A recent study by Triton Market Research titled ‘Global Electric Vehicle Charging System Market’ entails the Global Analysis and Forecasts by Mode of Charging (Wireless Charging System, Plug-in Charging System [Level 1, Level 2, Level 3]), Product Type (Commercial Charging Systems, Home Charging Systems), and by Geography (North America, Latin America, Asia-Pacific, Middle East and Africa, Europe).
Electric vehicles are gaining traction across the world, increasing the need for efficient charging infrastructure. These electric systems offered by prominent market players are wireless or plug-in, offering options to the consumers.
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Triton’s research report suggests that the global electric vehicle charging system market is envisioned to develop at a CAGR of 44.15% in revenue during the years 2021-2028. It is further anticipated to attain revenue worth $81.30 million by 2028.
Several governments have taken initiatives, such as offering incentives or subsidies, to promote the use of electric vehicles. These steps are undertaken to reduce greenhouse gas emissions and dependency on oil. Therefore, the government initiative in favor of the market is supporting the growth of the electric vehicle charging system market. However, the high setup cost of electric vehicle infrastructure, longer charging period, and competition from other technologies are restricting the expansion of the studied market globally.
The electric vehicle charging system market is divided into mode of charging and product type. Based on mode of charging, wireless charging system and plug-in charging system. The plug-in charging system is segmented into level 1, level 2, and level 3. In terms of product type, the market is bifurcated into commercial charging systems and home charging systems.
Globally, the Asia-Pacific holds the largest market for the electric vehicle charging system market and is likely to continue its stronghold till 2028. The region’s strong growth is primarily owing to cheap labor, availability of raw materials, governmental support, and the growing economy. Furthermore, the rising urbanization and steady growth in the population base also play a vital role in shaping the electric vehicle charging system market across Asia-Pacific.
ABB Ltd, Tesla, Webasto, Alfen, Efacec, ChargePoint, Schneider Electric, Allego, Blink, Eaton, Evbox, Delta Electronics Inc, SemaConnect, Evgo, and Siemens are major enterprises in the electric charging system market.
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Question & Answer: Electric Vehicle Charging System Market
Question 1: What major factors are supporting the growth of the electric vehicle charging system market?
Answer: Several governments have taken initiatives, such as offering incentives or subsidies, to promote the use of electric vehicles. These steps are undertaken to reduce greenhouse gas emissions and dependency on oil. Therefore, the government initiative in favor of the market is supporting the growth of the electric vehicle charging system market.
Question 2: What factors are restricting the expansion of the electric vehicle charging system market globally?
Answer: The high setup cost of electric vehicle infrastructure, longer charging period, and competition from other technologies are restricting the expansion of the studied market globally.
Question 3: Which region is the leading in the activated carbon market?
Answer: Globally, the Asia-Pacific holds the largest market for the electric vehicle charging system market and is likely to continue its stronghold till 2028. The region’s strong growth is primarily owing to cheap labor, availability of raw materials, governmental support, and the growing economy. Furthermore, the rising urbanization and steady growth in the population base also play a vital role in shaping the electric vehicle charging system market across Asia-Pacific.
Question 4: Which are the major enterprises in the electric charging system market?
Answer: ABB Ltd, Tesla, Webasto, Alfen, Efacec, ChargePoint, Schneider Electric, Allego, Blink, Eaton, Evbox, Delta Electronics Inc, SemaConnect, Evgo, and Siemens are major enterprises in the electric charging system market.
Related Report:
Global Electric Vehicle Market
The global electric vehicle market is projected to progress at a CAGR of 20.95% during the estimated period of 2019-2027, while gathering $747.17 billion in revenue by 2027.
Electric vehicles that have gained popularity consist of spacecraft, road and rail vehicles, and aircraft, among others. Moreover, they are powered through a collector system helped by electric current from charging stations or portable batteries.
The proactive government policies to promote the use of electric vehicles have supplemented the development of the electric vehicle market to a large extent. Along with this, the cost-effectiveness of EVs has resulted in their high demand in the market, contributing to the reviewed market’s growth.
However, the lack of public awareness and performance issues are limiting the expansion of the electric vehicle market over the forecasting period.
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