Asia Pacific is expected to dominate the global market during the forecast period owing to the presence of a strong automotive sector and improvement in spending power of the regional population. Governments of developing countries are taking initiatives to reduce carbon emissions. They are promoting usage of EVs and increasing the availability of charging points. These efforts are anticipated to drive market expansion in Asia Pacific in the near future.
Based on propulsion, the market is segmented into hybrid electric and battery electric vehicles. According to the EV chargers market report by TMR, the battery electric vehicle segment accounted for 70.3% share of the market in 2021. The market growth can be ascribed to increases in awareness about environment concerns among consumers, and the advantages of battery electric vehicles (BEVs).
Companies manufacturing BEVs are increasing R&D activities to improve the average driving range of their vehicles. This has resulted in increases in the average range of BEVs from 243 km in 2017 to around 350 km in 2021. This factor is aiding in the rapid adoption of BEVs, which in turn is boosting the demand for EV chargers.
