The CV depot charging market size for chargers of new vehicles was USD 4.7 billion in 2023 and is projected to reach USD 30.7 billion in 2030, witnessing a CAGR of 28.2% from 2024 to 2030. The report also includes the analysis of number of chargers for new vehicles in depot setting, number of chargers for ECV parc in depot setting, cost of chargers (including installation cost) for new vehicles in depot setting, energy demands and cost of energy.
The growth of the CV depot charging market is influenced by various factors such as adoption of electric commercial vehicles, development and manufacturing of of fast and ultra-fast charging points, monetization of depot charging business models and trends related to used cars.
Countries such as China, US, Germany and India have increased their investments in the development of CV depot charging industry due to the growing urban population and economy in these countries. Due to such investment demand for CV depot charging market will be more during the forecast period.
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“eLCV segment is estimated to account for the largest market during the forecast period”
The eLCV segment share contributes over 75% of the share in the ECV under depot setting market. The eMCV and eHCV will have a significant growth and increase its share in the vehicle type segment. However, eBuses share will decline as compared to that held in 2023. Further, the combined market of eMCV and eHCV will grow by 6% from 2023 to 2030. This growth is expected owing to rise adoption depot charging infrastructure as well as its affordability over tradition ICE commercial vehicles.
By Vehicle type, eLCV segment is estimated to account for the largest market during the forecast period
More than 75% of the ECV market share under depot setting is accounted for by the eLCV category. In the vehicle type segment, the eMCV and eHCV will see considerable growth and a rise in share. The ebuses proportion will, however, decrease in comparison to 2023. Additionally, from 2023 to 2030, the market for eMCV and eHCV combined will growth at CAGR of 6%. This increase is anticipated because depot charging infrastructure is being adopted more frequently and because electric vehicles will be more affordable than conventional ICE commercial vehicles..
“Asia Pacific holds the major share in the market.”
With a market share of more than 50% for new EV sales, the Asia Pacific region dominates the market. The production and export of automobiles in China is the main cause of this. In terms of both car production and sales, the Chinese market is the largest in the world. In addition, the Chinese market has expanded dramatically since the COVID suspension. The production industry in China has intensified due to the economic recovery. The European market is one of the main EV sales expansion strategies used by Chinese manufacturers. Furthermore, the expansion of the ECV industry in the Asian region is greatly aided by nations like South Korea, Singapore, and India.
Key Market Players
The top performing key players in 2023 were ABB, Blink, Bosch, bp pulse, ChargePoint, EVgo, Heliox, Kempower, Shell Recharge, Siemens, Wallbox and several others. These EV charging solution providing companies are focused on EV charging technology development and investing into the charging ecosystem to ensure a sustainable supply chain.
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