Press release
Public Charging Service Industry to Achieve $19.75 Billion Growth by 2029
Public Charging Service
How Will the Public Charging Service Market Grow by 2025 in Terms of Size and Growth?
The size of the public charging service market has seen significant expansion recently. It is predicted to surge from $4.5 billion in 2024 to $6.04 billion in 2025, indicating a compound annual growth rate (CAGR) of 34.2%. Factors contributing to this growth in the historical span include the proliferation of public charging facilities, the surge in the setup of DC charging stations, the rise in the construction of public charging spots, the increase in acceptance of EV vehicles, and the escalating concern about the damaging effects of greenhouse gas emissions on environmental wellness.
What Are the Estimated Growth Rates for the Public Charging Service Industry Through 2029?
Expectations are high for a surge in the size of the public charging service market in the following years. The market is projected to escalate to a value of $19.75 billion by the year 2029, with a compound annual growth rate (CAGR) of 34.5%. This expansion in the foreseeable future is due to heightened public awareness of environmental problems, a growing call to lessen the impacts of global warming, the proliferation of charging networks, increased integration with green energy, and a rise in employee charging solutions. Future trends are anticipated to include technological progress, evolving charging technology, advancements in electric mobility, sophisticated charging stations incorporating multiple ports, and a switch to intelligent charging.
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What Are the Strategic Drivers Boosting Public Charging Service Market Performance?
The public charging service market is set to benefit from the growing trend of using electric vehicles. These are vehicles driven by an electric motor which uses power stored in rechargeable batteries or other forms of energy storage systems. The surge in electric vehicle usage can be linked to a rise in environmental awareness, government incentives, technological progress, reduced operating costs, enhanced charging infrastructure, an increase in fuel prices, and the investments made by car manufacturers. Public charging services provide a significant advantage for electric vehicles, as they provide easily accessible charging stations, allowing drivers to recharge their vehicles conveniently while on the move. For example, the International Energy Agency (IEA), an independent intergovernmental organization based in France, reported a 35% year-on-year growth in electric car sales in 2023, which was 3.5 million units more than in 2022. Consequently, the rapid growth in electric vehicle usage is fueling the expansion of the public charging service market.
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What Are the Segments in the Public Charging Service Market?
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
What Are the Key Adoption Trends in the Public Charging Service Market?
Key players in the public charging service market are putting their efforts into creating advanced solutions, including the integration of digital platforms, to increase user-friendly interactions, simplify payment methods, maximize the utilization of charging stations, and ensure flawless navigation for owners of electric cars. This ultimately encourages broader acceptance of electric mobility. Integration of digital platforms means uniting numerous digital systems, services, and technologies into one platform to facilitate operations and enrich user experiences. An illustrative example would be AB Volvo, a manufacturer based in Sweden, which unveiled a new public charging service for electric trucks in October 2023. This novel Swedish service enables transporters to locate and use public high-speed charging points for large electric trucks. The service is fused with Volvo Connect and a mobile app that comes with additional features like payment and station availability updates. Future enhancements are expected to add the reservation of charging slots and expanding the service to other European and international markets.
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Which Companies Lead the Competitive Landscape of the Public Charging Service Industry?
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
Where Are the Key Public Charging Service Market Opportunities by Region?
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.
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