ID: MRFR/AM/8612-CR | 87 Pages | Published By Sejal Akre on July 2020
Heavy-Duty Electric Vehicle Charging Infrastructure Market in terms of value is estimated to register 35% CAGR during the forecast period 2022-2030.
$53102.3 Million
35%
Asia-Pacific
2022-2030
Heavy-Duty Electric Vehicle Charging Infrastructure Market in terms of value is estimated to register 35% CAGR during the forecast period 2022-2030.
The increasing awareness regarding the impact of gasoline vehicles on the environment has boosted the demand for electric vehicles worldwide. Government initiatives are also promoting the adoption of electric vehicles. For instance, in September 2017, the Indian Ministry of Road Transport and Highways announced a list of non-fiscal incentives to ensure that electric vehicles account for 15% of the total vehicle sales in the country over the next five years. Thus, the increase in demand for electric vehicles is expected to further increase the construction and adoption of heavy-duty charging infrastructure during the forecast period. The electric vehicle sale and development of charging infrastructure is at a primary stage in most countries. However, governments across the world are focusing on developing charging stations to boost the adoption of electric vehicles further.
The heavy-duty electric vehicle charging infrastructure is a complete assembly to transfer electricity from the electric grid and distribute electricity to charge electric vehicles, such as e-buses and trucks. Furthermore, electric vehicle charging involves the process of obtaining AC electricity through the AC electric grid and converting it into DC electricity and storing it in DC batteries of electric vehicles. The charger is used as a power electronic to convert AC to DC and to control battery charging.
Some of the key industry participants of the global heavy-duty electric vehicle charging infrastructure market are ABB, Siemens, Bombardier Inc., Kempower OY, Tesla, Proterra, Chargepoint, Inc., Schunk Group, EFACEC, Shijiazhuang Tonhe Electronics Technologies Co., Ltd., and Kehua Hengsheng Co., Ltd.
By Charger Type, the global heavy-duty electric vehicle charging infrastructures market is divided into DC charger and AC charger. The DC charger segment holds a larger market share. The demand for DC chargers is expected to increase significantly across the globe, owing to the growing adoption of the fast charging method for heavy-duty electric vehicles.
AC chargers, also known as onboard chargers, have a lower power capacity as compared to DC chargers. Generally, an AC charger comprises one or more converters for converting the AC power into DC inside the vehicle and then feeding it into the battery of the electric vehicles. Moreover, this type of charger is compatible and cheaper compared to DC chargers.
By Charging Method, the global heavy-duty electric vehicle charging infrastructures market is divided into fast charging and slow charging. The fast charging segment holds a larger market share as the method offers rapid charging facilities for buses, trucks, and other heavy-duty vehicles. The fast charging method enables the drivers of the heavy-duty vehicles to recharge the battery in much lesser time compared to the long charging hours associated with the slow charging method. Slow charging methods offer several advantages over the fast charging method, such as convenience and low cost.
By Region, Global Heavy-Duty Electric Vehicle Charging Infrastructure Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World
Global Heavy-Duty Electric Vehicle Charging Infrastructure Market, by Region, 2019
Source: MRFR Analysis
Geographic analysis of the global heavy-duty electric vehicle charging infrastructure market spans across North America, Europe, Asia-Pacific, and the Rest of the World
Asia-Pacific accounted for a significant market share in 2019. China is a key market in Asia-Pacific due to the organized electric vehicle industry and the presence of top heavy-duty electric vehicle charging infrastructure manufacturers.
The demand for heavy-duty EV charging infrastructure in Asia-Pacific is expected to grow significantly owing to the rising demand for electric buses and the initiatives for promoting the development of heavy-duty electric vehicles taken by the governments of countries such as China, Japan, and India. The rising demand for the development of charging infrastructure and increasing collaborations between the automotive OEMs in the region results in the growth of the market in this region. China is one of the leading markets in Asia-Pacific, owing to government initiatives, stringent government policies, and rising demand for heavy-duty electric vehicles such as buses and trucks. This leads to a surge in the growth of the installation of EV charging infrastructure for buses and trucks in the country.
In 2019, Europe held the second-largest market share. Germany, France, and the UK, the Netherlands, Nordic countries, and the rest of Europe primarily contribute to the growth of heavy-duty electric vehicle charging infrastructures.
Germany is one of the leading countries in Europe that is significantly using heavy-duty electric buses and trucks owing to the rising demand for electric vehicles in the country. The automotive OEMs in the country are focusing on the development of charging infrastructure for supporting the electric buses and trucks in Germany. For instance, in August 2017, Siemens (Germany) successfully commissioned the eHighway, an overhead contact line for hybrid trucks in Autobahn, Germany
The global market for heavy-duty electric vehicle charging infrastructures has been segmented on the basis of charger type, charging method, and region. The global heavy-duty electric vehicle charging infrastructure market is highly competitive, with key industry players adopting various strategies, such as product developments, partnerships, and acquisitions, to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, enhancing their production capabilities, and building and maintaining strong partner relations.
Key Questions Addressed by the Report
Report Attribute/Metric | Details |
Market Size 2030 | USD 53102.3 Million |
Compound Annual Growth Rate (CAGR) | 35% (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Charger Type, Charging Method |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | ABB, Siemens, Bombardier Inc., Kempower OY, Tesla, Proterra, Chargepoint, Inc., Schunk Group, EFACEC, Shijiazhuang Tonhe Electronics Technologies Co., Ltd., and Kehua Hengsheng Co. Ltd. |
Key Market Opportunities | New product launches and R&D Amongst major key Players |
Key Market Drivers | Increasing awareness regarding the impact of gasoline vehicles on the environment Government initiatives for developing charging stations increase in demand for electric vehicles\r\n |
The global heavy-duty electric vehicle charging infrastructure market is predicted to grow at a 35% CAGR between 2022- 2030.
The global heavy-duty electric vehicle charging infrastructure market is predicted to reach USD 53102.3 Millon by 2030.
Key contenders profiled in the global heavy-duty electric vehicle charging infrastructure market include ABB, Siemens, Bombardier Inc., Kempower OY, Tesla, Proterra, Chargepoint, Inc., Schunk Group, EFACEC, Shijiazhuang Tonhe Electronics Technologies Co., Ltd., and Kehua Hengsheng Co., Ltd.
Favorable government initiatives and demand for electric vehicles are driving the global heavy-duty electric vehicle charging infrastructure market growth.
Asia Pacific will lead the global heavy-duty electric vehicle charging infrastructure market.