The Global Electric Vehicle Charging System Market to Surge at CAGR of 44.15% by 2028

Triton Market Research presents the Global Electric Vehicle Charging System Market segmented by Mode of Charging (Wireless Charging System, Plug-in Charging System [Level 1, Level 2, Level 3]), Product Type (Commercial Charging Systems, Home Charging Systems), and Geography (Latin America, Europe, Middle East and Africa, Asia-Pacific, North America). It further discusses the Market Summary, Industry Outlook, Key Insights, Impact of COVID-19, Porter's Five Forces Analysis, Market Attractiveness Matrix, List of Incentives by Various Countries, Industry Components, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report denotes that the global electric vehicle charging system market is anticipated to display growth in revenue by 44.15% of CAGR during the projected phase of 2021-2028.

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Electric vehicles are gaining significant traction across various countries. This increases the need for efficient charging systems to support this robust growth in the adoption of these vehicles. Here, the electric vehicle charging systems are either wireless or plug-in.

Factors such as advancements in wireless charging technology and growth in vehicle-to-grid technologies are opening new avenues for the studied market over the forecasting years. For instance, several automotive and infrastructure companies are testing technologies that can allow electric vehicles to charge on the move. This process is referred to as dynamic charging, includes under-road pads that transmit electricity through a wireless network. Such developments can enhance the electric vehicle charging system market's growth.

However, the high cost of setup, lack of standardization, and extended charging time are key factors challenging the overall market development.

Globally, the Middle East and Africa region is anticipated to observe the fastest growth rate in the electric vehicle charging system market. In the UAE, electric vehicle adoption is rising at a tremendous rate, owing to the decline in the cost of these vehicles. Dubai, for instance, has been striving to attain its long-term goal of electrification and has launched multiple initiatives over the past few years to influence citizens to opt for sustainable options.

Furthermore, in February 2021, Abu Dhabi launched a fleet of eco-friendly electric buses, which will be powered by the fastest charging lithium battery. Hence, this rise in electric vehicle adoption supports the development of the electric vehicle charging system market across the region.

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The distinguished companies engaged in the electric vehicle charging system market include Siemens, SemaConnect, Delta Electronics Inc, Evbox, Allego, Alfen, ChargePoint, Tesla, Schneider Electric, Webasto, Eaton, Evgo, ABB Ltd, Blink, and Efacec.

The large capital investment required for research, developing distribution channels, and manufacturing units restrict the entry of new players into the market. This indicates that the threat of new entrants is likely to remain low over the next few years. Furthermore, the growing opportunities, along with government interest in support of electric vehicle adoption is fueling the demand for efficient charging systems. This has compelled major automotive players to invest heavily in EV charging systems, increasing the competition levels in the market.

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