New Energy Vehicle Charging Point 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

Updated On: 04 November 2024

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NEW ENERGY VEHICLE CHARGING POINT MARKET REPORT OVERVIEW

The New Energy Vehicle Charging Point Market Size is Projected to be worth US$ 5508 Million in 2024. The market is likely to surpass US$ 61637.19 Million by 2032 at a CAGR of 25.8% During the Forecast period [2024-2032].

The station designed for the recharging of batteries of New Energy Vehicle which includes plug-in Hybrid Electric Vehicle and all-electric vehicles is known as New Energy Vehicle charging point. They come in various types, with the conventional ones being slow which is usually installed in homes, fast which is usually installed in business places or spaces, and ultra-fast which can be found along the roadsides, and offers a quick boost. Charging stations have applicability in the widespread use of NEVs because they help drivers travel more distances than the range between charges without readily available charging stations.

Increase in NEV charging outlets market As a result of high standards of emissions control and the changing status on the international level as people seek eco-friendly modes of transport. Due to the increased usage of electric cars in the market, both the government and their counterparts have been investing in the charging structure for such vehicles heavily. The market is highly technological with strong competition and comprises significant growth opportunities. To meet the increase in demand and encourage more environmentally-friendly cars, key stakeholders: existing players and new entrant entrants, and innovative forthcoming companies focus on expanding the network, increasing the efficiency of charging stations, and utilizing clean energy.

COVID-19 Impact: The Pandemic Decreased the Market Growth Due to Supply Chain Disruption

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-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 growth and demand returning to pre-pandemic levels

The market for new energy vehicle charging points was significantly impacted negatively by the COVID-19 outbreak. Construction projects and maintenance activities were impeded by lockdowns and social distancing measures, and supply chain interruptions caused delays in the fabrication and installation of charging equipment. Furthermore, the pandemic's effects on the economy decreased consumer spending on electric cars, which in turn decreased the need for new charging stations. During the pandemic, these difficulties hindered the New Energy Vehicle Charging Point Market growth and spread.

LATEST TRENDS

"Technological Development Leads to Market Growth"

The latest improvement in the marketplace for brand-new strength car (NEV) charging stations is the quick development and progress of the era introduced about by way of the developing popularity of electric vehicles (EVs). The adoption of smart charging structures that maximize energy efficiency and grid balance, in addition to the combination of ultra-fast charging stations that can significantly shorten charging durations, are noteworthy improvements. Furthermore, interoperability is becoming more and more crucial because it permits motors to easily get the right of entry to a big network of charging stations. Sustainability is being promoted using a boom in investments in infrastructure for charging devices using renewable power resources.

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NEW ENERGY VEHICLE CHARGING POINT MARKET SEGMENTATION

By Type

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

• AC Charging Pile: Its main objective is to offer alternating current charging options that are appropriate for usage in public, business, and domestic environments.

• DC Charging Pile: This type of charging infrastructure specializes in providing direct current and is specifically designed to meet the needs of quick charging, especially for long-distance and high-power applications.

By Application

Based on application the market is classified into Residential Charging and Public Charging

• Residential Charging: It provides EV users with easy-to-access and convenient options for charging their vehicles at home.

• Public Charging: By offering dependable charging options in busy locations, such as public parking lots, business buildings, and roads, it benefits the larger community and promotes the widespread use of electric vehicles.

DRIVING FACTORS

"Government Policies ""Lead to an Increase in Market Demand"

Government support and policies are considered one of the biggest stimulants for the market growth of NEV charging points. Around the globe, countries are passing increased legislation that curbs climate change and reduces the emissions of carbon and one of the legislation is the promotion of electric vehicles (EVs). The demand for chargers’ stations is even amplified by such incentives as tax incentives, grants for setting up the charging infrastructure, and subsidies for EV sales. In addition, stricter emissions and the possibility of banning cars with internal combustion engines in several countries will make manufacturers and buyers switch to electric ones, stimulating the development of the charging infrastructure market even further.

"Technological Advancements ""Accelerate Market Growth"

Another important element driving the NEV charging point industry is the development of charging infrastructure and technological developments. The ease of use and efficiency of electric vehicles (EVs) are improved by advancements in charging technology, such as fast charging and ultra-fast charging options, which increase their appeal to consumers. The range of EVs is further increased by improved battery technology, which calls for a robust and extensive network of charging stations. By ensuring sustainable and effective energy consumption through investments in smart grid technology and the integration of renewable energy sources with charging infrastructure, the industry is expected to grow even faster.

RESTRAINING FACTORS

"High Initial Cost ""Slows Down the Market Growth"

The market for new energy vehicle (NEV) charging stations is largely characterized by high upfront costs associated with infrastructure development A lot of money will be spent to acquire, install, and maintain state-of-the-art equipment, land, and charging station networks. There are also general maintenance and service charges. Debates about return on investment due to the still growing but still young NEV sector exacerbate these financial pressures. Furthermore, inconsistencies in rental technologies and standards across product lines and geographies contribute to complexity and can hinder the smooth growth and adoption of rental products.

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NEW ENERGY VEHICLE CHARGING POINT 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 Presence of Key Players"

In terms of New Energy Vehicle Charging Point Market share, Asia Pacific, which includes China, is now dominant. The nation's infrastructure for electric vehicles (EVs) has grown quickly thanks to significant investments, robust government support, and a burgeoning EV industry. Prominent firms including BYD, TELD, and Star Charge have made significant contributions to this expansion. China is now the world leader in EV charging infrastructure construction and acceptance because of its vigorous drive for sustainable energy and strict laws governing fossil fuel vehicles.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The market for brand spanking new electricity vehicle charging stations is being pushed via a wide range of primary agencies from numerous geographical areas, every of whom is contributing their very own technological innovations and commercial enterprise plans. Leading the way are groups from North America, Europe, and Asia, which are utilizing their blessings in production, innovation, and extensive-ranging distribution systems. To meet the increasing call for electric-powered vehicles, they're focusing on growing speedy-charging answers, boosting network connections, and upgrading person interfaces (EVs). Furthermore, partnerships with automakers and energy providers, further to investments in renewable strength sources, are important approaches those companies use to hold their positions within the quickly changing enterprise.

LIST OF MARKET PLAYERS PROFILED

• BYD (China)
• ABB (Switzerland)
• TELD (China)
• Chargepoint (U.S.)
• Star Charge (China)
• Wallbox (Spain)
• EVBox (Netherlands)
• Webasto (Germany)
• Xuji Group (China)
• SK Signet (South Korea)
• Pod Point (U.K.)
• Leviton (U.S.)
• CirControl (Spain)
• Daeyoung Chaevi (South Korea)
• EVSIS (South Korea)
• IES Synergy (France)
• Siemens (Germany)
• Clipper Creek (U.S.)
• Auto Electric Power Plant (China)
• DBT-CEV (France)

INDUSTRIAL DEVELOPMENT

May 2024: To improve and expand India's EV charging infrastructure, MG Motor India and Hindustan Petroleum Corporation Ltd. (HPCL) have formed a strategic alliance. By this agreement, MG and HPCL will collaborate to deploy 50kW/60kW DC fast chargers at strategic sites that span Indian cities and highways.

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 the 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.