Pune, March 22, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "EV Charging Ports Market Size & Share Report 2028: A Detailed Analysis of Emerging Trends and Future Growth Prospects". The global EV charging port market is expected to register robust revenue growth between 2023 and 2028. Key factors such as increasing awareness about benefits of using electric vehicles, growing demand for EV charging ports in residential and commercial applications, and rising partnerships among automotive manufacturers for charging facilities are expected to boost overall market growth during the forecast period.
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Over years, there has been a rapid increase in the sales of different types of electric vehicles across the globe as people are steadily becoming aware of the rising environmental concerns and harmful emissions and hazardous pollutants by fuel vehicles. This has resulted in surging demand for fast-charging infrastructure.
An EV charging port, also known as a charging station or charging point is equipment that supplies electrical power for charging plug-in electric vehicles such as electric cars, electric buses, electric scooters, and electric trucks. These EV charging ports can be deployed at homes, commercial buildings, streets, airports, shopping malls, railway stations, and other public places. Governments and private organizations are providing subsidies to deploy EV charging ports at commercial and residential sectors. For instance, in 2020, China invested around USD 2.4 billion in charging infrastructure for improving its efficiency. In addition to this, public transport agencies are collaborating and partnering with automotive manufacturers to install EV charging stations in commercial spaces.
Factors such as increasing demand for electric vehicles fast charging infrastructure, growing demand for zero emission transport, rapid advancements in portable charging stations, smart charging, and bi-directional charging, and favorable government subsidies are expected to drive global market growth going ahead.
However, high installation and maintenance costs associated with EV charging ports, low awareness and sales of EVs in many parts of the world, stringent government regulations, and lack of standardization of EV charging infrastructures are expected to hamper global market growth to a certain extent during the forecast period.
EV Charging Ports Market By Company:
- Webasto
- Leviton
- Auto Electric Power Plant
- Pod Point
- Clipper Creek
- ChargePoint
- Xuji Group
- Eaton
- ABB
- Schneider Electric
- Siemens
- DBT-CEV
- Efacec
- NARI
- IES Synergy
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EV Charging Ports Industry Recent Developments:
- In January 2022, Blink Charging Co, announced the launch of seven next generation EV charging products at CES 2022.
- In September 2022, Aviva announced the launch of standalone insurance products covering EV charging points.
- In March 2023, Bolt.Earth announced the launch of open electric vehicle charging platform to connect all charging points across India in a single platform.
The global EV charging ports market has been segmented based on type, application, and region:
EV Charging Ports Market Segment by Type:
- Lever 1
- Lever 2
- Lever 3
Lever 2 Segment to Register Rapid Revenue Growth:
The lever 2 segment is expected to be the fastest-growing segment between 2023 and 2028. Factors such as increasing installations of lever 2 chargers at residential and commercial places, high preference for lever 2 charging ports due to benefits such as convenience, faster charging, and more mileage per hour of charge, and presence of favorable government assistance to deploy level 2 charging ports are expected to drive segment revenue growth.
EV Charging Ports Market Segment by Application:
- Residential Charging
- Public Charging
Public Charging Segment to Account for Largest Revenue Share:
Based on application, the public charging segment is expected to account for largest revenue share during the forecast period. This can be attributed to rising sales of EV vehicles, increasing installations of EV charging ports in public places for enhanced convenience, cost-effectiveness, and sufficient parking spaces, and rising availability of government subsidies to manufacturers and public transport agencies for installing EV charging stations in commercial buildings, airports, railway stations, and shopping malls.
EV Charging Ports Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Asia Pacific to Register Robust Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust CAGR over the forecast period owing to increasing adoption of electric vehicles across the region, rising demand for advanced EV charging stations and infrastructure, and increasing investments by public and private sectors to deploy EV charging ports in residential and commercial spaces.
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Highlights of the Report:
- Estimates 2023 to 2028 EV charging ports market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the EV charging ports market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global EV charging ports market
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global EV charging ports market?
- What is the expected market size of the global EV charging ports market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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