Heavy-Duty Electric VehicleCharging Infrastructure Market Overview
Global Heavy-DutyElectric Vehicle Charging Infrastructure Market Growth is expected to bevalued at USD 52,921.9 Million by 2030, registering a CAGR of 35.07% during theforecast period.
The report covers segmentationand drivers for a better glimpse of the market in the coming years. Heavy-dutyelectric vehicle charging infrastructures have registered significant growthover the past few years in developing nations, such as China, Australia, andBrazil, owing to the shift in consumer preferences towards the electricvehicle. The increasing awareness regarding the impact of gasoline vehicles onthe environment has boosted the demand for electric vehicles worldwide.Government initiatives are also promoting the adoption of electric vehicles
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Some of the key industryparticipants of the global heavy-duty electric vehicle charging infrastructuremarket are ABB, Siemens, Bombardier Inc., Kempower OY, Tesla, Proterra,Chargepoint, Inc., Schunk Group, EFACEC, Shijiazhuang Tonhe ElectronicsTechnologies Co., Ltd., and Kehua Hengsheng Co., Ltd.
The global market is dominated bya few players who hold more than 80% of the total market share. These playersare adopting strategies such as mergers and acquisitions to significant marketshare. High competition, technological advancements, and integrated solutionsby market players are the key factors that facilitate market growth. ABBstrategizes to gain an edge over its peers by offering superior products atcompetitive prices. It is focused on integrating electrification products withnew technologies and enhancing its global manufacturing capabilities. This ismainly done to optimize costs, expand its customer base, enhance itscapabilities, and enter international markets.
Other market players, such asSiemens, also strategize to divest from activities in some business areas andstrengthen their market position through mergers & acquisitions. R&D inthe energy management division of Siemens is aimed at the development ofadvanced products for markets worldwide. Siemens also believes in innovationthat is centered around power electronics, digitalization, smartinfrastructure, and grid stabilization.
The global market for heavy-dutyelectric vehicle charging infrastructures is segmented based on charger typeand charging method. By charger type, the global heavy-dutyelectric vehicle charging infrastructures market trend is divided into DCCharger and AC Charger. The DC charger segment holds a larger share of theglobal market. The demand for DC chargers is expected to increase significantlyacross the globe, owing to the growing adoption of the fast charging method forheavy-duty electric vehicles.
By charging method, the globalheavy-duty electric vehicle charging infrastructures market is divided intofast charging and slow charging. The fast charging segment holds a largermarket share as the method offers rapid charging facilities for buses, trucks,and other heavy-duty vehicles. The fast charging method enables the drivers ofthe heavy-duty vehicles to recharge the battery in much lesser time compared tothe long charging hours associated with the slow charging method.
Geographic analysis of the globalheavy-duty electric vehicle charging infrastructure market spans across NorthAmerica, Europe, Asia-Pacific, and the Rest of the World
Asia-Pacific accounted for asignificant market share in 2019. China is a key market in Asia-Pacific due tothe organized electric vehicle industry and the presence of top heavy-dutyelectric vehicle charging infrastructure manufacturers.
The demand for heavy-duty EVcharging infrastructure in Asia-Pacific is expected to grow significantly owingto the rising demand for electric buses and the initiatives for promoting thedevelopment of heavy-duty electric vehicles taken by the governments ofcountries such as China, Japan, and India in the region. The rising demand forthe development of charging infrastructure and increasing collaborationsbetween the automotive OEMs in the region results in the growth of the market inthis region. China is one of the leading countries in Asia-Pacific, owing togovernment initiatives, stringent government policies, and rising demand forheavy-duty electric vehicles such as buses and trucks. This leads to a surge inthe growth of the installation of EV charging infrastructure for buses andtrucks in the country.
In 2019, Europe held thesecond-largest market share. Germany, France, the UK, the Netherlands, Nordiccountries, and the rest of Europe primarily contribute to the growth of the heavy-dutyelectric vehicle charging infrastructures in the region.
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Germany is one of the leadingcountries in Europe that is significantly using heavy-duty electric buses andtrucks owing to the rising demand for electric vehicles in the country. Theautomotive OEMs in the country are focusing on the development of charginginfrastructure for supporting the electric buses and trucks in Germany. Forinstance, in August 2017, Siemens (Germany) successfully commissioned the eHighway,an overhead contact line for hybrid trucks in Autobahn, Germany
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