As the automotive industry transitions towards electric vehicles, companies focusing on heavy-duty electric vehicle charging infrastructure play a crucial role in developing robust charging stations to support the growing fleet of electric vehicles.
*Disclaimer: List of key companies in no particular order
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October 2023: A new service introduced by Volvo Trucks enables transporters to locate and gain access to charging stations. The service will initially be introduced in Sweden, followed by subsequent launches in other European and global markets. The recently introduced service by Volvo Trucks facilitates the identification and utilization of charging stations by transporters. Establishing a rapid-charging infrastructure for electric vehicles is a critical component of the shift toward more environmentally friendly heavy transportation. The opening of approximately 130 charging stations is anticipated in Sweden between 2023 and 2024. A number of corporations operate the stations, with Volvo Trucks being one of the collaborating entities. This development significantly advances the electrification of industrial transportation. The new service exhibits all charging stations that are appropriate for heavy-duty vehicles, irrespective of their operator, and is accessible to all truck manufacturers.
October 2023: The Ray, a preeminent nonprofit organization committed to promoting net-zero energy infrastructure and transportation, has formed a partnership with Geotab Intelligent Transportation Systems (ITS) to demonstrate how effective and efficient positioning of zero-carbon fueling stations for medium and heavy-duty trucks can ensure their success throughout the country through aggregate data analysis. Through a partnership with The Ray and the utilization of industry-leading aggregate data from Geotab ITS, their objective is to aid transportation agencies nationwide in guaranteeing that infrastructure is constructed in areas where its effects will be most significant, thereby promoting a more purposeful, environmentally friendly, and effective flow of commodities.
Top listed global companies in the industry are:
Heavy-Duty Electric Vehicle Charging Infrastructure Market Size was valued at USD 5.3 Billion in 2023. The Heavy-Duty Electric Vehicle Charging Infrastructure market industry is projected to grow from USD 7.155 Billion in 2024 to USD 58.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 29.93% during the forecast period (2024 - 2032). The rise in the popularity of electric vehicles, the strategic moves of major companies, and the efforts of governments in various economies, are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Due to growing environmental awareness regarding the effects of gasoline-powered cars, the demand for electric vehicles has surged globally. Additionally, government initiatives promote the usage of electric vehicles. For instance, the Indian Ministry of Road Transport and Highways published a list of non-fiscal incentives in September 2017 to ensure that sales of electric vehicles will account for 15% of total vehicle sales in the country over the ensuing five years. As a result, it is expected that adoption and construction of heavy-duty charging infrastructure would expand during the projected period in tandem with the rise in demand for electric vehicles. The sale of electric vehicles and the development of charging infrastructure are still in their infancy in the majority of countries. Governments are focusing on constructing charging stations to promote the use of electric vehicles more. The system for transporting electricity from the electric grid and distributing it to electric cars is the infrastructure for charging heavy-duty electric vehicles, like e-buses and trucks. The act of charging an electric car also entails obtaining AC electricity from the AC electric grid, converting it to DC electricity, and putting it into the DC batteries of the vehicle. The charger is used as a power electronic to regulate battery charging and convert AC to DC.
The release of new models is also increasing steadily for the market for electric vehicles (EVs). EVs are anticipated to represent a sizable portion of the entire transportation sector in the approaching years. Thanks to manufacturers like Tesla, heavy-duty electric cars and commercial vehicles have becoming commonplace. To enable long-distance driving, electric vehicles need faster charging rates and higher charge loads compared to light-duty EVs. Therefore, at heavy-duty EV charging stations, unpredictable load profiles with high peak power requirements (>1 MW for a single port) and abnormally quick transition rates may be observed. Understanding the effects of adding heavy-duty EV charging stations to the infrastructure is crucial. Thus, driving the Heavy-Duty Electric Vehicle Charging Infrastructure market revenue.
The Heavy-Duty Electric Vehicle Charging Infrastructure market segmentation, based on Charging Type, includes DC Charger and AC Charger. DC charger segment accounted for the largest revenue share in 2022. The phrase "DC charger" refers to the DC fast charging method, which delivers electricity directly into an EV's battery system and enables faster charging at the charging stations. This type of charger comes with an integrated converter that converts AC into DC power before it enters the car and supplies the current required to charge an electric vehicle's battery.
The Heavy-Duty Electric Vehicle Charging Infrastructure market segmentation, based on Charging Method, includes Fast Charging and Slow Charging. Fast charging segment dominated the Heavy-Duty Electric Vehicle Charging Infrastructure market in 2022. Fast charging is a speedy way to recharge heavy-duty vehicles like buses, trucks, and other types of vehicles. Drivers of heavy-duty vehicles can recharge the battery in a lot less time using the rapid charging technique compared to the slow charging method's lengthy charging timeframes.
