Press release
Shaping the Electric Vehicle (EV) Charging Panelboard Market in 2025: Technological Advancements In EV Charging Panelboards To Enhance Charging Efficiency
Electric Vehicle (EV) Charging Panelboard Market Research
The market for electric vehicle (EV) charging panelboards has seen substantial growth in the preceding years, expanding from a value of $7.25 billion in 2024, to an estimated $7.95 billion in 2025. This represents a compound annual growth rate (CAGR) of 9.6%. The noticeable growth witnessed in the historical period is primarily a result of increased uptake of electric vehicles, a greater understanding of environmental problems, improved accessibility, and a heightened demand for charging options.
The EV charging panelboard market is projected to experience robust growth in the imminent years. The market is expected to swell to a valuation of $11.33 billion by 2029, progressing at a compound annual growth rate of 9.3%. This growth during the prediction period can be linked to improvements in rapid charging rates, increased funding in charging facilities, and a surge in the number of charging stations. Key trends for the forecast period incorporate the integration of intelligent charging functionalities, advances in technology, and the introduction of new products and services.
What Are the Primary Growth Drivers for the Electric Vehicle (EV) Charging Panelboard Market?
The surge in the use of electric vehicles is projected to boost the expansion of the electric vehicle charging panelboard market in the future. Electric vehicles, powered by one or more electric motors instead of the traditional internal combustion engine that operates on gasoline or diesel, are increasingly becoming popular owing to environmental consciousness, financial incentives, and favorable regulations. Electric vehicle charging panelboards, crucial for controlling and administering power supply to various electric vehicle chargers, play a critical role in terms of safety, effectiveness, and scalability. Hence, they are key to the ever-evolving infrastructure required to facilitate the growing acceptance of electric vehicles worldwide. As an illustration, the International Energy Agency, an intergovernmental organization in France, stated in April 2024 that the sales of electric vehicles went up by 3.5 million in 2023 compared to 2022, marking an annual rise of 35%. Consequently, the escalating use of electric vehicles is propelling the market for electric (EV) vehicles charging panelboard.
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Who Are the Dominant Companies Influencing Electric Vehicle (EV) Charging Panelboard Market Trends?
Major companies operating in the electric vehicle (EV) charging panelboard market are Tesla Inc., Siemens AG, General Electric (GE), Schneider Electric, ABB Group, Eaton Corporation, Delta Electronics, Phoenix Contact, Leviton Manufacturing Company, 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
How Is the Electric Vehicle (EV) Charging Panelboard Market Evolving?
Leading entities in the electric vehicles (EV) charging panel board market are striving towards creating innovative devices such as rapid charging systems, to boost the performance and scalability of EV charging infrastructure. These rapid charging systems are specially designed to substantially decrease the time it takes to recharge an EV's battery, in comparison to traditional charging methods. By making EVs more user-friendly and practical, these systems are making them appealing to a wider set of customers. To illustrate, in June 2022, Kempower, a Finland-based firm specializing in the design and production of DC rapid charging solutions for electric vehicles and equipment, introduced its S-Series rapid charging system. This system is characterized by its liquid-cooled charging cables and can deliver up to 480 kW of charging power. The S-Series is an ideal fit for electric buses, truck depots, and public rapid charging stations. Its unique design allows for easy scalability of charging capacity as fleets grow. Offering high power density - up to 100 kW per charging post - and state-of-the-art cable management features, it is recognized as a top contender in the DC rapid charging industry.
What Are the Different Segmentations in the Electric Vehicle (EV) Charging Panelboard Market?
The electric vehicle (EV) charging panelboard market covered in this report is segmented -
1) By Charging Level: Level 1, Level 2, Level 3
2) By Board Capacity: Single Vehicle Charging Panel Boards, Multiple Vehicle Charging Panel Boards
3) By Application: Private, Semi-Public, Public
4) By End Use: Individual, Fleet Operators, Commercial Entities, Other End-use
Subsegments:
1) By Level 1: Residential Wall Outlets (120V), Basic Home Charging Stations, Single-Phase Chargers, Low-Power Panelboards For Slow Charging
2) By Level 2: Residential And Commercial Charging Stations (240V), Faster Home Charging Solutions, Commercial-Grade Charging Panelboards, Three-Phase And Dual-Phase Panelboards For Medium-Speed Charging
3) By Level 3: DC Fast Chargers (480V Or Higher), High-Power Charging Panelboards For Fast Charging Infrastructure, Public Charging Station Panelboards, Supercharger Systems (High-Speed Commercial Charging)
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Which Region Is at the Forefront of the Electric Vehicle (EV) Charging Panelboard Market?
Asia-Pacific was the largest region in the electric vehicle (EV) charging panelboard market in 2023. The regions covered in the electric vehicle (EV) charging panelboard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Vehicle (EV) Charging Panelboard Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle (EV) Charging Panelboard Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle (EV) Charging Panelboard Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle (EV) Charging Panelboard Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle (EV) Charging Panelboard Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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