Charging Pile Market Size, Share, Growth and Industry Analysis by Type (AC Charging Pile, And, DC Charging Pile), By Application (Residential Area and Public Place), Regional Forecast To 2031

Updated On: 08 April 2024

Charging Pile Market REPORT OVERVIEW

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The global charging pile market size was USD 2277.5 million in 2021 and is projected to touch USD 11346.25 million by 2031, exhibiting a CAGR of 17.4% during the forecast period.

A charging pile is an electric vehicle charging station. The main job of a charging pile is to supply electricity to an electric vehicle. There are basically different types of charging piles. Some of them include AC and DC charging piles. They can also be segregated on the basis of where they are used. Depending on weather they are used in the public or the private.

Many advancements and discoveries are being made in the market. These advancements have led to the growth of the market in the recent years. The new kind of piles that are being used are much smarter and efficient compared to the other ones. These are technologically advanced and can cause consumption upgrading in the automobile industry. The demand for electric vehicles has in turn increased the demand for the charging pile market. Rise in the disposable income of the people also act as a major factor driving the market growth.

COVID-19 Impact: Decline in The Automobile Industry Decreased the Market Share

The pandemic of COVID-19 brought down the global economy. Many industries were badly affected and suffered due to the low demand. Because of the sudden lockdown and the restrictions that were imposed during to the pandemic there was a significant decrease in the share of the automobile industry.

Charging piles are mainly used in the field of automobiles. The main purpose of using these piles is to mainly charge the electric vehicles. They play a very crucial role in charging any vehicle or automobile. Because of the decline in the value of the automobile and vehicle industry, the charging pile market also saw a steep decline during the pandemic.  However, post pandemic when all the restrictions were removed there has been a boom in the market and it is also anticipated to grow substantially during the forecast period.

LATEST TRENDS

"Introduction of Intelligent EV Brands Among Charging Piles to Increase the Market Growth"

The charging pile market has seen a drastic growth and expansion after the pandemic majorly because of its huge application in the automobile and vehicle industries. There are many innovations and advancements that are seen in the market. The introduction of medium and high-end intelligent EV brands is one such new discovery in the market that is considered as the latest trend.

The new kind of piles that are being used are much smarter and efficient compared to the other ones. These are technologically advanced and can cause consumption upgrading in the automobile industry. Another advantage of using these products is that their charging quality is very superior. They also have better safety features. These are considered the latest innovations in the market.

Charging Pile Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

AC charging pile, and, DC charging pile.  AC charging pile segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Residential area and public place. The public place segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Increasing Demand for Electric vehicles to Amplify Market Growth"

There has been a boom in the market after the pandemic. The industry is also expected to witness a rapid growth during the forecast period. This will in turn increase the market growth. Many factors have contributed to the growth of the industry in the recent years.

Key players in the market have taken a step further to increase their investments and funding, especially in the automobile and vehicle industry. This in turn has brought out many improvements. The demand for electric vehicles is sky rocketing each and every day. The demand for electric vehicles has increased the demand for the charging pile market. This has been a major driving factor for amplifying the growth of the industry.

"Rise in the Disposable Incomes Improved Lifestyles to Augment Market Growth"

Recently there has been a great demand for electric vehicles all over the world. People are preferring to own electric vehicles rather than the normal vehicles for various reasons. One of the major reasons being the considerable rise in the disposable income of the people and also a change in their lifestyles.

The government has also taken certain initiatives to promote electric vehicles as this cause less pollution. As a result, there has been an upsurge in the market. These collectively act as factors driving the charging pile market growth.

RESTRAINING FACTOR

"High Cost of Electric Vehicles to Bring Down the Market Share"

The high cost of electric vehicles acts as a major disadvantage for the growth of the market. Charging piles industry is directly dependent on the electric vehicle market. As a result, the high cost of electric vehicles will negatively impact the charging pile market share.

 A lot of money is also required for the proper maintenance of these piles. People will find it hard to afford electric vehicles and will mostly prefer normal vehicles that are less costly. This is also one of the factors restraining the market growth.

Charging Pile Market Regional Insights

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"Asia Pacific to Dominate Market Share Owing to Increased Investments"

The region that is observed to lead the market during the forecast period is Asia Pacific. Followed by Asia Pacific is North-America. There are several reasons that have been attributed to the growth of the market in Asia Pacific.

The major factor contributing to the market development in this region is the increasing technological advancements. Many new innovations are being seen in the charging piles, with China being the top country. Presence of the key industry players and huge investments coming in are yet other factors promoting increased market share. All of these factors are collectively contributing to the market growth in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• SHEN ZHEN AUTO ELECTRIC POWER PLANTCO., LTD (China)
• Shaihai Potevio Energy Science and Technology (China)
• TGOOD (U.S.)
• ABB (U.S.)
• BYD (U.S.)
• Webasto (Germany)
• Efacec (Potugal)
• Leviton (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations