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CV Depot Charging Market Research Report Information By Vehicle Type (ELCV, eMCV, eHCV, and eBusus), By Charger Type (AC Chargers and DC Chargers) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“Market Forecast Till 2032

ID: MRFR/AM/20272-HCR | 128 Pages | Author: Aarti Dhapte| July 2024

CV Depot Charging Market Overview:

Global CV Depot Charging Market Size was valued at USD 4.9 Billion in 2023. The CV Depot Charging market industry is projected to grow from USD 6.32 Billion in 2024 to USD 37.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 29.00% during the forecast period (2024 - 2032). Growing governmental policies, incentives, and laws supporting the use of electric trucks and buses are the key market drivers boosting the expansion of the market.

CV Depot Charging Market Overview

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

CV Depot Charging Market Trends

Commercial electric vehicles are being adopted for public transportation quite quickly is driving the market growth

Market CAGR for CV Depot Charging is being driven by the commercial electric vehicles that are being adopted for public transportation quite quickly. Depot charging for commercial vehicles (CVs) is the deployment of electrical infrastructure specifically designed to meet the needs of commercial vehicles for charging at their operational depots or locations. Commercial vehicles, then, comprise a range of electric options, such as electric buses, electric light commercial vehicles (eLCVs), electric heavy commercial vehicles (eHCVs), and electric medium commercial vehicles (eMCVs).

Additionally, due to government backing in the form of incentives and a growing preference for clean transportation, the EV segment saw a robust increase of 30–40% in 2023. Additionally, the governments of Norway, Germany, the United Kingdom, the United States, India, China, and other nations have set goals to convert their fleets of ICE public transportation buses to electric ones. Additionally, fleet managers of commercial vehicles are implementing the ECV. The global market for CV depot charging has expanded as a result. However, issues including limited range, a lackluster infrastructure for charging, and unreliability of the vehicle pose a hurdle to the electrification of commercial vehicles. The infrastructure for EV charging is expanding dramatically to meet consumer demand. Globally, more than a million new EV charging stations were put in by 2023.

The leading companies in the CV depot charging market are inclined to replace the outdated AC slow chargers with DC fast chargers in new configurations. To cut down on the amount of time that cars spend at the charging station, EVgo, for example, launched a new initiative called Renew in January 2023. Through this program, they assist in locating outdated and damaged charging stations and upgrading or fixing them. Furthermore, top US manufacturers of DC fast chargers, including ChargePoint and Electrify America, offer premium models that are simple to install and monetize with software and payment apps. For instance, over 16,000 new charging stations were installed in the UK in 2023, bringing the total to over 53,000; of those, over 4,500 were fast charging stations. Furthermore, successful pilot programs for wireless charging points were conducted in the US, Japan, China, Germany, and other European nations. This results in driving the CV Depot Charging market revenue.

CV Depot Charging Market Segment Insights:

CV Depot Charging Vehicle Type Insights

The global CV Depot Charging market segmentation, based on Vehicle Type, includes ELCV, eMCV, eHCV, and eBusus. In 2023, the ELCV segment dominated the market because they are frequently used for local transportation and last-mile delivery in metropolitan areas. eLCVs are ideal for fleet operations situated at depots because of their modest size and mobility, which allows the infrastructure to support their daily routes and schedules. The global trend towards sustainable urban mobility solutions and the increasing focus on reducing emissions in densely populated areas are congruent with this dominance.

CV Depot Charging Charger Type Insights

The global CV Depot Charging market segmentation, based on Charger Type, includes AC Chargers and DC Chargers. In 2023, the AC chargers category generated the most income. AC In CV depot charging environments, charging infrastructure is frequently used to provide a more affordable and practical solution for overnight charging or prolonged vehicle idleness. Smaller fleets with less urgent charging demands are a good fit for it.

Figure 1: Global CV Depot Charging Market, by Charger Type, 2023 & 2032 (USD Billion)

Global CV Depot Charging Market, by Charger Type, 2023 & 2032

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

CV Depot Charging Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American CV Depot Charging market area will dominate this market. The adoption of electric cars is being encouraged by a number of federal and provincial initiatives, which is why CV depot charging infrastructure is needed.

Further, the major countries studied in the market report are Brazil, South Korea, China, Japan, India, Australia, Germany, France, the UK, Italy, and Spain.

Figure 2: Global Cv Depot Charging Market Share By Region 2023 (USD Billion)

Global Cv Depot Charging Market Share By Region 2023

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe CV Depot Charging market has the second-largest portion of the market. Due to strict emission-reduction regulations in several European countries, CV depot charging solutions are increasingly needed. Further, the German CV Depot Charging market had the biggest market share, and the UK CV Depot Charging market was the European market with the quickest rate of growth.

The Asia-Pacific CV Depot Charging Market is anticipated to expand between 2024 and 2032 at the quickest CAGR. The number of electric commercial vehicles in the region has increased significantly, making the construction of suitable charging infrastructure necessary. Moreover, China’s CV Depot Charging market had the biggest market share, and the Indian CV Depot Charging market was the Asia-Pacific region's fastest-growing market.

CV Depot Charging Key Market Players & Competitive Insights

Leading market players are putting a lot of money into research and development to expand their product lines, which will drive the market for CV Depot Charging to expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, the CV Depot Charging industry must provide reasonably priced goods.

Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global CV Depot Charging industry to help customers and expand the market segment. In recent years, the CV Depot Charging industry has provided some of the biggest benefits to medicine. Major players in the CV Depot Charging market, including ABB (Switzerland), Blink (US), Bosch (Germany), bp pulse (UK), ChargePoint (US), EVgo (US), Heliox (Netherlands), Kempower (Finland), Shell Recharge (US), Siemens (Germany), Wallbox (Spain), and others, are engaging in research and development activities in an effort to boost market demand.

With its headquarters located in Zürich, Switzerland, and Västerås, Sweden, ABB Ltd. is a multinational firm of Swedish and Swiss descent. It is traded on the Nasdaq Nordic exchange in Sweden, the SIX Swiss Exchange in Zürich, and the pink sheets of the OTC Markets Group in the US. When Brown, Boveri & Cie of Switzerland and Allmänna Svenska Elektriska Aktiebolaget (ASEA) of Sweden combined in 1988 to become Asea Brown Boveri, which was eventually abbreviated to ABB, ABB was born. In January 2024, Real Tech, a well-known Canadian business that specializes in cutting-edge optical sensor technology for on-the-spot water testing and monitoring, was acquired by ABB.

American home automation manufacturer Blink makes security cameras that run on batteries. Don Shulsinger, Doug Chin, Stephen Gordon, Dan Grunberg, and Peter Besen launched the business in 2009. 2009 saw the founding of the company as Immedia Semiconductor Inc., but it later changed its name to Consumer Electronics. The Blink video doorbell is a smart device that connects wirelessly and enables the viewing of both audio and video on another device. It functions similarly to the Ring doorbell, giving a "plus" subscription that provides for increased cloud storage capacity and multi-device syncing, as well as the option to link to Amazon Alexa. In December 2019, In response to studies indicating vulnerabilities in the Blink XT2 security camera systems discovered by vulnerability detection company Tenable, Amazon released updates.

Key Companies in the CV Depot Charging market include

  • ABB (Switzerland)

  • Blink (US)

  • Bosch (Germany)

  • bp pulse (UK)

  • ChargePoint (US)

  • EVgo (US)

  • Heliox (Netherlands)

  • Kempower (Finland)

  • Shell Recharge (US)

  • Siemens (Germany)

  • Wallbox (Spain)

CV Depot Charging Industry Developments

In 2023: Ford and Xcel Energy have teamed to deliver 30,000 charging stations for homes, businesses, and public spaces in the US by 2030.

In 2023: A new in-depot electric truck charging service was introduced by Total Energies at the SOLUTRANS Road and Urban Transportation trade show. The new system will support the implementation and management of pricing infrastructure customized to meet the requirements of carriers.

In 2023: Heliox, a provider of depot and fleet solutions as well as quick charging solutions for e-Bus and e-Truck, was bought by Siemens.

CV Depot Charging Market Segmentation:

CV Depot Charging Vehicle Type Outlook

  • ELCV

  • eMCV

  • eHCV

  • eBusus

CV Depot Charging Charger Type Outlook

  • AC Chargers

  • DC Chargers

CV Depot Charging Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 4.9 Billion
Market Size 2024 USD 6.32 Billion
Market Size 2032 USD 37.58 Billion
Compound Annual Growth Rate (CAGR) 29.00% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Vehicle Type, Charger Type, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Countries Covered Brazil, South Korea, China, Japan, India, Australia, Germany, France, UK, Italy, and Spain
Key Companies Profiled ABB (Switzerland), Blink (US), Bosch (Germany), bp pulse (UK), ChargePoint (US), EVgo (US), Heliox (Netherlands), Kempower (Finland), Shell Recharge (US), Siemens (Germany), Wallbox (Spain)
Key Market Opportunities Partnerships between automobiles, energy corporations, and providers of charging infrastructure
Key Market Dynamics Incorporating alternative energy sources, including wind and solar energy

Frequently Asked Questions (FAQ) :

In 2023, the market for CV Depot charging was estimated to be worth USD 4.9 billion globally.

From 2024 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 29.00%.

North America held the most market share worldwide.

The leading companies in the market include Wallbox (Spain), Heliox (Netherlands), Blink (US), EVgo (US), Bosch (Germany), Blink (US), ChargePoint (US), EVgo (US), Siemens (Germany), and ABB (Switzerland).

In 2023, the ELCV category dominated the market.

The AC chargers held the largest market share in the CV depot charging market.

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