Press release
Fleet Charging Market: Major Trends Reshaping the Future of the Industry
Fleet Charging Market
What Will the Fleet Charging Industry Market Size Be by 2025?
The scale of the fleet charging market has significantly expanded over the past few years. The market which is projected to increase from $3.3 billion in 2024 to approximately $3.97 billion in 2025 will do so at a compound annual growth rate (CAGR) of 20.4%. The rate of growth during the historical period can be credited to factors such as high fuel prices, a heightened understanding of climate change, the emergence of intelligent cities and urban development, growing acknowledgement and endorsement of electric vehicles by the public, and an increase in urban population sizes.
What's the Long-Term Growth Forecast for the Fleet Charging Market Size Through 2029?
The market size for fleet charging is anticipated to experience swift expansion in the forthcoming years. An upsurge to $8.23 billion is projected by 2029 with a CAGR of 20.0%. The burgeoning growth during the forecast period can be credited to the rising uptake of electric fleets, expansion of fleet management software, elevation in total ownership cost, growing consumer and fleet operator awareness, and escalating corporate engagement. Key trends for the estimated stage encompass technological progress, enhancements in battery technology, enforcement of emissions norms and policies, advances in fleet management software, and amalgamation with renewable energy sources.
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What Are the Key Growth Drivers Fueling the Fleet Charging Market Expansion?
The fleet charging market is set to grow due to a surge in demand for electric trucks. Electric trucks, which are battery-operated vehicles intended for goods transportation, special loads carriage, or utility tasks, are becoming increasingly popular. This is due to heightened environmental awareness, stricter emission standards, and battery technology advancements. Fleet charging provides effective and economical recharging for electric trucks, maximizing energy consumption and minimizing downtime in large logistics operations. As per a report by the France-based autonomous intergovernmental organization, International Energy Agency, in October 2023, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022. This amounts to about 4.5% of total bus sales and 1.2% worldwide truck sales. Additionally, there was a noteworthy boost in the electric trucks' market share in China, which spiked from 1.5% in 2021 to 3.9% in 2022. Hence, the rising demand for electric trucks is fueling the growth of the fleet charging market.
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What Are the Key Trends Driving Fleet Charging Market Growth?
Companies leading the fleet charging market are implementing technological innovations, including EV charger support, in order to improve their customer service. EV charger support notes to the services delivered by manufacturers or service providers for the upkeep and seamless operation of electric vehicle charging devices. As an illustration, in June 2023, ChargePoint Holdings Inc., a corporation based in the US that offers varying capacity charging stations, debuted its latest North American Charging Standard (NACS) connector support for both AC and DC charging systems. This innovation encompasses technical maintenance and support for its AC and DC solutions even further, presenting cable conversion kits for pre-existing DC quick chargers and original DC connectors that are Tesla-compatible, consequently certifying continuous charging processes for EV users. Being the industry's pioneer in introducing a native DC connector compatible with Tesla vehicles, ChargePoint's range of NACS alternatives reinforces the company's pledge to provide a hassle-free charging encounter for all EV drivers. Furthermore, the lineup also caters AC solutions, thus eliminating the necessity of a bulky adapter to power up.
How Is the Fleet Charging Market Segmented?
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 Companies Are Leading the Charge in Fleet Charging Market Innovation?
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
Which Regions Are Leading the Global Fleet Charging Market in Revenue?
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.
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