North America Portable Electric Vehicle Charger Market Size, 2018-2030, By Application (USD Million)
Synopsis
The above chart is North America Portable Electric Vehicle Charger Market Size, 2018-2030, By Application (USD Million)
Market Dynamics
North america portable electric vehicle charger market is estimated to witness significant growth in the upcoming years, owing to the increasing adoption of electric vehicles (evs) in the region. according to a report by the international energy agency, the number of evs on the road around the world reached 5.1 million in 2018, with the highest numbers in china, europe, and north america. as the demand for evs continues to rise, the need for portable electric vehicle chargers is also increasing to support these vehicles on the go.
the portable electric vehicle charger market in north america can be segmented by application into residential, commercial, and public charging. the residential segment is expected to dominate the market during the forecast period due to the convenience and cost-effectiveness offered by these chargers for ev owners. with the increasing awareness about the benefits of evs, more and more people are purchasing these vehicles for personal use, which in turn is driving the demand for portable electric vehicle chargers in the residential sector.
moreover, the government initiatives and policies promoting the adoption of clean energy and reducing carbon emissions are also expected to contribute to the growth of the portable electric vehicle charger market in north america. for instance, the us federal government offers a tax credit of up to $7,500 to ev owners, making it more affordable for people to switch to evs. this, in turn, increases the demand for portable electric vehicle chargers, as these vehicles require frequent charging.
the commercial segment is also expected to witness significant growth in the market, as many companies are now incorporating evs into their fleet for transportation and delivery purposes. this shift towards electric commercial vehicles is not only environmentally friendly but also cost-efficient in the long run. this, in turn, is expected to drive the demand for portable electric vehicle chargers in the commercial segment.
the public charging segment is also anticipated to grow at a steady rate due to the increasing number of public charging stations being set up in cities and along highways. these charging stations primarily use level 2 chargers, which require a charging cable to be plugged into the ev, making portable electric vehicle chargers an essential accessory for ev owners.
in conclusion, the north america portable electric vehicle charger market is on the rise due to the increasing demand for evs and the government initiatives promoting clean energy. the market is expected to continue growing in the future, as more countries and companies shift towards sustainable transportation solutions.
