Chicago, June 24, 2024 (GLOBE NEWSWIRE) -- CV depot charging market size for chargers of new vehicles was USD 4.7 billion in 2023 and is projected to reach USD 30.7 billion in 2030, witnessing a CAGR of 28.2%, as per the recent study by MarketsandMarkets™. The growth of the CV depot charging market is influenced by various factors such as adoption of electric commercial vehicles, development and manufacturing of fast and ultra-fast charging points, monetization of depot charging business models and trends related to used cars.
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List of Key Players in Future of CV Depot Charging Market:
- ABB (Switzerland)
- Blink (US)
- Bosch (Germany)
- bp pulse (UK)
- ChargePoint (US)
- EVgo (US)
- Heliox (Netherlands)
- Kempower (Finland)
- Shell Recharge (US)
- Siemens (Germany)
- Wallbox (Spain)
Drivers, Opportunities and Challenges in Future of CV Depot Charging Market:
- Driver: Rapid adoption of commercial electric vehicles for public transportation
- Restraint: Slow speed of AC chargers
- Opportunity: Growing adoption of fast chargers
- Challenge: Availability of electric supply
Key Findings of the Study:
- By Vehicle type, eLCV segment is estimated to account for the largest market during the forecast period
- eLCV segment is estimated to account for the largest market during the forecast period
- Asia Pacific is expected to be the largest market in 2024
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The CV depot charging market size for chargers of new vehicles was 4.7 $billion in 2023 and is projected to reach 30.7 $billion in 2030, witnessing a CAGR of 28.2% from 2024 to 2030. In addition, the global number of chargers for new vehicles in depot setting is expected to reach 1.1 million units in 2030, whereas as the global number of chargers for Electric Commercial Vehicles (ECV) parc in depot setting is forecasted to reach 5.3 million units.
Further, within the regional market Asia-Pacific region accounted for more than half of the market share in both new vehicles and ECV parc segment. While the AC chargers held the major share in ECV parc in depot setting segment, the DC chargers will hold the largest share in new vehicle in depot segment. The report also includes the analysis of number of chargers for new vehicles in depot setting, number of chargers for ECV parc in depot setting, cost of chargers (including installation cost) for new vehicles in depot setting, energy demands and cost of energy. The years 2022 and 2023 saw change in charging technology of cars wherein ultra-fast chargers have been introduced in the market to enhance the speed of charging the electric vehicles. OEMs such as Ford and Tesla have partnered with the charging infrastructure solution providers to cater the ultra-fast charging needs. Moreover, the hardware and software manufacturers have come up with different business models to monetize the commercial electric vehicles depot charging market.
However, the type of chargers installed at the depot charging vary from AC to DC at various levels. The AC chargers are low costing chargers however they require a lot of time to charge the battery of the EV. On the contrary, the DC type of chargers have the capability of fast charging but are costlier. The depot charging setup has a mix installation of AC and DC chargers. Further, the light commercial vehicles such as cars require fast charging setup as they need minimum charging downtime. The heavy commercial vehicles such as buses and trucks have large batteries and need considerable fast charging speed even if they are set for overnight charging. Therefore, the slow chargers in the depot charging station increase the downtime of the vehicles acting as a restraining factor to the growth of ECV depot charging market.
Asia Pacific region hold the major share in the new ECV sales, contributing over 50% in the market. The major factor for this is the intensive manufacturing and export of vehicles in China. The Chinese market is the world’s largest market in terms of vehicle sales as well as production. Moreover, the Chinese market has significantly grown post COVID halt. The recovery effect of the economy in China has led to intensifying of the manufacturing sector. One of the key trends/strategies followed by the Chinese EV makers is expansion to the European market for EV sales expansion. Moreover, countries such as India, Singapore and South Korea significantly contribute to the growth of the ECV sector in the Asian region. In addition, the depot charging trends is rapidly developing in the Indian market with adoption of different types of business models.
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Recent Developments:
- In 2023, Ford partnered with Xcel Energy to provide 30,000 for home, public & depot charging points by 2030 in the US.
- In 2023, Total Energies launched an in-depot electric truck charging service at the SOLUTRANS road and urban transportation trade show. The new solution will help in installation and supervising charging infrastructure adapted to fulfil transporters' needs.
- In 2023, Siemens acquired Heliox, a specialist in e-Bus and e-Truck fast charging solutions and for depot and fleet solutions.
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