EV Charging Equipment Market Global Outlook & Forecast 2024-2029:
DUBLIN–(BUSINESS WIRE)–The “EV Charging Equipment Market – Global Outlook & Forecast 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
The EV Charging Equipment Market was valued at USD 20.67 Billion in 2023, and is expected to reach USD 46.13 Billion by 2029, rising at a CAGR of 14.32%.
The global EV charging equipment market is highly fragmented, with numerous players ranging from specialized startups to established multinational corporations. This fragmentation stems from the rapid growth in EV adoption, leading to a diverse range of solutions tailored to various consumer needs and regional requirements. Major players in the EV charging equipment market include companies like ChargePoint, ABB, Eaton, Star Charge, TELD New Energy Co. Ltd, EVBox, Kempower, Alfen NV, Wallbox Chargers, S.L., and Delta Electronics, each offering a variety of charging solutions that cater to residential, commercial, and public charging infrastructure.
Furthermore, ABB E-mobility is a prominent player in the EV charging sector, renowned for its extensive network of DC fast chargers and superior uptime. Furthermore, in China, TELD stands out with its impressive network of 523,000 charging piles as of last year, having supplied about 9.3 billion kilowatt hours, a 59% increase from the previous year.
The demand-driving factors in the EV charging equipment market are government policies, environmental awareness, partnerships & collaborations, and more. The increase in EV adoption is a primary catalyst, as more consumers and businesses opt for eco-friendly transportation solutions. Government policies and incentives, including subsidies, tax benefits, and stringent emission regulations, further encourage the transition to EVs. Also, expanding charging networks is essential to support the growing number of EVs, with efforts to install more charging stations in urban and rural areas. Technological advancements in charging equipment, such as faster charging times and enhanced connectivity, improve user experience and efficiency. The rise of corporate fleets and commercial use of EVs also boosts demand for robust charging infrastructure.
Furthermore, consumer awareness regarding environmental benefits and cost savings associated with EVs plays a significant role in market growth. Additionally, integrating renewable energy sources into charging stations aligns with sustainability goals and offers a greener alternative to traditional power sources. Finally, partnerships and collaborations among automakers, energy providers, and technology companies foster innovation and expand the reach of the EV charging equipment market.
APAC dominated the global EV charging equipment market, accounting for a share of over 56% in 2023. China stands out as a dominant force in this sector, driven by substantial investments in charging infrastructure and government incentives designed to increase EV sales. Additionally, countries like Japan and South Korea are important contributors, emphasizing the development of advanced charging technologies and expanding their charging networks. In India, the adoption of EVs is gaining momentum, driven by government incentives and growing awareness of environmental issues. The Indian government has launched schemes like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) to promote EV adoption and infrastructure development.
MARKET TRENDS & OPPORTUNITIES
Increasing Vehicle-To-Grid Technology
Vehicle-to-grid (V2G) technology allows EVs to interact with the power grid by drawing energy from and supplying energy back to the grid. This bi-directional energy flow transforms EVs into mobile energy storage units that can help balance the grid’s supply and demand, enhancing the stability and efficiency of the power system. By allowing EVs to discharge excess energy during peak demand and charge during low demand, V2G technology supports grid management and can lower energy costs for EV owners.
This capability increases demand for the EV charging equipment market, as more sophisticated bi-directional chargers and infrastructure are needed to facilitate these advanced interactions between EVs and the grid. The surge in EV adoption improves the need for advanced power grid management to handle increased demand.
Government Incentives and Regulations
Government incentives and regulations are crucial in shaping the EV charging equipment market. Incentives such as tax credits, rebates, and grants encourage the adoption of EVs and the installation of charging infrastructure. Additionally, regulations mandating the expansion of charging networks and setting standards for charging equipment drive market growth and innovation.
INDUSTRY RESTRAINTS
Challenges Associated with Alternative Fuel and Hybrid Vehicles
Alternative fuels, such as hydrogen, biofuels, and natural gas, are increasingly recognized as viable solutions for reducing greenhouse gas emissions and decreasing dependency on fossil fuels. Moreover, hybrid vehicles, which combine internal combustion engines with electric force, reduce the dependence on electric-only charging.
