Press release
Fleet Charging Market Expansion Outlook: $8 Billion in 2029
Fleet Charging Market
What Is the Projected CAGR for the Fleet Charging Market from 2024 to 2025?
The market for charging fleets has experienced a swift expansion in the past few years. It is predicted to ascend from a market value of $3.3 billion in 2024 to a valuation of $3.95 billion in 2025, marking a compound annual growth rate (CAGR) of 19.6%. This significant progress during the historical period can be credited to various factors including the rise in fuel costs, heightened consciousness about global warming, the emergence of smart cities and strategic urban planning, the public's growing knowledge and acceptance of electric vehicles, as well as the increasing urbanscape.
What are the Expected Market Size and CAGR for Fleet Charging by 2029?
The market size of fleet charging is predicted to experience swift expansion in the upcoming years, reaching $8 billion by 2029 with a compound annual growth rate (CAGR) of 19.3%. The surge during the projection period can be credited to a higher adoption rate of electric fleets, the development of fleet management software, an increase in overall ownership cost, growing consumer and operator awareness, and rising corporate commitments. Key trends during this forecast period include advancements in technology, betterment of battery technology, application of emission rules and policies, innovation in fleet management software, and contribution of renewable energy sources.
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Which Factors Are Driving the Global Fleet Charging Market Expansion?
The fleet charging market is poised for growth, stimulated by rising demand for electric trucks. Electric trucks are vehicles running on batteries, purposed for goods transportation, specialized load haulage, or utility work. The escalating demand stems from increasing environmental consciousness, tighter emission legislation, and progressing battery technology. Fleet charging provides an efficient and economical means of recharging electric trucks, thereby optimizing energy consumption and minimizing downtime in extensive logistics operations. For instance, in October 2023, a report by the autonomous France-based International Energy Agency documented that nearly 66,000 electric buses and 60,000 medium- to heavy-duty trucks were sold worldwide in 2022, forming about 4.5% and 1.2% of total bus and truck sales, respectively. Furthermore, the market share of electric trucks in China surged from 1.5% in 2021 to 3.9% in 2022, signalling a significant yearly growth. This surge in demand for electric trucks is thus invigorating the growth of the fleet charging market.
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Which Segment Currently Holds the Largest Share 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
Which Major Trends Are Shaping the Future of the Fleet Charging Industry?
Prominent businesses in the fleet charging market are paying attention to tech advancements such as EV charger support to enhance customer service. The concept of EV charger support encompasses the technical aid and upkeep provided by manufacturers or service providers to guarantee the effective operation of electric vehicle charging gear. For example, in June 2023, ChargePoint Holdings Inc., an American company that supplies a variety of charging stations, introduced a new North American Charging Standard (NACS) connector support for its AC and DC charging systems. This support includes both technical assistance and maintenance for AC and DC charging. It provides cable conversion kits for existing DC fast chargers and native DC connectors compatible with Tesla vehicles, ensuring smooth charging processes for EV owners. ChargePoint's array of NACS solutions reinforces their pledge to furnish a hassle-free charging experience for all EV drivers. They set a precedent in the charging industry by being the first to ship a native DC connector compatible with Tesla vehicles. The lineup can also accommodate AC solutions, eliminating the requirement for a bulky adaptors to initiate charging.
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Which Key Players Dominate the Fleet Charging Industry Globally?
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 Fastest-Growing Regions in 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.
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