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With Increasing Environment Pollution Concerns, the Global Electric Vehicle Charging System Market Growth to thrive at 25.51%
Global Electric Vehicle Charging System Market
"Browse 39 Market Data Tables and 37 Figures spread over 152 Pages, along with an in-depth TOC on the Global Electric Vehicle Charging System Market Forecast 2021-2028."
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The electric vehicle (EV) market growth is on a surge. This has increased the need for robust electric charging infrastructure. The EV charging system comprises a setup that powers electric vehicles. Their battery chargers are divided into level 1, level 2, and level 3.
Rising Environment Pollution Concerns Drive Market Growth
Transport is an essential part of several private and economic activities. It also leads to considerable environmental problems. The GHG (Greenhouse Gas) emissions are a major threat to the environment. Climate change is majorly impacted by emissions from the transport sector. Also, there has been an increase in gasoline-powered vehicle sales and rapid urbanization, leading to rising temperatures and carbon emissions.
Such concerns and the need for remedies have influenced the sales of electric vehicles, coupled with initiatives by governments, automobile manufacturers, and environmental agencies. Such developments are set to promote the growth of EV batteries. OEMs are investing hugely in R&D activities to cater to the demands.
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Plug-In Charging System: Major Mode of Charging
Plug-in electric chargers use a charging cable and plug for vehicle charging. Most EV chargers at present use plug-in charging mode. They have huge demand in commercial and home areas. Wired charging uses metal contact between EVSE (electric vehicle supply equipment) and the charging inlet of the vehicle. Its subdivision includes level 1, level 2, and level 3. Level 1 charging includes a 120 volt (V) plug, alternating-current (AC), and an exclusive circuit.
Plug-in electric chargers are portable and do not need any charging equipment installment. Level 2 entails a plug of 240 volts (V), alternating-current (AC), and public charging installation. It is compatible with all plug-in electric vehicles. Level 3 charging, also called DC Fast Charging, includes a 480V direct (DC) outlet. It is not compatible with all EV types.
North America is the Fastest-Growing Region
The EV market in North America is evolving with the presence of several well-established players. This, along with incentive programs offered by governments, contributes to the increasing adoption of PHEVs (plug-in hybrid electric vehicle) and BEVs (battery electric vehicles). Further, the EV charging system market growth is attributed to the federal bodies' efforts to propel vehicle electrification, rising manufacturing activities, and a conducive economy.
The industry rivalry in the market is moderate. The increasing focus on the industry and the rising opportunities are driving the global demand of the industry. ABB Ltd, ChargePoint, Tesla, EVgo, EVBox, etc., are among the eminent players in the market.
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