Electric Vehicle Charging Systems Market to Reach $42.62 Billion Globally by 2030 at a CAGR of 26.2%: Allied Market Research

PORTLAND, Oregon., January 18, 2022 /PRNewswire/ — Allied Market Research has released a report titled, Electric Vehicle Charging System Market by product type (domestic charging systems and commercial charging systems), charging mode (plug-in charging system and wireless charging system) and charging voltage level (level 1, level 2 and level 3): analysis of Global Opportunities and Industry Forecast, 2021-2030.” According to the report published by Allied Market Research, the global market for electric vehicle charging systems was estimated at $4.26 billion in 2020 and is expected to reach $42.62 billion by 2030, registering a CAGR of 26.2% from 2021 to 2030.

Drivers, constraints and opportunities-

Rising production of electric vehicles and growing inclination towards low-emission and fuel-efficient vehicles are driving the growth of the global market Electric vehicle charging systems market. On the other hand, the high cost of electric vehicles is hampering growth to some extent. However, the development of wireless charging technology and the incorporation of V2g (Vehicle-To-Grid) electric vehicle charging stations are expected to create lucrative opportunities in the industry.

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COVID-19 scenario-

  • Interruptions in the export of Chinese auto parts, huge manufacturing disruptions across Europe, and the closure of assembly plants in United States has had a negative impact on the global unified automotive industry, thereby hampering the growth of the electric vehicle charging system market, especially during the initial phase.
  • However, as the global situation improves, the market should recover quickly.

The plug-in charging system segment to retain the lion’s share-

By charging mode, the plug-in charging systems segment held the largest share in 2020, attracting 98% of the global electric vehicle charging systems market, owing to its wider availability in the market. The wireless charging systems segment, on the other hand, is expected to quote the fastest CAGR of 28.8% throughout the forecast period. The fact that it harbors remarkable opportunities for the players operating in the market is driving the growth of the segment.

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The Tier 2 segment to dominate by 2030-

By charging voltage level, the Tier 2 segment captured the lion’s share in 2020, holding 87% of the global market for electric vehicle charging systems. This is due to the fact that it charges the vehicle up to ten times faster than level 1 charging and offers a better cost/performance ratio. However, the Tier 3 segment is expected to show the fastest CAGR of 34.8% from 2021 to 2030. Indeed, Tier 3 charging is the fastest type of charging available in the market.

Asia Pacific, followed by Europe and North America, held most of it in 2020-

By region, the market across Asia Pacific, followed by Europe and North America, dominated in 2020, attracting nearly half of the global EV charging system market, owing to the increasing scope of EV sales in the region. Simultaneously, North America, is expected to quote the fastest CAGR of 30.0% throughout the forecast period. This is attributed to the rapid growth of electric vehicle charging infrastructure in the region.

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Key Industry Players-

  • Delta Electronics, Inc.
  • Eaton Corporation plc.
  • BorgWarner Inc.
  • Moser Service Group, LLC
  • Power supply without plug inc.
  • Webasto Group
  • Robert Bosch GmbH
  • Schneider-Electric
  • General Electric
  • Siemens AG
  • You’re here

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Similar reports we have on the electric vehicle charging industry:

Electric vehicle wireless charging market per power source (3–50 kW), Installation (Domestic and Commercial), Distribution Channel (OEM and Aftermarket) and Vehicle Type (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicle (HEV) and Commercial Electric Vehicles: Global Opportunities Analysis and industry forecast, 2018-2030.

Electric vehicle charger market by vehicle type (battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicle (HEV)), charging type (on-board chargers and off-board chargers) and end user (residential and commercial): Analysis Global Opportunities and Industry Forecast, 2020-2030.

Electric Vehicle Supply Equipment Market by type of power supply (alternating current (AC) and direct current (DC)), type of product (portable charger, electric vehicle terminal, on-board charging station and others), type of charging station (normal charge, super charge and Inductive Charging) and Application (Commercial and Residential): Global Opportunities Analysis and Industry Forecast, 2020-2030.

Electric Vehicle Charging Cables Market by power supply type (AC load and DC load), by application (private load and public load), by cable length (2 meters to 5 meters, 6 meters to 10 meters and above 10 meters), by shape (straight and spiral), by load level (level 1, level 2 and level 3), by sheath material (thermoplastic elastomer (TPE) sheath, polyvinyl chloride (PVC) sheath and full rubber sheath): analysis Global Opportunities and Industry Forecast, 2020-2030.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, the CEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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