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Rising Demand For Electric Trucks Fuels Growth In Fleet Charging Market Driver: Leading Transformation in the Fleet Charging Market in 2025
Fleet Charging Market Size
Over the past few years, the market size of fleet charging has witnessed a significant surge. The market growth is projected to escalate from $3.3 billion in 2024 to a whopping $3.97 billion in 2025, with a compound annual growth rate (CAGR) of 20.4%. The growth observed in the historic period is due to factors such as the rise in fuel prices, increased awareness about climate change, development of smart cities and urban planning, elevated public knowledge and acceptance for electric vehicles, coupled with a rise in urban population.
Over the coming years, rapid expansion is projected in the fleet charging market, which is poised to reach $8.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 20.0%. This growth during the forecast period is predicted to be spurred by factors such as rising acceptance of electric fleets, increased reliance on fleet management software, a hike in total cost of ownership, growing consumer and fleet operator awareness, and heightened corporate responsibilities. The forecast period is also expected to bring significant trends, including technological breakthroughs, advancements in battery technology, implementation of emissions regulations and policies, enhancements in fleet management software, and integration with renewable energy sources.
What Is Contributing to the Growth of the Fleet Charging Market?
The boom in the electric truck industry is anticipated to thrust forward the development of the fleet charging market. These electric trucks, which are run solely on batteries, are made for the purpose of carrying goods, hauling specialized cargoes, or functioning in essential roles. Their demand has seen a rise following heightened environmental issues, more stringent emission directives, and progress in battery technology. The fleet charging service for these electric trucks offers an effective, cost-friendly method of recharge, exploiting energy usage to a maximum level while curbing the downtime in large logistical procedures. To cite an example, a report released by the France-based International Energy Agency in October 2023, pointed out that nearly 66,000 electric buses and 60,000 medium and heavy-duty trucks were purchased worldwide in 2022, comprising of nearly 4.5% of the entire bus sales and 1.2% of global truck sales. More so, in China, the market fraction of electric trucks shot up from 1.5% in 2021 to 3.9% in 2022, reflecting a significant climb in just a year. Consequently, this surge in the electric truck demand is steering the expansion of the fleet charging market.
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Which Leading Companies Are Shaping the Growth of the Fleet Charging Market?
Major companies operating in the fleet charging market are Royal Dutch Shell plc, BMW Group, Enel Group, Robert Bosch GmbH, Tesla Inc., Renault Group, Schneider Electric SE, Eaton Corporation Plc, Phihong Technology Co. Ltd., Delta Electronics EMEA, Tata Power, EVBox, ChargePoint Holdings Inc., EFACEC Power Solutions SGPS, Allego Inc., Tritium DCFC Ltd, Electrify America LLC, EVgo Inc., Xcharge, Virta Global, Servotech Power Systems Ltd., Kazam EV Tech. Pvt. Ltd., HyperVolt, Charzer, Greenlots
What Are the Major Trends Shaping the Fleet Charging Market?
Fleet charging market leaders like ChargePoint Holdings Inc. are prioritizing technological innovations such as EV charger support to enhance their customer service. EV charger support pertains to the provision of technical backup and maintenance by manufacturers or service providers to uphold the optimum operation of electric vehicle charging equipment. For instance, in June 2023, ChargePoint Holdings Inc. rolled out a North American Charging Standard (NACS) connector support for their AC and DC charging solutions. This support includes technical assistance and maintenance for their charging solutions, in addition to providing cable conversion kits for existing DC fast chargers and native DC connectors that are compatible with Tesla vehicles. This ensures a smooth charging process for EV owners. Their range of NACS solutions underlines ChargePoint's dedication to facilitating a hassle-free charging experience for all EV drivers; they took the lead in the industry to introduce a native DC connector that works with Tesla vehicles. Their lineup also provides AC solutions, eliminating the need for a challenging adapter to charge.
What Are the Key Segments of the Fleet Charging Market?
The fleet charging market covered in this report is segmented -
1) By Type: Alternating Current (AC) Charging Station, Direct Current (DC) Charging Station
2) By Installation Type: Fixed, Portable
3) By End User: Service And Last Mile Companies, Trucking Companies, Public Transportation, Other End Users
Subsegments:
1) By Alternating Current (Ac) Charging Station: Level 1 Ac Charging Station, Level 2 Ac Charging Station
2) By Direct Current (Dc) Charging Station: Dc Fast Charging (Dcfc) Station, Ultra-Fast Dc Charging Station
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Which Region Dominates the Fleet Charging Market?
Asia-Pacific was the largest region in the fleet charging market in 2024. The regions covered in the fleet charging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Fleet Charging Global Market Report?
- Market Size Analysis: Analyze the Fleet Charging Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Fleet Charging 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 Fleet Charging Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Fleet Charging Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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