce energy consumption. Furthermore, the tools provide access to time-of-use (TOU) pricing thus allowing charging depending on the energy availability and corresponding price. The growing investments in the commercial EV fleet industry which was valued at USD 24 billion in 2023 will fuel segmental demand in the future.

Smart EV Charger Market: Regional Analysis

Europe to register the highest demand during the forecast period

The global smart EV charger market is expected to be led by Europe during the forecast period. One of the key factors driving the regional revenue is the presence of several favorable government-designed policies aimed at promoting the use of smart EV chargers.

For instance, the Office for Zero Emission Vehicles (OZEV) in the United Kingdom manages the installation of only pre-approved smart charger models for the users to qualify for regional incentive schemes such as the EV Charging Grant. European countries are currently focusing on encouraging domestic production of EVs and vehicle accessories which could encourage improved revenues for smart EV chargers in the coming years.

Asia-Pacific is a prominent market generating significant revenue for smart EV chargers. China leads the electric vehicle production industry foreshadowing global competitors. The increased regional innovation in terms of EV chargers will facilitate growth in Asia-Pacific. In addition to this, the growing adoption of electric vehicles across major Asian countries and demand for improved energy-efficient solutions will create higher adoption of smart EV chargers in the coming years.

Smart EV Charger Market: Competitive Analysis

The global smart EV charger market is led by players like:

• Siemens eMobility
• ADS-TEC Energy
• Schneider Electric
• Volta Charging
• ChargePoint
• NaaS Technology
• ABB
• Blink Charging
• Tesla
• EVBox
• Gridsmart
• EVgo
• Allego
• Wallbox
• Efacec

The global smart EV charger market is segmented as follows:

By Power Supply Range

• >60 kW
• 22 to 60 kW
• 3 to 22 kW

By End-User

• Commercial Charging Station
• Passenger Charging Unit

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa