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Heavy Electric Vehicle Industrial Equipment Charging Market Growth to Surge Owing to Increasing Adoption by End-use Applications
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Key players are focusing on increasing their shares in the global heavy electric vehicle and industrial equipment charging market by entering into strategic partnerships and joint ventures with regional players. In addition, major market players are also expanding their global presence via acquisitions and mergers with regional distributors.
Leading companies in the global heavy electric vehicle and industrial equipment charging market are sanctioning heavy investments to accelerate their research and development. These market players are focused on enhancing their global heavy electric vehicle and industrial equipment charging market shares by introducing upgraded solutions. Focus on product innovation and emphasis on sales via direct distribution are the key differentiating factors that are enabling market players to enhance their market shares in the global and regional heavy electric vehicle and industrial equipment charging markets.
The global heavy electric vehicle and industrial equipment charging market is estimated to offer a total incremental opportunity worth US$ 7,571.7 Mn during the forecast period of 2018 to 2028. In the global heavy electric vehicle and industrial equipment charging market report, Persistence Market Research has segmented the global heavy electric vehicle and industrial equipment charging market by technology, application, end use, capacity, and region.
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Inductive charging technology for heavy electric vehicle and industrial equipment charging is a prominent segment in the global heavy electric vehicle and industrial equipment charging market, and is expected to remain prominent throughout the forecast period as compared to the resonant inductive charging technology.
The heavy electric vehicle and industrial equipment charging market in North America is estimated to feature the most attractive incremental opportunity during the forecast period, followed by the East Asia market. The South Asia heavy electric vehicle and industrial equipment charging market is estimated to record the second highest CAGR after the North America market.
It is estimated that energy utilization by the total world population will increase by 48% by the end of 2040. Most of this demand is expected to originate from the Middle East, Africa, Europe, and Asia. Hence, this consistently expanding demand for energy will promote the demand for heavy electric vehicle and industrial equipment charging, thereby, boosting the volume sales of heavy electric vehicle and industrial equipment charging during the forecast period.
Governments of various nations, such as the US, China, and India, have decided to increase their budget for transmission facilities as they plan to strengthen their transmission and distribution infrastructure. In addition, the establishment of intelligent power distribution and control networks is expected to augment the demand for heavy electric vehicle and industrial equipment charging, which, in turn, is expected to drive the global heavy electric vehicle and industrial equipment charging market.
The rapid development of various power-supply technologies, increasing investments & deployments of power grids, and the ever-rising demand for efficient power transmission & distribution are some of the major factors driving the global heavy electric vehicle and industrial equipment charging market. Furthermore, the ageing power transmission and distribution infrastructure in developed economies is expected to fuel the need for new installations of heavy electric vehicle and industrial equipment charging solutions with advanced features to facilitate better functionality.
Some of the key players in the global heavy electric vehicle and industrial equipment charging market research report include WAVE INC., Momentum Dynamics, Delta Energy Systems, Greenlots, WiTricity Corporation, and Electreon.
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