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Electric Vehicle Charger Market Statistics - 2027
The electric vehicle charger market size was valued at $3.8 billion in 2019, and is projected to reach $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.
The significant factors impacting the growth of the electric vehicle charger market include government regulations to limit environment pollution.
Electric vehicles (EVs) are gaining momentum in the transportation industry in recent times owning to increasing demand for lightweight fuel efficient vehicles, along with the growing concern for environmental related norms and regulations. Electric vehicles (EVs) mainly use one or several motors that are powered by fuel cell, battery, solar panels, or generators installed in the vehicles for propulsions. In future, advancement in technology, increasing battery capacity, and the use of lightweight materials in EVs are going to provide better efficiency, thereby further contributing to the development of electric vehicles across regions.