Pune, March 09, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The heavy-duty electric vehicle charging infrastructure market is anticipated to grow at a healthy 35.07% CAGR over the forecast period (2018- 2030), reveals the current Market Research Future (MRFR) report. The heavy-duty electric vehicle charging infrastructure, put simply, is a complete assembly for transferring electricity from the electric grid and distributing electricity to charge electric vehicles like trucks and e-buses.
Alluring Features that Bolster Market Growth
According to the MRFR report, there are numerous factors that are propelling the heavy-duty electric vehicle charging infrastructure market growth. Some of these include the increasing adoption of electric cars, people in Germany, the UK, Norway, and China increasingly switching to electric cars, favorable government subsidies and policies, and demand for electric cars as they reduce carbon footprints on the environment and also produce fewer emissions which are responsible for smog and climate change. The additional factors adding market growth include the growing need for energy-efficient commuting and support from the government for electric cars and their charging infrastructure through tax rebates, subsidies, and preferential policies.
On the contrary, the high price involved in initial investments for fast charging, the need for better batteries, the charging time of electric cars being higher than fossil fuel cars, especially in level 2 and level 1 charging, the compatibility of charging not being uniform, and the current trend of pricing & grid capacity of electric cars being higher than that of their fossil counterparts may limit the global heavy-duty electric vehicle charging infrastructure market growth over the forecast period.
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COVID-19 Analysis
Due to the COVID-19 crisis, most countries had imposed lockdown and social distancing trends that in turn impacted the heavy-duty electric vehicle charging infrastructure market. Manufacturing units across the globe were shut down, and the sales of EV charging had taken a massive hit during the first two quarters of 2020. A good number of EV charging providers and automakers, after the relaxation of the lockdown, have resumed the production of EV chargers with necessary measures and limited production.
The sales and production of new cars had come to a halt worldwide, with the whole ecosystem being disrupted during the initial pandemic. OEMs waited till the lifting of the lockdowns to resume production that impacted their business. Thus vehicle manufacturers had to adjust the volume of production. But with regards to EV charging infrastructure, their numbers multiplied at a quick pace compared to the yesteryears as various countries are all set to speed up the usage of electric vehicles and have good investments in the EV charging infrastructure. At the time of the outbreak, the level 2 electric vehicle charging stations grew at a very quick pace with maximum people adopting semi-personal usage of such charging points set up in the office areas or home garages.
In the United States, California, for instance, is emerging with strong EV production targets that are likely to possess a positive effect on the heavy-duty electric vehicle charging infrastructure market growth.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the global heavy-duty electric vehicle charging infrastructure market based on charging method and charger type.
By charger type, the heavy-duty electric vehicle charging infrastructure market is segmented into AC charger and DC charger. Of these, the DC charger segment will lead the market over the forecast period. The growing adoption of fast charging methods of heavy-duty electric cars is adding to the growth of the segment.
By charging method, the heavy-duty electric vehicle charging infrastructure market is segmented into slow charging and fast charging. Of these, the fast charging segment will dominate the market over the forecast period. This method will offer charging facilities for trucks, buses, and other heavy-duty vehicles. The fast charging method allows the drivers of heavy-duty cars to recharge the battery in lesser time in comparison to the long charging hours related to the slow charging method.
Browse In-depth Market Research Report (118 pages) on Heavy-Duty Electric Vehicle Charging Infrastructure
https://www.marketresearchfuture.com/reports/heavy-duty-ev-charging-infrastructure-market-10090
Regional Takeaway
APAC to Remain Forerunner in Heavy-Duty Electric Vehicle Charging Infrastructure Market
Geographically, the global heavy-duty electric vehicle charging infrastructure market is bifurcated into Europe, the Asia Pacific (APAC), North America, South America, & Rest of the World (RoW). Of these, the APAC region will remain the forerunner in the heavy-duty electric vehicle charging infrastructure market. The presence of organized electric vehicle industry in China, the presence of several leading heavy-duty electric vehicle charging infrastructure manufacturers, the growing demand for electric buses, government initiatives to promote the development of heavy-duty electric vehicles in India, Japan, and China, the growing demand for the development of charging infrastructure & increasing collaborations between the automotive OEMs are adding to the global heavy-duty electric vehicle charging infrastructure market growth in the region. Besides, the growing demand for heavy-duty cars like trucks and buses that has increased the installation of EV charging infrastructure for trucks and buses, growing demand for electric cars and increasing investment from private companies to establish infrastructure are also adding market growth.
Europe to Have Second-Largest Share in Heavy-Duty Electric Vehicle Charging Infrastructure Market
In Europe, the heavy-duty electric vehicle charging infrastructure market is predicted to have the second-largest share over the forecast period. The UK, France, Germany, Nordic countries, and the Netherlands primarily contribute to the market growth. Germany is a leading country that is significantly utilizing heavy-duty trucks and electric buses for the increasing demand for electric cars in this country. The country’s automotive OEMs are focusing on developing charging infrastructure to support the electric trucks and buses in Germany. In August 2017, for instance, Siemens in Germany successfully commissioned the eHighway, an overhead contact line for hybrid trucks in Autobahn, Germany.
The heavy-duty electric vehicle charging infrastructure market in North America will have considerable growth over the forecast period, and that in RoW is predicted to have sound growth over the forecast period.
Competitive Landscape
The prominent industry players profiled in the global heavy-duty electric vehicle charging infrastructure market report include Kehua Hengsheng Co., Ltd, Shijiazhuang Tonhe Electronics Technologies Co., Ltd., EFACEC, Schunk Group, Chargepoint, Inc., Proterra, Tesla, Kempower OY, Bombardier Inc., Siemens, and ABB.
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The heavy-duty electric vehicle charging infrastructure market is highly fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Industry Updates
- March 2021 - Sterling and Wilson has partnered with Enel X to launch EV charging infrastructure.
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