AC charger market size

The global electric vehicle AC charger market size was valued at USD 3.68 billion in 2021 and is projected to grow from USD 4.37 billion in 2022 to USD 33.57 billion by 2029, exhibiting a CAGR of 33.82% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with electric vehicle AC charger experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 47.44% in 2020 as compared to 2019.

AC charging is the most commonly used method for powering up electric vehicles; therefore, as automotive electrification continues across emerging countries worldwide, the demand for AC chargers will significantly rise during the forecast period. Most of the charging stations that are installed worldwide offer AC charging. However, the power provided by the grid is available in the form of AC, whereas the power stored in a battery is in the form of DC. Therefore, to utilize the AC charging stations onboard, electric vehicle chargers are required that can first convert AC to DC and then feed it into the car’s battery.

Moreover, AC chargers are compact in size compared to DC charging stations; therefore, they are highly preferred for offices and residential use. Further, the rising demand for convenient charging of electric vehicles among the global populace is anticipated to surge the demand for AC charger for EVs in the near future. Additionally, AC chargers are more affordable compared to their counterpart, DC. Hence, increasing penetration of electric vehicle AC charger in price-sensitive markets such as India will likely boost the growth of the global market in the coming years.

One significant distinction between AC and DC charging is the price — AC chargers are much cheaper to use than DC ones. The thing is that DC chargers are more expensive. On top of that, installation costs and grid connection costs for them are higher.

When you charge your car at a DC power point, you can save a lot of time. So it's ideal for situations where you're in a hurry. In such cases, it is reasonable to pay a higher price for increased charging speed. Meanwhile, charging with AC power is cheaper but takes longer. If you can charge your EV close to the office while working, for example, there's no need to overpay for super-fast charging.

When it comes to price, home charging is the cheapest option. So buying your own charging station is a solution that will definitely suit your wallet.