NEV Charging Facilities Market Size, Share, Growth, and Industry Analysis, By Type (AC Charging Pile and DC Charging Pile) By Application (Residential Charging and Public Charging) and Regional Forecast to 2032

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NEV CHARGING FACILITIES MACHINE MARKET REPORT OVERVIEW

The NEV Charging Facilities Market Size is Projected to be worth US$ 5508 Million in 2023. The Market is likely to Surpass US$ 61637 Million by 2032 at a CAGR of 25.8% During the Forecast period [2024-2032].

Charging stations for NEV also play a significant role of provisions that are crucial for the operating efficiency of the electric and hybrid type automobiles. Some of these include the fixed charging that contains level 1 and level 2 used for normal charging as well as the short charging also known as the DC fast charging used for quick charging. The first level of chargers are cheep and do not require specialised units that are usually found in houses and the charging rate is adequate for use at night. Unlike the Level 1 chargers commonly spotted on a regular outlet, the Level 2 chargers that are mainly a part of homes, workplaces as well other public places charge at a faster rate and are usually connected to a 240-volt outlet. Adjacent express chargers found along highways and arterial roads deliver a large charge in a short time and are useful to drivers in regions they do not frequently traverse.

COVID-19 Impact: Market Growth increased by Pandemic due to Increased Investment in Technology

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The breakdown highlighted efficiencies that can be attained through technological advances in the NEV charging process. Expenditure on smart charging technology, contactless payment and other modes, remote monitoring stations rose to improve customer experience and optimise processes.

LATEST TRENDS

"Vehicle-to-Grid (V2G) Technology to Propel Market Growth"

So, the V2G standard is steadily developing as NEVs can sell energy back to the grid. This kind of flow can be a bidirectional flow where power is drawn from the grid during peak demand and energy is stored in the battery of the EV during off peak hours, this can assist in stabilizing the grid and also provide a secondary source of income for the owners of these vehicles. V2G technology is an autonomous technology in which electric vehicles (EVs) are not only able to consume power from power grid but also to supply power back into it. Sеспей this bidirectional flow of energy assists the grid in maintaining stability as a result of extra energy generated during high demand or requests and as well as assist in times of low demand or requests by providing electricity that is not used. This capability is especially useful as the portion of variable renewable resources such as solar and wind generation progressively rises in the total.

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NEV CHARGING FACILITIES MARKET SEGMENTATION

By Type

Based on type the market can be categorized into AC Charging Pile and DC Charging Pile.

• AC Charging Pile- AC quick chargers are called Level 1 or Level 2 chargers, which works through the socket and are established in households, offices, and many other places. Level 1 chargers function at a 120V outlet effectively for an overnight charge that is usually required for battery replenishment, Level 2 chargers on the other hand uses 240V which provides a faster charging time normally taking a few hours to charge an NEV. These are suitable for use in parking the car for daily usage and also suitable to park for some days.

• DC Charging Pile- Direct current or fast or rapid chargers are used to recharge EVs at high rates and are mostly located at highways commercial parking, and specially designated charging station. These chargers, in contrast, do not use the vehicle’s onboard converter, instead supplying direct current directly to the battery, which as you can imagine reduces the amount of time it takes to charge the battery. DC fast chargers or direct coupling chargers can charge the battery to 80% within 20-30 minutes, hence suitable for covering long distances and constant charge exchange. DC charging piles at present are more technologically superior and have a higher power level and are absolutely necessary to manage the range anxiety issues and to improve practical usability of electric vehicles for better use.

By Application

Based on application the market can be categorized into Residential Charging and Public Charging.

• Residential Charging- The last one refers to residential charging and, as stated by its name, it implies charging NEVs at home, usually during the night. This makes sure that the battery in the vehicle is charged fully so that the vehicle can be used each day and this will not require the owner to go to a public charging station.

• Public Charging- To meet the charging needs of NEV owners when they cannot directly use private charging points – when they live in apartments or in multi-unit buildings, for example – public charging stations should be available. These are fixed stations often positioned in urban centers, shopping malls, parking lots and along the major highways and this has made it possible for many people to access the internet through these stations.

