According to the report published by Allied Market Research, the global electric vehicle charging system market generated $3.18 billion in 2018, and is estimated to reach $66.27 billion by 2026, registering a CAGR of 45.6% from 2019 to 2026. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in demand and production of electric vehicles across the globe to curb the carbon emission drives the growth of the global electric vehicle charging system market. However, high cost associated with installation of electric vehicle charging systems is anticipated to restrain the market growth. Furthermore, growing adoption of wireless charging technology is expected to provide new growth opportunities during the forecast period.
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COVID-19 Scenario:
Major electric vehicle charging system manufacturers across the globe have halted their assembling activities in European nations and Asia-Pacific region (India, China, and South Korea) due to disrupted supply chain amid lockdown.
The government of developing economies such as China and India has declared stimulus packages to help the EV market to get through an economic crisis brought by Covid-19 by investing heavily in the charging infrastructure. China is one of the countries set to make such an investment to stimulate its automotive industry. This is likely to drive the growth of the EV charging system market during the forecast period.
The report offers a detailed segmentation of the global electric vehicle charging system market based on product type, mode of charging, charging voltage level, and region.
Based on product type, the home charging systems segment contributed to the largest share in 2018, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the commercial charging systems segment is estimated to portray the highest CAGR of 49.7% during the forecast period.
Based on mode of charging, the plug-in charging system segment accounted for the largest share in 2018, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the wireless charging system segment is expected to register the highest CAGR of 52.8% from 2019 to 2026.
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Based on region, Asia-Pacific contributed to the highest share, accounting for nearly half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 50.9% from 2019 to 2026.
Leading market players analyzed in the research include Evatran Group, Inc., Delphi Automotive LLP, Siemens AG, Delta Electronics, Inc., Schneider Electric SE, General Electric Company, Robert Bosch GmbH, Eaton Corporation Plc, ClipperCreek, Inc, and Tesla Motors, Inc.
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