Press release
Fleet Charging Market Poised for 20 % Growth, Set to Hit $6.64 Billion by 2029
Fleet Charging Market Share
The increase in electric truck demand is expected to drive the growth of the fleet charging market. As environmental concerns rise and emissions regulations become stricter, the demand for electric trucks is growing. Fleet charging solutions help reduce downtime for electric trucks and optimize energy use. In October 2023, the International Energy Agency reported that 60,000 electric trucks were sold in 2022, a substantial increase from the previous year. This growing demand for electric trucks is fueling the growth of the fleet charging market.
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What Is the projected market size and growth rate for the fleet charging market?
The fleet charging market has experienced dramatic growth in recent years. It is expected to increase from $3.3 billion in 2024 to $3.97 billion in 2025, growing at a CAGR of 20.4%. The growth is driven by rising fuel prices, heightened awareness of climate change, the rise of smart cities and urban planning, growing acceptance of electric vehicles, and increasing urban populations.
The fleet charging market will grow to $8.23 billion by 2029, at a CAGR of 20.0%. This growth is driven by the adoption of electric fleets, fleet management software, total cost of ownership considerations, consumer awareness, and corporate commitments. Trends include battery technology improvements, emissions regulations, fleet software innovation, and renewable energy integration.
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What new trends are reshaping the fleet charging market and its opportunities?
Companies in the fleet charging market are prioritizing technological advancements, such as EV charger support, to improve customer satisfaction. EV charger support includes technical assistance and maintenance for electric vehicle charging equipment. For instance, in June 2023, ChargePoint Holdings introduced North American Charging Standard (NACS) connector support for both AC and DC chargers, including solutions compatible with Tesla vehicles. These solutions streamline charging and eliminate the need for adapters, enhancing convenience for EV owners.
What major market segments define the scope and growth 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 regions are key players in the growth of 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.
Which key market leaders are driving the fleet charging industry growth?
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
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What Is Covered In The Fleet Charging Global Market Report?
•Market Size Forecast: Examine the fleet charging market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the fleet charging market for a structured understanding.
•Key Players Overview: Analyze major players in the fleet charging market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fleet charging market.
•Segment Contributions: Evaluate how different segments drive overall growth in the fleet charging market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fleet charging market.
•Industry Challenges: Identify potential risks and obstacles affecting the fleet charging market.
•Competitive Landscape: Review strategic developments in the fleet charging market, including expansions, agreements, and new product launches.
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