DRIVING FACTORS

"Increasing Adoption of Electric Vehicles to Drive the Market Advancement"

One of the key driving factors in the NEV Charging Facilities market growth is Increasing Adoption of Electric Vehicles. As electric vehicles or plug-in hybrid electric vehicles (PHEVs) are becoming more adopted by the public due to their advantages such as reduced emissions and fuel costs, it calls for charging stations. In light of this, enhanced and enhanced charging facilities for NEVs point to the increased uptake in consumers and businesses as a way of satisfying this demand. It is therefore very clear that there is a direct correlation of the increasing number of EVs in the market and the equally increasing number of charging stations required. Satisfactory charging facilities are a necessity for EVs both at private and workplace premises and other stations. This in turn increases the amount of charging facilities needed and the overall development of those aspects.

"Environmental Concerns and Sustainability Goals to Expand the Market"

Customers’ eco-sensitiveness and global advancements in regulating emissions of greenhouse gases have sparked the NEVs’ adoption. The increase of charging infrastructure is important to form the necessary driving infrastructure for EVs and to achieve sustainability objectives to minimize the use of fossil fuels. The article compares new energy vehicles (NEVs) that include Electric Vehicles (EVs) and Plug-in Hybrid Electric Vehicles (PHEVs) to the common internal combustion engine vehicles as they are more environmentally friendly. With the use of electric energy as a fuel, NEVs so not emit any direct pollutants into the atmosphere and hence enhance the standard of air quality in the urban setting.

RESTRAINING FACTOR

"High Initial Investment Costs Pose Potential Impediments to Market Growth "

Charging infrastructure applies relatively high first-cost, especially for fast-charging stations that are critical to promote EV adoption. This is often a challenge for embracing the use of Charging facilities especially for businesses, municipalities or individuals willing to invest in the scheme but due to limited capital resources they cannot afford to achieve their dreams. Unfortunately chagrining stations and specifically DC fast chargers have significant infrastructural cost whether they are owned by the station operator or located remotely. This encompasses equipment for charging as well as for electrical use, purchase of the land, construction, mounting of the charges and any utility enhancements if required. The total costs of each single charging station can also be relatively high mainly due to the cost of the power electronics and motor control required especially for high power rates of the charger.

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NEV CHARGING FACILITIES MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to huge Market Size and Growth"

Asia Pacific has emerged as the most dominant region in the NEV Charging Facilities market share due to a convergence of factors that propel its leadership in this dynamic industry. Overall, Asia Pacific has a greater market for the same in electric vehicles and charging points than North America. Today, markets like China, Japan, or South Korea have higher EV-building penetration rates and invest in the deployment of charging infrastructure to correspond to it.

KEY INDUSTRY PLAYERS

"Key Players Transforming the ""New charging facilities ""Landscape through Innovation and Global Strategy"

Major industry players are pivotal in shaping the NEV Charging Facilities market, driving change through a dual strategy of continuous innovation and a well-thought-out global presence. By consistently introducing inventive solutions and staying at the forefront of technological progress, these key players redefine the industry's standards. Simultaneously, their expansive global reach enables effective market penetration, addressing diverse needs across borders. The seamless blend of groundbreaking innovation and a strategic international footprint positions these players as not only market leaders but also as architects of transformative shifts within the dynamic domain of NEV Charging Facilities.

LIST OF MARKET PLAYERS PROFILED

• Star Charge (China)
• Wallbox (Spain)
• Webasto (Germany)
• Xuji Group (China)
• Chargepoint (U.S.)

INDUSTRIAL DEVELOPMENT

Jan 2024: In 2015, MAN Truck & Bus and ABB also signed a corporation agreement to address the electrification of Europe fleet vehicles. They specifically discussed the topic of increasing the rates of deployment of charging stations of 1MW or more, exploring new opportunities for integrating electric vehicles, and developing programs for electric trucks.  

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.