EV Charging System Market to Reach $42.62 Billion by 2030 at 26.62% CAGR.
An increase in production of electric vehicles and growing inclination toward low-emission & fuel-efficient automobiles propel the growth of the global electric vehicle charging system market.
PORTLAND, Ore., Jan. 18, 202 – Allied Market Research published a report, titled, “Electric Vehicle Charging System Market by Product Type (Home Charging Systems and Commercial Charging Systems), Mode of Charging (Plug-in Charging System and Wireless Charging System), and Charging Voltage Level (Level 1, Level 2, and Level 3): Global Opportunity Analysis and Industry Forecast, 2021–2030.”
According to Allied Market Research, the global electric vehicle charging system market was valued at $4.26 billion in 2020 and is predicted to reach $42.62 billion by 2030, with a compound annual growth rate of 26.2 percent from 2021 to 2030.
Drivers, restraints, and opportunities-
The global electric vehicle charging system market is rising due to an increase in electric car manufacturing and a growing preference for low-emission and fuel-efficient vehicles. The expensive cost of electric vehicles, on the other hand, stifles expansion to some extent. However, the industry is expected to benefit from the development of wireless charging technologies and the incorporation of Vehicle-to-Grid (V2g) EV charging stations.
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COVID-19 scenario-
- Export disruptions of Chinese automotive parts, massive manufacturing disruptions across Europe, and the closure of assembly plants in the United States all had a negative impact on the global unified automotive industry, hampering the growth of the electric vehicle charging system market, particularly in the early stages.
- The market, on the other hand, is expected to recover quickly as the global situation improves.
The plug-in charging system segment to retain the lion’s share-
Due to its larger availability in the market, the plug-in charging system category held the majority of the market share in 2020, accounting for 98 percent of the worldwide electric vehicle charging system market. In contrast, the wireless charging system segment is expected to grow at the fastest rate of 28.8% throughout the forecast period. The segment’s growth is fueled by the fact that it provides significant prospects for market participants.
The level 2 segment to dominate by 2030-
In 2020, the level 2 sector accounted for the lion’s share of the global electric car charging system market, accounting for 87 percent. This is because it charges the vehicle ten times faster than Level 1 charging and provides a better cost-to-performance ratio. However, from 2021 to 2030, the level 3 category is expected to grow at the fastest rate of 34.8 percent. This is due to the fact that level 3 charging is the fastest available on the market.
Asia-Pacific, followed by Europe and North America, held the major share in 2020-
Due to an increase in the number of electric vehicle sales in the area, Asia-Pacific, followed by Europe and North America, dominated the global electric vehicle charging system market in 2020, accounting for about half of the global market. North America, on the other hand, is predicted to have the quickest CAGR of 30.0 percent throughout the projection period. This is due to the region’s fast-expanding electric vehicle charging infrastructure.
Key players in the industry-
- Delta Electronics, Inc.
- Eaton Corporation plc.
- BorgWarner Inc.
- Moser Services Group, LLC
- Plugless Power Inc.
- Webasto Group
- Robert Bosch GmbH
- Schneider Electric
- General Electric
- Siemens AG
- Tesla
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.