Electric Vehicle Charging System Market to Hit $42.62 Billion, Globally, by 2030 at 26.2% CAGR: Allied Market Research
Increase in production of electric vehicles and growing inclination toward low-emission & fuel-efficient automobiles propel the growth of the global electric vehicle charging system market.
PORTLAND, Ore., Jan. 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Charging System Market by Product Type (Home Charging Systems and Commercial Charging Systems), Mode of Charging (Plug-in Charging System and Wireless Charging System) and Charging Voltage Level (Level 1, Level 2, and Level 3): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report published by Allied Market Research, the global electric vehicle charging system market was estimated at $4.26 billion in 2020 and is expected to hit $42.62 billion by 2030, registering a CAGR of 26.2% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in production of electric vehicles and growing inclination toward low-emission & fuel-efficient vehicles drive the growth of the global electric vehicle charging system market. On the other hand, high cost of electric vehicles impedes the growth to some extent. However, development of wireless charging technology and incorporation of Vehicle-To-Grid (V2g) EV charging stations are anticipated to create lucrative opportunities in the industry.
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The plug-in charging system segment to retain the lion's share-
By mode of charging, the plug-in charging system segment held the major share in 2020, garnering 98% of the global electric vehicle charging system market, due to its greater availability in the market. The wireless charging system segment, on the other hand, is projected to cite the fastest CAGR of 28.8% throughout the forecast period. The fact that it holds remarkable opportunities for the players operating in the market drives the growth of the segment.
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By charging voltage level, the level 2 segment contributed to the lion's share in 2020, holding 87% of the global electric vehicle charging system market. This is due to the fact that it charges the vehicle up to ten times faster than Level 1 charging and offers better cost to the performance ratio. However, the level 3 segment is projected to manifest the fastest CAGR of 34.8% from 2021 to 2030. This is because level 3 charging is the fastest type of charging available in the market.
Asia-Pacific, followed by Europe and North America, held the major share in 2020-
By region, the market across Asia-Pacific, followed by Europe and North America, dominated in 2020, garnering nearly half of the global electric vehicle charging system market, due to rise in extent of electric vehicle sales in the region. Simultaneously, North America, is expected to cite the fastest CAGR of 30.0% throughout the forecast period. This is attributed to the rapidly growing electric vehicle charging infrastructure in the region.
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Key players in the industry-
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Similar Reports We Have on EV Charging Industry:
Wireless Electric Vehicle Charging Market by Power Source (3–<11 Kw, 11–50 Kw and >50 Kw), Installation (Home and Commercial), Distribution Channel (OEMs and Aftermarket), and Vehicle Type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicle (HEV) and Commercial Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2018–2030.
Electric Vehicle Charger Market by Vehicle Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), Charging Type (On-board Chargers, and Off-board Chargers), and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2030.
Electric Vehicle Supply Equipment Market by Power Type (Alternating Current (AC) Power, and Direct Current (DC) Power), Product Type (Portable Charger, Electric Vehicle Kiosk, Onboard Charging Station, and Others), Charging Station Type (Normal Charging, Super Charging, and Inductive Charging), and Application (Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2020–2030.
EV Charging Cable Market by Power Type (AC Charging and DC Charging), by Application (Private Charging and Public Charging), by Cable Length (2 Meters to 5 Meters, 6 Meters to 10 Meters, and Above 10 Meters), by Shape (Straight and Coiled), by Charging Level (Level 1, Level 2, and Level 3), by Jacket Material (Thermoplastic Elastomer (TPE) Jacket, Polyvinyl Chloride (PVC) Jacket, and All Rubber Jacket): Global Opportunity Analysis and Industry Forecast, 2020–2030.
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