Press release
Public Charging Service Market Anticipated To Witness Robust Growth, Surpassing 20.13 Billion By 2029
Public Charging Service Market
What Is the Current Public Charging Service Market Size and Its Estimated Growth Rate?
Over the past few years, we have seen tremendous growth in the size of the public charging service market. The projections show a lucrative increase from $4.50 billion in 2024 to $6.08 billion in 2025, indicating a compound annual growth rate (CAGR) of 35.2%. This remarkable growth during the historical period can be traced back to factors like the expansion of public charging infrastructure, the proliferation of DC charging station installations, the development of more public charging stations, the escalating adoption rate of EV vehicles, and the growing concern over the detrimental effects of greenhouse gas emissions on environmental health.An exceptional surge in growth is anticipated for the public charging service market in the coming years, projecting it to hit a valuation of $20.13 billion by 2029, growing at a compound annual growth rate (CAGR) of 34.9%. The factors accountable for this predicted growth during the forecast period range from enhanced public awareness concerning environmental degradation, the escalating urgency to curb global warming effects, the expansion of charging networks, increased connectivity with renewable energy sources, to the growth in charging solutions at workplaces. Significant trends projected during the forecast period encompass technological evolution, inventive developments in charging technology, technical progressions in electric mobility, advanced charging stations furnished with multiple ports, and a transition towards intelligent charging.
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How Are Emerging Segments Shaping the Public Charging Service Market Landscape?
The public charging service market covered in this report is segmented -
1) By Type: Direct Current Charging, Alternating Current Charging
2) By Application: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle
3) By End User: Residential, Commercial
Subsegments:
1) By Direct Current (DC) Charging: DC Fast Charging (Level 3), Ultra-Fast DC Charging, High-Power Charging (HPC)
2) By Alternating Current (AC) Charging: Level 1 AC Charging, Level 2 AC Charging, Smart AC Charging Stations
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Which Growth Factors Are Influencing Public Charging Service Market Expansion?
The surge in electric vehicle utilization is predicted to significantly spur the expansion of the public charging service market. Electric vehicles (EVs) are those powered by electric motors that rely on re-energizable batteries or other power storage systems. The rise in electric vehicle uptake can be linked to increased environmental concern, government incentives, advances in technology, reduced operating expenditures, enhanced charging infrastructure, escalating fuel costs, and investments by car manufacturers. Public charging services offer comprehensive access to charging points for electric cars, allowing drivers to conveniently recharge their vehicles while on the move. For instance, the France-based autonomous International Energy Agency (IEA) reported that in 2024, electric vehicle sales saw a surge of 3.5 million units from the previous year in 2023, indicating a 35% annual growth. As a result, the escalating use of electric vehicles is fuelling the expansion of the public charging service market.
Who Are the Dominant Players Across Different Public Charging Service Market Segments?
Major companies operating in the public charging service market are Shell plc, Hyundai Motor Company, Tesla Inc., Blink Charging Co., Schneider Electric SE, NaaS Technology Inc., Guangzhou Xiaopeng Automotive Technology, Leviton Manufacturing Company Inc., Robert Bosch GmbH, Alfen NV, Enel X Way S.r.l., Kempower Oyj, Mennekes Elektrotechnik GmbH & Co. KG, Wallbox N.V., Pod Point Limited, BP Pulse, IONITY GmbH, Circontrol S.A., SparkCharge Inc., E-mobility, Hopcharge Private Limited
What Are the Latest Developing Trends in the Public Charging Service Market?
Leading firms in the public charging service market are channeling their resources towards the creation of tech-driven solutions, such as the integration of digital platforms, to improve user-friendliness, simplify transaction methods, maximize charging station availability, and ensure smooth navigation for proprietors of electric vehicles, thus promoting the broad acceptance of electric motility. The concept of digital platform integration encompasses the consolidation of various digital services, systems, and technological tools into a single platform to improve operational efficiency and elevate user experience. For example, in October 2023, AB Volvo, a manufacturing firm based in Sweden, rolled out a new public charging service for electric trucks. This innovative service gives haulers in Sweden the ability to locate and utilize public fast charging facilities for heavy-duty electric trucks. Linked with Volvo Connect and a mobile application, the service offers amenities such as transaction processing and information on station availability. Future enhancements will feature options for booking charging durations and extending the service to additional European and worldwide markets.
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Which Geographic Regions Are Expected to Dominate the Public Charging Service Market in the Coming Years?
North America was the largest region in the public charging service market in 2024. The regions covered in the public charging service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Public Charging Service Market?
2. What is the CAGR expected in the Public Charging Service Market?
3. What Are the Key Innovations Transforming the Public Charging Service Industry?
4. Which Region Is Leading the Public Charging Service Market?
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