Portland, OR, Aug. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric vehicle charging system market generated $4.26 billion in 2020, and is estimated to generate $42.62 billion by 2030, witnessing a CAGR of 26.2% from 2021 to 2030. The report offers an extensive analysis of changing market trends, competitive landscape, key investment pockets, top segments, value chain, and regional landscape.
Surge in adoption of electric vehicle owing to government initiatives, growth in production of electric vehicles, and rise in demand for low-emission and fuel-efficient vehicles drive the growth of the global electric vehicle charging system market. However, high cost of electric vehicles and its charging infrastructure hinders the market growth. On the other hand, advancement in wireless charging technology and incorporation of vehicle to-grid (V2G) EV charging station create new opportunities in the coming years.
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Covid-19 Scenario:
- The COVID-19 outbreak massively impacted the automotive sector globally. As a result many OEM and supplier factories suspended their operations.
- Furthermore, interruptions in the export of Chinese automotive parts, huge manufacturing disruptions across Europe, and the shutting down of assembly plants in the U.S. majorly impacted the growth of the market.
- The revenue streams allocated toward the R&D and adoption of new technologies in electric vehicle sector have also been disrupted due to the lockdown measures.
- However, owing to the relaxation of regulations across various nations, the demand for electric vehicle is estimated to rise. And the market is expected to recoup soon.
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The global market is segmented on the basis of product type, mode of charging, charging voltage level, and region. Based on product type, the home charging system segment contributed to the highest market share in 2020, accounting for more than four-fifths of the total share, and is expected to continue its lead position throughout the forecast period. However, the commercial charging systems segment is projected to manifest the largest CAGR of 29.1% from 2021 to 2030.
Based on mode of charging, the plug-in charging system segment accounted for the largest share in 2020, contributing to 98% of the global electric vehicle charging system market, and is estimated to maintain its dominance in terms of revenue during the forecast period. However, the wireless charging system segment is projected to witness the fastest CAGR of 28.8% from 2021 to 2030.
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Based on region, Asia-Pacific contributed to the highest share in 2020, holding nearly half of the total market share, and is expected to maintain its leadership status by 2030. However, North America is expected to grow at the highest CAGR of 30.0% during the forecast period.
Leading players of the global electric vehicle charging system market analyzed in the research include General Electric, Moser Services Group, LLC, Plugless Power Inc., Robert Bosch GmbH, Schneider Electric, Siemens AG, BorgWarner Inc., Delta Electronics, Inc., Eaton Corporation plc, Tesla and Webasto Group.
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Similar Report We Have on EV Charging Industry:
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