This dual system means that the demand for charging infrastructure is moderated compared to pure EVs. In Brazil, flex-fuel vehicles (FFVs) dominated the car market in 2022, with 1.63 million units sold, making up over 83% of total car sales. While FFV sales were slightly up from the previous year, EV sales only totaled 8,440 units, or 0.4% of the market, despite nearly tripling from the prior year. The popularity of FFVs is attributed to their lower cost than EVs and a lack of EV infrastructure. The government recently extended biofuel tax exemptions and may further develop EV infrastructure.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The AC product segment holds the most significant share of the global EV charging equipment market 2023. The AC segment accounted for the majority of the revenue share due to cost-effectiveness, grid integration, and technology advancements. The flexibility of AC chargers, particularly their ability to support overnight home charging with off-peak electricity rates, makes them an attractive option for EV owners, further propelling market growth.
The AC chargers can be integrated into the existing electrical grid more easily and are particularly important as the grid adapts to increased demand from EVs. Also, this makes AC chargers an attractive option for expanding charging networks without significant upfront costs for businesses and municipalities. Improvements in charging technology, such as faster charging speeds and more efficient systems, can drive demand.
INSIGHTS BY END-USERS
The global EV charging equipment market by end-users is segmented into residential and commercial. In 2023, the residential segment dominated the end-user’s market. Many modern EV chargers are compatible with smart home systems, allowing homeowners to monitor and control their charging remotely.
This integration appeals to tech-savvy consumers and contributes to the growing market for residential charging solutions. Installing EV charging equipment can increase the value of a home and make it more attractive to potential buyers who own or plan to buy an EV. Furthermore, as urban and suburban areas continue to develop, more residential properties are being equipped with EV charging infrastructure to meet the demands of new homeowners and residents.
INSIGHTS BY COMPONENTS
The global EV charging equipment market by components is segmented into hardware and software. The hardware segment holds the most significant market share in 2023. The hardware components segment is the backbone that enables devices to function effectively. These components include the connector, housing or enclosure, electronics inside the housing, power connection, and ports and cables.
Furthermore, the software components segment is exhibiting a CAGR of more than 14% during the forecasted period. Software development for user interfaces, mobile apps, and customer support systems becomes crucial. These applications provide users with charging station information, payment processing, and account management. EV charging equipment must often integrate with smart grids and energy management systems. This requires software to communicate with grid operators, manage energy usage, and support dynamic pricing models.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 304 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $20.67 Billion |
| Forecasted Market Value (USD) by 2029 | $46.13 Billion |
| Compound Annual Growth Rate | 14.3% |
| Regions Covered | Global |
Premium Insights
Overview
- Smart Charging and Grid Integration
- EV Charging Infrastructure Trends
- Expanding Global EV Charging Infrastructure
- Value Chain Analysis
- Raw Material Supplier
- Manufacturers
- Installation & Maintenance
- Charging Point Operators & E-Mobility Service Providers
- End-users & Automotive Manufacturers
Market Opportunities & Trends
- Growth of Vehicle-To-Grid Technology
- Increasing Sustainability and Environmental Concerns
- Growing Installation of Fast Chargers
Market Growth Enablers
- Increasing Adoption of Electric Vehicles
- Rapid Acceleration of Urbanization and Smart City Initiatives
- Increase in Government Incentives and Regulations
- Increasing Investments in EV Infrastructure
Market Restraints
- Grid Capacity and Stability in Emerging Economies
- Lack of Infrastructure Development
- High Installation Costs
- Emergence of Alternative Fuels and Hybrid Vehicles
Key Company Profiles
- ABB
- Alfen N.V.
- ChargePoint, Inc.
- Delta Electronics, Inc.
- Eaton
- EVBox Group
- Kempower
- StarCharge
- TELD New Energy Co. Ltd
- Wallbox Chargers, S.L.
Other Prominent Vendors
- Aclara Technologies
- Aeidth Technologies
- AMPECO LTD
- Blink Charging Co.
- Bolt.Earth
- bp pulse
- ChargeHub
- Chargemaster
- chargeMOD
- Delphi Technologies
- Driivz
- Efacec
- Enel X Way
- Enphase Energy
- EVQ Point
- GARO
- Green Energy Wallet
- IES Synergy
- IOTECHA
- Landis+Gyr
- Leviton Manufacturing Co., Inc
- Okaya EV Pvt. Ltd.
- Pod Point
- QuantumEV
- Schneider Electric
- Shanghai Xundao New Energy Technology Co., Ltd.
- Sicon Chat Union Electric Co., Ltd.
- Siemens
- SimplyFuel Solutions
- SYNOP
- Tap Electric
- Tesla
- Titan Power
- Tridens d.o.o.
- Volttic EV Charging
- Xuji Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/u30xhv
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