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Electric Vehicle (EV) Charging Panelboard Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Electric Vehicle (EV) Charging Panelboard Market
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According to The Business Research Company's, The electric vehicle (EV) charging panelboard market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing adoption of electric vehicles, increasing awareness of environmental issues, increasing accessibility, and growing need for charging solutions.
The electric vehicle (EV) charging panelboard market size is expected to see strong growth in the next few years. It will grow to $10.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to advancements in fast charging rates, increasing investment in charging infrastructure, and increasing number of charging stations. Major trends in the forecast period include integration of smart charging functionalities, technological advancements, and launches of new products and services.
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Market Drivers and Trends:
The increasing adoption of electric vehicles is expected to propel the growth of the electric vehicle charging panelboard market going forward. Electric vehicles are vehicles that use one or more electric motors for propulsion, rather than an internal combustion engine that burns gasoline or diesel fuel. The increase in adoption of electric vehicles is due to environmental concerns, economic benefits, and supportive policies. Electric vehicle charging panelboards are essential for organizing and managing electrical power distribution to multiple electric vehicle chargers. They ensure safety, efficiency, and scalability, making them indispensable in the growing infrastructure needed to support the widespread adoption of electric vehicles. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, an increase of 35% annually. Therefore, the increasing adoption of electric vehicles drives the electric (EV) vehicles charging panelboard market.
Major companies operating in the electric vehicles (EV) charging panel board market are focused on developing innovative devices, such as fast-charging systems, to enhance the efficiency and scalability of electric vehicle charging infrastructure. Fast-charging systems for electric vehicles (EVs) are designed to significantly reduce the time it takes to recharge an EV's battery compared to standard charging methods. These systems are crucial for enhancing the convenience and practicality of EVs, making them more attractive to a broader range of consumers. For instance, in June 2022, Kempower, a Finland-based company that specializes in designing and manufacturing DC fast charging solutions for electric vehicles and machines, launched its S-Series fast-charging system, which features liquid-cooled charging cables and can provide up to 480 kW of charging power. The S-Series is well-suited for electric buses, truck depots, and public fast-charging stations. Its modular design enables easy charging capacity scalability as fleets expand. With high power density, delivering up to 100 kW per charging post, and advanced cable management features, it stands out as a top choice in the DC fast-charging sector.
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Major Key Players of the Market:
Tesla Inc., Siemens AG, General Electric (GE), Schneider Electric, ABB Group, Eaton Corporation, Delta Electronics, Phoenix Contact, Leviton Manufacturing Compan, Inc., Schaltbau Holding AG, Phihong Technology, Mennekes Elektrotechnik GmbH & Co. KG, EFACEC Power Solutions SGPS S.A, ChargePoint Inc., The Mobility House, Wallbox, Allego, EVBox, POD Point, Webasto Charging Systems, I-Gard Corporation, CIRCONTROL, Pulse Power, EVTeQ
Electric Vehicle (EV) Charging Panelboard Market 2024 Key Insights:
• The electric vehicle (EV) charging panelboard market size is expected to see strong growth in the next few years. It will grow to $10.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Increasing Adoption Of Electric Vehicles Drives Demand For EV Charging Panelboards
• Technological Advancements In EV Charging Panelboards To Enhance Charging Efficiency
• Asia-Pacific was the largest region in the electric vehicle (EV) charging panelboard market in 2023
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