Global Electric Vehicle (EV) Charging Equipment Market to Reach USD 10.4 billion by 2028
The top five largest players in EV charging equipment hold a 32.92% market share in 2021
LEWES, DELAWARE, UNITED STATES, June 29, 2022 /EINPresswire.com/ — The Global Electric Vehicle (EV) Charging Equipment market size is estimated to be worth USD 3,796.62 million in 2022 and is forecast to a readjusted size of USD 10,488.91 million by 2028 with a CAGR of 18.46% during the forecast period 2022-2028.
Charging the growing number of EVs in use requires a robust network of stations for both consumers and fleets. Charging equipment for EVs is classified by the rate at which the batteries are charged. Charging times vary based on how depleted the battery is, how much energy it holds, the type of battery, and the type of charging equipment (e.g., charging level, charger power output, and electrical service specifications). The charging time can range from less than 20 minutes to 20 hours or more, depending on these factors.
In 2022, DC Charging Pile accounted for a share of 67.83% of the global Electric Vehicle (EV) Charging Equipment market. And this product segment is poised to reach USD 7,103.41 million by 2028 from USD 2,575.33 million in 2022. Public Charging holds an important share in terms of application, and it is expected to reach USD 8,119.12 million by 2028, at a CAGR of 18.43% between 2022 and 2028.
North America Electric Vehicle (EV) Charging Equipment market size was USD 432.27 million in 2021, while Europe was USD 542.90 million. The proportion of North America was 15.06% in 2021, while Europe’s percentage was 18.92%, and it is predicted that Europe’s market share will reach 18.14% in 2028, trailing a CAGR of 18.64% through the analysis period. As for Asia, the notable markets are China and South Korea, with CAGR is 21.11% and 16.22% respectively for the next 6-year period.
The global major manufacturers of Electric Vehicle (EV) Charging Equipment include ABB, Xuji Group, TELD, BYD, Star Charge, Chargepoint, Webasto, Efacec, Leviton, etc. In terms of revenue, the global five largest players hold a 32.92% market share of Electric Vehicle (EV) Charging Equipment in 2021.
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