Figure 1 Heavy-Duty Electric Vehicle Charging Infrastructure Market, by Charging Method, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Heavy-Duty Electric Vehicle Charging Infrastructure Market dominated this market in 2022 (45.80%). North America now holds a substantial market share in the global market for heavy-duty EV charging infrastructure due to the growing demand for heavy-duty electric vehicles. The region's charging infrastructure is largely used by a number of heavy-duty electric vehicle producers, including Tesla Inc., Volkswagen AG, BMW AG, and Volvo Group. Further, the U.S. Heavy-Duty Electric Vehicle Charging Infrastructure market held the largest market share, and the Canada Heavy-Duty Electric Vehicle Charging Infrastructure market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 Heavy-Duty Electric Vehicle Charging Infrastructure Market Share By Region 2022 (Usd Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Heavy-Duty Electric Vehicle Charging Infrastructure market accounted for the healthy market share in 2022. One of the most significant markets for heavy-duty electric cars worldwide is Europe. The growing demand for and increase in sales of electric buses and vehicles has a significant impact on the region's OEMs and aftermarket companies' need for charging stations. Further, the German Heavy-Duty Electric Vehicle Charging Infrastructure market held the largest market share, and the U.K Heavy-Duty Electric Vehicle Charging Infrastructure market was the fastest growing market in the European region.
The Asia Pacific Heavy-Duty Electric Vehicle Charging Infrastructure market is expected to register significant growth from 2024 to 2032. The need for heavy-duty EV charging infrastructure is expected to rise significantly in the Asia-Pacific region as a result of rising demand for electric buses and regional government initiatives to promote the development of heavy-duty electric vehicles, including those of China, Japan, and India. Moreover, China’s Heavy-Duty Electric Vehicle Charging Infrastructure market held the largest market share, and the Indian Heavy-Duty Electric Vehicle Charging Infrastructure market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Heavy-Duty Electric Vehicle Charging Infrastructure market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Heavy-Duty Electric Vehicle Charging Infrastructure industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Heavy-Duty Electric Vehicle Charging Infrastructure industry to benefit clients and increase the market sector. In recent years, the Heavy-Duty Electric Vehicle Charging Infrastructure industry has offered some of the most significant advantages to medicine. Major players in the Heavy-Duty Electric Vehicle Charging Infrastructure market, including ABB, Siemens, Bombardier Inc., Kempower OY, Tesla, Proterra, Chargepoint, Inc., Schunk Group, EFACEC, Shijiazhuang Tonhe Electronics Technologies Co., Ltd., and Kehua Hengsheng Co., Ltd., are attempting to increase market demand by investing in research and development operations.
BP Plc (BP) is an integrated oil and gas company. Transportation, marketing, and trading of natural gas, including liquefied natural gas (LNG) and natural gas liquids (NGLs), are all considered midstream operations. Oil and gas exploration, development, and production, as well as field development and production, are all upstream operations. The company's downstream operations include of selling crude oil, petroleum, and petrochemical products, as well as refining, manufacturing, supplying, trading, and providing related services to wholesale and retail clients. In March 2022, BP joined forces with BMW Group and Daimler Mobility as a partner in digital charging systems to further electrification. BP will join Digital Charging Solutions (DCS), one of Europe's leading suppliers of digital charging solutions for automakers and fleet owners, along with BMW Group and Daimler Mobility.
Electricity and automation technology and solutions are offered by ABB Ltd (ABB). The business provides goods, systems, services, and solutions for electrification, motion, and industrial automation. Its offers harness power reliability, boost industrial productivity, and improve energy efficiency, and its solutions incorporate engineering know-how and software. ABB offers its goods directly to consumers as well as through third-party channel partners as distributors, installers, wholesalers, machine manufacturers, original equipment manufacturers, and system integrators. ABB unveiled Terra 360, the quickest charger for electric vehicles, in June 2022. Using this charging infrastructure, an electric car can be fully charged in 15 minutes and it can simultaneously power up to four vehicles. This company is estimated to be worth $3 billion. By 2022, it was anticipated that Europe would have this infrastructure.
November 2022 SBRS GmbH, a 100% owned subsidiary of Shell Deutschland GmbH, a 100% owned subsidiary of Shell, has been acquired by Schaltbau Holding AG, a well-known provider of solutions for charging infrastructure for commercial electric automobiles. The purchase increases Shell's option of lower-carbon solutions for fleet solutions and commercial road transport clients by adding considerable expertise in electric bus charging and a sizable pipeline in electric truck charging.
Heavy Duty EV Charging Infrastructure Market Highlights:
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