EV Charging Ports Market Report Overview
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The global EV charging ports market size was USD 2751 million in 2022, as per our research, the market is projected to touch USD 8885.98 million by 2031, exhibiting a CAGR of 13.9% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the EV charging ports market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Electric vehicles, including as electric cars, community electric vehicles, and plug-in hybrids, can be recharged or charged at an electric vehicle charging station, sometimes referred to as an EV charging port or an EVSE (electric vehicle supply equipment). The requirement for the use of electric vehicles has been prompted by the rising levels of carbon emissions and other dangerous substances resulting from transportation. As a result, there is a growing need for an electric vehicle (EV) charging infrastructure in both business and residential settings. Additionally, expanding collaborations between automakers to provide charging stations using a subscription model is anticipated to fuel industry expansion.
COVID-19 Impact: COVID-19 Underlying which Crippled the Market Growth
Over 95% of all businesses associated in the automobile industry had to suspend operations during the lock-downs due to the COVID-19 pandemic. Since manufacturing operations were suspended, the closure had enormous and unprecedented global effects. However, because of the COVID-19 outbreak, some nations throughout the world have limited the production of electric vehicles, which is predicted to slow down the global automobile sector. The EV charging ports market share is anticipated to suffer as a result.
LATEST TRENDS
"Multiplying Applications as Wireless and Autonomous Charging to Enlarge the Market Size"
Numerous innovative technologies are now being tested in the EV charging ports market are anticipated to be available in the upcoming years. The way EV owners use and profit from electric vehicle charging applications is projected to alter as a result of technology advancements in both the hardware and software used for charging electric vehicles. Even before the car's driver plugs it into a station, technologies like the Smartcar API and charging networks accurately estimate how long it will take an electric vehicle to charge. An ultrafast charging network called Mobilize Fast Charge was introduced by Mobilize and Renault dealerships. The vast majority of the stations will be situated at Renault dealerships that are less than five minutes away from an exit of a motorway or motorway. The E- Superior Electric Cargo Loader, E- Supreme Electric Delivery Van, and E- Smart Electric Passenger Vehicle three-wheeled auto in the L5 category, as well as EV charging ports, have all been introduced, according to Erisha E Mobility, a subsidiary of Rana Group.
EV Charging Ports Market Segmentation
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- By Type
Based on type the EV charging ports market is classified as lever 1, lever 2, lever 3 and others.
- By Application
Based on application the EV charging ports market is classified as residential charging, public charging and others.
DRIVING FACTORS
"The Government Initiatives and Programmes will Boost the Market Share"
EVs are anticipated to continue receiving a lot of attention as governments around the world concentrate on building a stronger and more resilient economy to recover from the pandemic. Several initiatives have been launched by nations including France, India, the Netherlands, and Canada to encourage the adoption of electric vehicles. The installation of the charging stations is being funded in part by governments around the world. By means of national policies, the Chinese government has authorised the construction of fast-charging stations. Similar to China, the US government is providing all of its resources to build EV charging ports. During the projected period, the market for level 3 EV charging ports is likely to be stimulated by the government's active assistance.
"Increasing Purchase of Electric Vehicles and the Green Energy will Drive the Market Growth"
Governments are enticing people to purchase EVs by providing automakers with subsidies, rebates, tax exemptions, and fixed quotas. These elements are anticipated to fuel the market expansion for electric vehicle charging stations. As the demand for EVs grows, so has the need for established power infrastructures and charging stations to keep the cars running properly. Furthermore, people have been forced to purchase EVs by strict government pollution rules. Electric vehicle charging stations in both public and private residences are anticipated to be heavily reliant on green energy. Carbon emissions are the main issue for EV owners. Companies are quickly developing their electric vehicle charging networks' charging technologies to solve these worries.
RESTRAINING FACTORS
"The Limitations in Electric Grid Infrastructure will Hamper the Market Growth"
The question of whether the current electric grids can accommodate this increase in electric car use is a hot topic when discussing the EV revolution. The quick response is "not without investing in the infrastructure of the power grid." Fast chargers in particular can require a lot of energy, which frequently necessitates upgrading the grid's transformers, substations, and transmission lines. However restraining the growth of EV charging ports market share.
EV Charging Ports Market Regional Insights
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"Asia Pacific To Lead The Market With Rising Demand and Production"
China is the region's biggest market for electric vehicles, including buses. The battery electric vehicle market in China, which also receives considerable government assistance, is a strong supporter of the country's electric vehicle charging station business. China increased the incentives for buying electric automobiles (NEVs). Tesla Motors opened a USD 2 billion facility in Shanghai in January 2020. By March 2020, all of the electric vehicle giant's other global facilities had been shut down due to the COVID-19 epidemic, and the Shanghai site was producing close to 3,000 cars every week.
As demand for vehicles without emissions rises, the market for electric vehicles in Japan is expanding. The market for electric vehicles is receiving significant government investment as well. By 2050, the Japanese government wants all new automobiles sold in the nation to be electric or hybrid models. Additionally, the government set a goal to reduce CO2 and other greenhouse gas emissions by 80% per car by 2050.
KEY INDUSTRY PLAYERS
"Prominent Manufacturers to Contribute Towards Expansion of Market"
The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.
List of Market Players Profiled
- Webasto (Germany)
- Chargepoint (U.S.A)
- Leviton (U.S.A)
- Siemens (Germany)
- Eaton (Ireland)
- Schneider Electric (France)
- ABB (Switzerland)
- Xuji Group (China)
- Efacec (Portugal)
- IES Synergy (France).
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2751 Million in 2022 |
Market Size Value By |
US$ 8885.98 Million by 2031 |
Growth Rate |
CAGR of 13.9% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the EV charging ports market expected to touch by 2031?
The global EV charging ports market is expected to reach USD 8885.98 million by 2031.
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What CAGR is the EV charging ports market expected to exhibit by 2031?
The EV charging ports market is expected to exhibit a CAGR of 13.9% by 2031.
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Which are the driving factors of the EV charging ports market?
The government initiatives and programmes and the increasing purchase of electric vehicles and green energy will drive the EV charging ports market.
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Which are the top companies operating in the EV charging ports market?
TGOOD, Aotexun, Shanghai Xundao, Nanjing Lvzhan, Beijing Huashang, Surpass Sun, BYD, Zhejiang Wanma, Hepu, Titans, Shanghai Potevio & XJ Group and others are the top companies operating in the EV charging ports market.
