Electric Vehicle Charging System Market

Electric Vehicle Charging System Market Size (2022-2027):

The Global Electric Vehicle Charging System Market is predicted to grow from USD 3.22 billion in 2021 to reach a valuation of USD 30.41 billion by 2027, expanding at a CAGR of 41.8% between 2022 - 2027.

Market Overview:

An electric vehicle charging system is equipment that is used to connect an electric vehicle and a plug-in electric vehicle to a source of electricity to recharge them. Supported by the charging level, electric vehicle charging systems are categorized into level 1, 2, and 3 chargers. Powered by batteries and electric motors, electric cars are available in sort of models with various capabilities and ranges. These systems also are provided by private companies or electric utility companies. Interest in equipment that supports quick charging at a higher voltage and current is increasing, due to the rising demand for publicly accessible charging stations.

The crucial factors propelling the expansion of the global electric vehicle charging station market include government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and massive investment from automakers in EVs. However, high prices little distance covered by EVs, and scarcity of standardization with EV charging are the preventing factors for market growth. Strategic initiatives by major players to provide a free charging facility to electric vehicle owners will gain significant attraction in the market over the foreseen period.

Market Drivers:

The growing need for EVs in various parts of the planet is predicted to extend the demand for charging stations. As a result, multiple governments are funding the event of charging station infrastructure, also subsidizing the EV charging infrastructure. As an example, in July 2016, the United States government introduced a partnership between the Department of Transportation (DOT) and the Department of Energy (DOE) for "a 2020 vision for a national fast-charging network." The project may be a part of the Fixing America's Surface Transportation (FAST) Act. The partnership will determine the most unaffected locations for charging stations and therefore, the cost of charging and utility infrastructure. However, in September 2017, the German Federal Ministry of Transport and Digital Infrastructure granted a fund of USD 4.9 million to Fastened B.V., an EV fast-charging station provider. This fund was charged to develop 25 quick-charging stations in Germany, which are capable of supplying a distance of up to 250 km within 20 minutes.

Market Restraints:

Electric vehicles are advantageous over conventional vehicles; moreover, their cost is above traditional cars. The extra cost of shopping for an electric vehicle rather than a fuel-powered vehicle is mainly thanks to the high price of the battery. The involvement of a pricy manufacturing process and the use of costly raw materials is one of the main reasons for the high cost of electric vehicles, which hinders the expansion of the electric vehicle charging system market.

Market Recent Developments:

• Electric vehicles (EVs) charging infrastructure are going to be available every 4 kilometres in big cities within a year, following the award of two, 600 charging stations to state-run companies, said people conscious of the matter. This is able to address the difficulty of hysteria over the range of EVs, they said.
• Tata PowerNSE -1.64 which is getting to increase its network of electric vehicle charging stations to 700 by next year, top company officials announced.
• The month of February began on a dull note for India's electric vehicle industry because the minister of finance Nirmala Sitharaman missed mentioning the driving e-mobility opportunity within the country and its players within the Union Budget 2020. This was followed by the Auto Expo haul within the capital city which brought in new launches as well as new commitments from larger manufacturers.

ELECTRIC VEHICLE CHARGING SYSTEM MARKET REPORT COVERAGE:

Market Segmentation:

Electric Vehicle Charging System Market - By Product Type:

• Home charging systems
• Commercial charging systems

Electric Vehicle Charging System Market - By Mode of Charging:

• Plug-in charging system
• Wireless charging system

Instead of using a plug-in cable charging method to charge electric vehicles, wireless charging technology for electric vehicle take on the principle of magnetic induction to charge electric vehicle batteries. Additionally, various automobile giants are performing in the event of the wireless electric vehicle charging system. As an example in June 2018, BMW, an industry giant, deployed wireless charging technology in its newest Hybrid Electric Vehicle (HEV) named 530e iPerformance. Furthermore, this technology enables drivers of electric vehicles to park their vehicles over a charging pad on the bottom to charge it. This charging system isn't suffering from rain, snow, and other weather. However, the development of wireless charging technology for electric vehicles holds an exciting growth opportunity for the players operating within the electric vehicle charging system industry.

Electric Vehicle Charging System Market - By Charging voltage level:

• Level 1
• Level 2
• Level 3

Market Reginal Analysis:

The Global Electric Vehicle Charging System Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

A majority of electric vehicle charging station installations in the Asia Pacific (APAC) are driven by huge demand in countries like China and Japan. Currently, APAC is the largest marketplace for electric vehicle charging stations globally. Moreover, South Korea and India are taking initiatives to scale back greenhouse emission emissions by increasing the utilization of EVs. As an example, India, one of the most critical contributors of greenhouse gases, has pledged to end petrol and diesel cars by 2030. This initiative by the Indian government is predicted to create an enormous demand for EVs and EV charging infrastructure within the country. However, in September 2017, the Indian government decided to shop for 10,000 electric cars from Tata Motors in exchange for old petrol and diesel cars employed by government agencies. Thus, in September 2017, the Singapore government announced its first large-scale EV car-sharing program. Under the program called car-sharing, BlueSG (Singapore), a subsidiary of Bollore Group, will develop 500 charging stations equipped with 2,000 charging points in Singapore.

Market Key Players:

1. Tesla Motors Inc.
2. Delphi Automotive Plc
3. Schneider Electric
4. Leviton Manufacturing Co., Inc.
5. AeroVironment, Inc.
6. ChargePoint Inc.
7. General Electric
8. SemaConnect Inc.
9. Bosch Automotive Service Solutions Inc
10. Clipper Creek
11. EV Box
12. ABB Ltd.
13. Eaton Corp. Plc.