The Global Electric Vehicle Charging System Market Evaluated to Acquire $81.30 Million in Revenue by 2028

According to Triton’s report, in 2020, the global electric vehicle charging system market garnered $4.26 million, and is estimated to witness growth at 44.15% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Electric Vehicle Charging System Market’ consists of the Global Analysis and Forecasts by Product Type (Home Charging Systems, Commercial Charging Systems), Mode of Charging (Plug-in Charging System [Level 1, Level 2, Level 3], Wireless Charging System), and by Geography (Asia-Pacific, Europe, Middle East and Africa, Latin America, North America).

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Triton’s report predicts the global electric vehicle charging system market to propel based on revenue at a CAGR of 44.15% during the projected period of 2021-2028. It is projected to display revenue worth $81.30 million by 2028.

Globally, electric vehicles are becoming increasingly popular, which surges the demand for effective charging systems. Thus, electric vehicle charging systems are offered as wireless or plug-in.

Over the years, the demand for electric vehicles increased significantly, owing to rising environmental concerns. These concerns motivated the governments and automotive manufacturers to encourage consumers to opt for electric vehicles over traditional fuel-powered vehicles. Hence, the growth in electric vehicle sales motivates the market’s evolutions to a large extent. Additionally, government initiatives in favor of the market and technological advancements are another set of factors augmenting the growth of the electric vehicle charging system market.

However, the cost of setting up electric vehicle infrastructure includes maintenance cost, cost of charging equipment, and other added expenses. This high cost of setup, coupled with a lack of standardization, obstructs the global market’s future growth.

The electric vehicle charging system market is bifurcated into product type and mode of charging. Based on product type, it is segmented into home charging systems and commercial charging systems. Similarly, the mode of charging is divided into a plug-in charging system and a wireless charging system. Here, the plug-in charging system is sectioned into level 1, level 2, and level 3.

The Middle East and Africa region is estimated to observe the fastest growth rate in the electric vehicle charging system market over the considered period 2021-2028. In Saudi Arabia, electric vehicles are gaining traction at a gradual pace over the past few years. Even though oil is the main source of revenue, the development of new renewable energy transportation technologies is driving the country’s economic agenda. Under the Vision 2030 plan, the country strives to decrease its dependency on oil, diversify the economy, and implement various social reforms. Therefore, these factors are projected to boost the growth of the electric vehicle charging system market across the region.

Blink, SemaConnect, Webasto, Siemens, Schneider Electric, Evbox, ABB Ltd, Efacec, Evgo, Allego, Delta Electronics Inc, Eaton, ChargePoint, Alfen, and Tesla are major companies thriving in the market.

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Question & Answer: Electric Vehicle Charging System Market

Question 1: What factors are augmenting the growth of the electric vehicle charging system market?

Answer: Over the years, the demand for electric vehicles increased significantly, owing to rising environmental concerns. These concerns motivated the governments and automotive manufacturers to encourage consumers to opt for electric vehicles over traditional fuel-powered vehicles. Hence, the growth in electric vehicle sales motivates the market’s evolutions to a large extent. Additionally, government initiatives in favor of the market and technological advancements are another set of factors augmenting the growth of the electric vehicle charging system market.

Question 2: What factors obstruct the electric vehicle charging system market’s future growth?

Answer: The cost of setting up electric vehicle infrastructure includes maintenance cost, cost of charging equipment, and other added expenses. This high cost of setup, coupled with a lack of standardization, obstructs the global market’s future growth.

Question 3: Which region is is estimated to observe the fastest growth rate in the electric vehicle charging system market?

Answer: The Middle East and Africa region is estimated to observe the fastest growth rate in the electric vehicle charging system market over the considered period 2021-2028. In Saudi Arabia, electric vehicles are gaining traction at a gradual pace over the past few years. Even though oil is the main source of revenue, the development of new renewable energy transportation technologies is driving the country’s economic agenda. Under the Vision 2030 plan, the country strives to decrease its dependency on oil, diversify the economy, and implement various social reforms. Therefore, these factors are projected to boost the growth of the electric vehicle charging system market across the region.

Question 4: Which are the major companies thriving in the electric vehicle charging system market?

Answer: The major enterprises in the electric vehicle charging system market comprise Blink, SemaConnect, Webasto, Siemens, Schneider Electric, Evbox, ABB Ltd, Efacec, Evgo, Allego, Delta Electronics Inc, Eaton, ChargePoint, Alfen, and Tesla are major companies thriving in the market.

Related Report:

Global Electric Vehicle Market

The global electric vehicle market is predicted to display growth in its revenue during 2019-2027 at a CAGR of 20.95%. It is likely to obtain revenue worth $747.17 billion by 2027.
The widely adopted electric vehicles include

spacecraft, aircraft, road and rail vehicles, and others. These vehicles are motorized via the collector system assisted by electric current from charging stations or portable batteries.

Factors such as the cost-effectiveness of electric vehicles over gas-powered vehicles, rising per capita income, and proactive government policies stimulate the growth of the electric vehicle market. In addition, government initiatives to limit greenhouse gas emissions create several new opportunities for the electric vehicle market over the forecast period.

However, the lack of electric vehicle charging stations, coupled with the high cost of electric vehicles, hamper the overall development of the studied market worldwide.

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