Split Electric Vehicle Charging Pile Market Size, Share, Growth, and Industry Analysis, By Type (Single-gun Charging Pile, Multi-gun Charging Pile), By Application (Residential Charging, Public Charging), Regional Insights and Forecast To 2033

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SPLIT ELECTRIC VEHICLE CHARGING PILE MARKET OVERVIEW

Global split electric vehicle charging pile market size was estimated at USD 1.14 billion in 2023 and is expected to reach USD 3.17 billion by 2032 at a 12% CAGR. during the forecast period.

Split electric vehicle charging pile is used to give power to the electric cars that can be charged at charging stations, it connects the electric vehicles to a power source. It is one of the major market which will expand during forecast period.

Smart charging, and wireless charging are the factors improving users experience and making vehicle charging more efficient, which will attract more consumers hence promote market growth. Rising innovations and advancement of technology and government initiatives in charging stations leading market growth to spur.

COVID-19 IMPACT

Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Pandemic has hindered the supply chain and construction activities results in installation and deployment of charging infrastructure delays. Many projects related to electric charging solutions has been hindered which hamper market growth. Overall travel and transport have been restricted, people are forced to stay at home, which in turn reducing production hance affecting market growth of electric vehicle charging pile market.

LATEST TRENDS

Rising concerns For Environmental And Innovations Will Lead To Market Expansion

Smart charging, fast charging, wireless charging are one of the major the factors improving users experience and making vehicle charging more efficient, which in turn creating lucrative opportunities to attract more and more consumers hence promote market growth. In addition, people are getting aware about the fossil fuels’ harmful effects, which in turn changing consumer preferences for electric vehicle charging infrastructure. Emerging innovative technologies in the field of electric vehicle charging solutions is another key trend driving market growth.

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SPLIT ELECTRIC VEHICLE CHARGING PILE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Single-gun Charging Pile, Multi-gun Charging Pile.

• Single-gun Charging Pile: Single-gun Charging Pile can designate single charging spots.

• Multi-gun Charging Pile: Multi-gun Charging Pile can designate multiple charging spots.

By Application

Based on application the global market can be categorized into Residential Charging, Public Charging.

• Residential Charging: Vehicle charging manufacturers are increasing emphasis on developing residential electric vehicle charging solutions to ensure better availability and wider range of vehicles.

• Public Charging: Rising government’s initiatives and allocation of funding to manufacturers will expand public electric vehicle solutions like public charging sevice .

DRIVING FACTORS

Increasing Demand For Smart Electric Among Charging Stations To Drive Market Growth

Rising innovations and advancement of technology in charging stations leading market growth to spur. The introduction of mid-range and high end intelligent electric vehicles brand is considered to be the latest trend in the market. The use of new types of poles are efficient than others. They are technically advanced and lead to increase in consumption of automotive industry. They have a high quality and better security features and considered to be the latest innovations in the market.

Spread Of Electric Vehicles Rapidly Will Expand The Market Growth

The spread of electric vehicles rapidly in the market is a growth factor of charging station market. The demand for charging infrastructure has increased significantly, due to consumption of environmentally friendly transport by the consumers. This continued growth of electric vehicles creates a need for accessible and efficient charging stations which driving the market growth rapidly.  Rising investments in renewable energy sources will support the split electric vehicle charging pile market growth. The transition to clear and sustainable energy with the goals of electric car ecosystem and promote development of charging infrastructure powered by renewable energy. 

RESTRAINING FACTORS

High purchase and maintenance cost of electric vehicles reduces the market share

Market growth will be hindered by high installation costs of electric vehicles. The cost of maintenances and implementation of these systems are expected to increase as the demand for bulk charging increases. High installation could challenge the adoption in the areas where financial resources are limited.

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SPLIT ELECTRIC VEHICLE CHARGING PILE MARKET REGIONAL INSIGHTS

Asia Pacific Dominating the Market due to Government’s Financial Incentives To Consumers And Manufacturers

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

On the basis of region, Asia Pacific will dominate the split electric vehicle charging pile market share during forecast period. Dense population in the region is reason for market growth. Government’s financial incentives to consumers and manufacturers of electric cars are flourishing market growth. The other reason for market growth is increasing new innovations and technological advancement in charging stations. Manufacturers are investing more and more in the split electric vehicle charging pile market.

KEY INDUSTRY PLAYERS

Key Industry Players Shaping the Market through Innovation and Market Expansion

The split electric vehicle charging pile market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Top Split Electric Vehicle Charging Pile Companies

• ABB (Switzerland)
• Increase
• Kstar (China)
• EAST (China)
• Henan Senyuan Electric (China)
• Zhejiang Wanma Cable (China)
• Shenzhen Auto Electric (China)
• Surpass Sun Electric (China)
• Hangzhou AoNeng (China)
• Jinguan Electric (China)
• Agustin Electric (China)

INDUSTRIAL DEVELOPMENT

October 2023: ABB Ltd. Has signed a memorandum of understanding with PLN icon Plus to facilitate partnership to develop electric vehicle charging infrastructure in Indonesia.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.