EV Charging Solution Market Size, Share, Growth, and Industry Growth by Type (Level 2 Charging Solution, Level 3 Charging Solution), By Application (Residential Charging, Public Charging), Regional Insights, and Forecast To 2032

EV Charging Solution Market REPORT OVERVIEW

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The global EV charging solutions market size was USD 2751.3 million in 2022 and market is projected to touch USD 10121.1 million by 2032, exhibiting a CAGR of 13.9% during the forecast period.

A plug-in electric vehicle (EV), such as a hybrid, an electric car, or a neighborhood electric vehicle, can be charged at an electric vehicle charging station, sometimes referred to as an EVSE. The EV charging solutions are operated by a software program, an energy controller, a network operations center, a facility meter, and an energy conversion system connected to the power grid. One of the significant market trends for electric vehicle charging stations that is anticipated to have a favorable effect on the sector throughout the projected period is the rising number of launches in the EV charging solutions sector. In the past several years, the leading market vendors have displayed and released cutting-edge EV chargers.

COVID-19 Impact: Shutdown of Automobile Sector to Restrict Market Growth

The shutdown of the automotive sector due to lockdown restrictions hindered EV charging solutions market growth. Lack of resources and closure of manufacturing units restrict the market growth. Further, supply and chain disruption coupled with raw material price fluctuations to slowdown market progress. However, post-pandemic the market is expected to witness positive growth owing to the re-opening of showrooms and uplifting of restrictions.

A significant economic depression has been brought on by the COVID-19 pandemic epidemic. Strict lockdowns were implemented in a number of nations in order to control the outbreak; as a result, manufacturing industries were shut down, supply lines were disrupted, and production schedules were thrown off. Globally, there has been a tremendous impact on the supply chains for technology. Sales of light vehicles have fallen off quickly as a result of the economic crisis, which has seriously impacted the automobile sector.

LATEST TRENDS 

"High Demand for Electric vehicles to Stimulate Market Growth"

The adoption of electric vehicles has become necessary due to the increase in carbon emissions and other dangerous pollutants from transportation. As a result, infrastructure for electric vehicle charging is becoming increasingly necessary in both commercial and residential settings. A subscription model and more manufacturer cooperation for charging infrastructure are further factors that are anticipated to support market growth. Commercial places have a much higher EV charging solutions market penetration of electric vehicle charging infrastructure than do residential regions. It is anticipated that there will be more business charging stations as electric vehicle use increases. In order to increase the usage of electric vehicles, efforts must be made to upgrade the infrastructure for charging in commercial areas, as overnight charging at apartment buildings or individual homes is insufficient for long-distance driving.

EV Charging Solution Market SEGMENTATION

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• By Type

Based on type, the market is divided into Level 2 Charging Solution, Level 3 Charging Solution.

• By Application

Based on application, the market is classified into Residential Charging, Public Charging.

DRIVING FACTORS

"Government Regulations to Accelerate 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 EV charging solutions 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.

"Presence of Prominent Players to Foster Market Growth"

The way EV owners use and profit from electric car charging applications is anticipated to alter as a result of technology advancements in both electric vehicles charging hardware and software. Even before the driver plugs an electric vehicle into a charging station, technologies like the Smartcar API and charging networks accurately predict how long it will take to fully charge the vehicle. Green energy is also anticipated to be a major factor in both public and private electric vehicle charging stations. 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

"High Cost and Maintenance Associated with Wheels to Hamper to Market Growth"

EV Charging Solution Market REGIONAL INSIGHTS

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"Growing Demand for Premium Vehicles in Europe to Drive Market Share "

Europe is anticipated to account for the largest EV charging solutions market share. The worldwide demand for electric vehicles (EVs) has recently been increasing quickly. The largest market shares for the same are, however, held by China and the United States. Since there is a growing demand for EVs, the market for electronic charging is also expanding. The installation of the charging stations is being funded in part by governments around the world. For instance, the national policies of China's government have permitted the construction of fast-charging stations. Similar to China, the US government is providing all of its resources to build EV charging stations. During the projected period, the market for level 3 charging stations is likely to be stimulated by the government's active assistance.

Due to China's requirement for extensive EV charging infrastructure, Asia Pacific is anticipated to maintain its leadership and have the greatest EV charging solutions market share during the forecast period. The spread of cutting-edge technologies to enhance electrification in China is also being fueled by the nation's quickly expanding economy.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

LIST OF TOP EV Charging Solution COMPANIES

• Webasto (Germany)
• Leviton (U.S.)
• Auto Electric Power Plant (China)
• Pod Point (U.K.)
• Clipper Creek (U.S.)
• Chargepoint (U.S.)
• Xuji Group (China)
• Eaton (Ireland)
• ABB (Switzerland)
• Schneider Electric (France)
• Siemens (Germany)
• DBT-CEV (France)
• Efacec (U.S.)
• NARI (India)
• IES Synergy (France)
• BYD (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.