Innovative Trends in Electric Vehicle Charging System Market to Reach $42.62 Billion Globally by 2030 at 26.2% CAGR: AMR
OREGAON, PORTLAND, UNITED STATESย , June 25, 2024 /EINPresswire.com/ -- 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, 2021โ2030." 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.
๐ฐ ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/781
Asia-Pacific dominates the market presently, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the electric vehicle charging system market in 2020, and is expected to maintain its dominance during the forecast period. Key factors that drive the growth are growth in production of electric vehicles, rise in adoption of electric vehicle owing to government initiatives, and increase in demand for low-emission and fuel-efficient vehicles are expected to boost the growth of the electric vehicle charging system market. However, high cost of electric vehicles and high cost of electric vehicle charging infrastructure restrains the growth of the market. Furthermore, development of wireless charging technology and incorporation of Vehicle-To-Grid (V2g) EV Charging Stations provide lucrative growth opportunity for the players operating in the electric vehicle charging system market.
There has been a significant increase in the demand and production of electric vehicles in the recent years as electric vehicles have several advantages over fuel-powered automobiles. Components such as fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs do not require replacement, which in return makes it cheaper and efficient for fuel-powered automobiles. This makes electric vehicle a preferred choice, which in turn restraints the fuel-powered automobile markets. Thus, growth in production of electric vehicles boosts the growth of the electric vehicle charging system market.
๐๐ข๐ฌ๐ ๐ข๐ง ๐๐๐จ๐ฉ๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐จ๐ฐ๐ข๐ง๐ ๐ญ๐จ ๐ ๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ข๐ง๐ข๐ญ๐ข๐๐ญ๐ข๐ฏ๐๐ฌ
Government of the various countries are taking initiatives to support the adoption of electric vehicle to meet the fuel consumption standards and reduce emission of greenhouse gases. For instance, the Japan government prepared a policy for electric vehicles in August 2018 for better cooperation and smooth transition in the automotive industry. In addition, it has started an initiative named Faster Adoption and Manufacturing of hybrid and Electric Vehicles II (FAME). According to this, incentives will be provided to promote the local manufacturing of electric vehicle. Thus, such government initiatives are expected to drive the growth of the electric vehicle and electric vehicle charging system market.
๐ฐ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/electric-vehicle-charging-systems-market/purchase-options
๐๐ง๐๐ซ๐๐๐ฌ๐ ๐ข๐ง ๐๐๐ฆ๐๐ง๐ ๐๐จ๐ซ ๐ฅ๐จ๐ฐ-๐๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง ๐๐ง๐ ๐๐ฎ๐๐ฅ-๐๐๐๐ข๐๐ข๐๐ง๐ญ ๐ฏ๐๐ก๐ข๐๐ฅ๐๐ฌ
Gasoline being a fossil fuel is not a renewable source of energy and is projected to exhaust in the future. To support sustainable development, it is important to develop and use alternative sources of fuel. This involves use of electric vehicles that do not use gas and are more economical than conventional vehicles. An electric vehicle converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered vehicle only manages to convert about 17%โ21% of the energy stored in gasoline. The demand for fuel-efficient vehicles has increased recently owing to rise in price of petrol and diesel. This is due to depleting fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. Thus, these factors give rise to the need for electrically powered vehicles for travel, which in turn is anticipated to propel the growth of the electric vehicle charging system market.
Electric vehicles are advantageous over conventional vehicles; however, their cost is higher than traditional vehicles. The additional cost of buying an electric vehicle instead of fuel-powered vehicle is mainly due to the high cost of battery. Involvement of expensive manufacturing process and use of costly raw material are the major reasons for the high cost of electric vehicles. Thus, these factors add up to the cost of electric vehicle, and restrain the growth of electric vehicles, which in turn hinders the growth of the electric vehicle charging system market.
๐ฐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/781
๐๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ-
Delta Electronics, Inc.
Eaton Corporation plc.
BorgWarner Inc.
Moser Services Group, LLC
Plugless Power Inc.
Webasto Group
Robert Bosch GmbH
Schneider Electric
General Electric
Siemens AG
Tesla
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
In 2020, by product type, the home charging systems segment generated the highest revenue.
In 2020, by mode of charging, the plug-in charging system segment was the highest revenue contributor.
In 2020, by charging voltage level, the level 2 segment was the highest revenue contributor.
In 2020, region-wise, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ ๐๐ก๐๐ซ๐ ๐ข๐ง๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/wireless-electric-vehicle-charging-market - Wireless Electric Vehicle Charging Market Size, Share, Competitive Landscape and Trend Analysis Report by Vehicle Type, by Distribution Channel, by Charging Method, by Installation, by Power Source : Global Opportunity Analysis and Industry Forecast, 2020-2030
https://www.alliedmarketresearch.com/electric-vehicle-charger-EVC-market - Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/electric-vehicle-supply-equipment-market-A07130 - Electric Vehicle Supply Equipment (EVSE) Market Size, Share, Competitive Landscape and Trend Analysis Report by Application and Type : Global Opportunity Analysis and Industry Forecast, 2021-2030
https://www.alliedmarketresearch.com/ev-charging-cable-market-A08914 - Electric Vehicle Charging Cable Market Size, Share, Competitive Landscape and Trend Analysis Report by Power Type, by Application, by Cable Length, by Shape, by Charging Level : Global Opportunity Analysis and Industry Forecast, 2021-2031
David Correa
Allied Market Research
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