Heavy EVs and Industrial Equipment Charging Market Size Expected to Reach USD 10.95 Billion by 2028

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Increasing use of electric vehicles for public and goods transportation is a significant factor

VANCOUVER, BRITISH COLUMBIA, CANADA, November 21, 2022 /EINPresswire.com/ — The global heavy EVs and industrial equipment charging market size is expected to reach USD 10.95 Billion at a revenue CAGR of 12.9% in 2028, according to latest analysis by Emergen Research. Steady heavy EVs and industrial equipment charging market revenue growth can be attributed to increasing initiatives by governments worldwide to curb environmental pollution. Governments across the globe are investing substantially in Electric Vehicle (EV) charging infrastructure to create opportunities for OEMs to expand their business and revenues. Regions such as Asia Pacific and Europe are leading in terms of adoption of these vehicles to curb the level of air pollution and greenhouse gas emissions. Currently, gasoline (petrol and diesel) accounts for majority percentage of fuel used in the transportation sector and extensive use of these fuel results in high levels of harmful greenhouse gas emissions. Electric vehicles presently are the most suitable alternative for reducing usage of conventional fuels and lowering environmental impact.

Rising emphasis on cost-efficient productivity and efficiency is driving demand for Industry 4.0, which in turn is propelling heavy EVs and industrial equipment charging market revenue growth. With the advent of Industry 4.0, several industries are experiencing enhanced efficiency, increased output, personalized offerings, lower-cost benefits, and novel business model development. All this is achieved through use of automated equipment, which helps in streamlining processes and providing opportunities for new ideas to implement. Most automated equipment, particularly mobile equipment, require batteries to function, and this is driving demand for industrial equipment charging solutions.

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Miniaturization—the production of ever-smaller electrical, mechanical, and optical products—has been the dominant trend in recent years across all end-use industries. Therefore, by providing miniaturised heavy electric vehicle and industrial equipment charging solutions, manufacturers are expected to acquire a competitive edge over other businesses.

Miniaturization, technological advancement, and price transparency are all business trends that will likely lead to a demand for innovation in the heavy electric vehicle and industrial equipment charging market. Additionally, manufacturers are leaning toward spending more on research and development in order to provide power-efficient heavy electric vehicle and industrial EV Equipment charging solutions in the current environment of the extremely price-competitive industry.

Important Trends: Heavy EVs and Industrial Equipment Charging Market:

Extensive End-Use Domains Using Heavy EVs and Industrial Equipment Charging

The main objective of the deployment of heavy electric vehicle and industrial equipment charging is to make the grid more secure, safe, cost-effective, eco-friendly, and sustainable. However, the specific drivers of the heavy electric vehicle and industrial equipment charging market vary from region to region. One of the main factors influencing the adoption of heavy electric vehicle and industrial equipment charging in the industrial sector is the shift from nonrenewable to renewable energy.

Electric mass transit for people and goods is growing in importance as an end-use industry. It is predicted to generate numerous revenue streams, increasing its market share for heavy electric car and industrial equipment charging.

High Start-Up Cost

A significant barrier to consumer adoption of new and innovative heavy electric vehicle and industrial equipment charging products is the high cost of end products associated with heavy electric vehicle and industrial equipment charging due to material composition and the manufacturing process.

The cost of charging large industrial machines and heavy electric vehicles is a key differentiator in emerging nations in the current situation. A important trend that is anticipated to have a detrimental impact on the adoption of large electric cars and industrial equipment charging infrastructure is the preference for less expensive alternatives.

What Questions Should You Ask before Buying a heavy EVs and industrial equipment charging Market Research Report?

• How is the heavy EVs and industrial equipment charging market evolving?

• What is driving and restraining the heavy EVs and industrial equipment charging market?

• How will each heavy EVs and industrial equipment charging submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2028?

• How will the market shares for each heavy EVs and industrial equipment charging submarket develop from 2021 to 2028?

• What will be the main driver for the overall market from 2021 to 2028?

• Will leading heavy EVs and industrial equipment charging markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?

• How will the market shares of the national markets change by 2028 and which geographical region will lead the market in 2028?

• Who are the leading players and what are their prospects over the forecast period?

• What are the heavy EVs and industrial equipment charging projects for these leading companies?

• How will the industry evolve during the period between 2021 and 2028? What are the implications of heavy EVs and industrial equipment charging projects taking place now and over the next 10 years?

• Is there a greater need for product commercialisation to further scale the heavy EVs and industrial equipment charging market?

• Where is the heavy EVs and industrial equipment charging market heading and how can you ensure you are at the forefront of the market?

• What are the best investment options for new product and service lines?

• What are the key prospects for moving companies into a new growth path and C-suite?

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Key companies profiled in the report include:

Delta Energy Systems, ElectReon, WAVE Inc., BP Chargemaster, WiTricity Corporation, Momentum Dynamics, Greenlots, Robert Bosch GmbH, Siemens AG, and ABB Ltd.

The report further covers comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a complete understanding of the competitive landscape and scenario of each market player. The report also provides an in-depth analysis of the applications and product types offered in the market.

Some Key Highlights from the Report:

In August 2021, Concentric, which is a firm engaged in DC power management solutions for critical power and material handling industries, made an announcement about the purchase of STANGCO Industrial Equipment Inc. for providing charging requirement solutions for various industries.

Among the technology segments, inductive charging segment revenue is expected to expand at a significantly rapid rate over forecast period. Inductive or wireless charging technology is garnering substantial traction in EV charging as it allows EVs to be charged wirelessly when in close proximity of charging coils. Likely use cases of this technology are placing inductive charging coils in strategic public sites, such as parking spots or roads, to enable charging of vehicles while moving. This technology is expected to reduce need for charging stations and hence save considerable costs on charging infrastructure.

Among the application segments, dynamic power transfer segment revenue is expected to register a rapid growth rate over forecast period. Dynamic power transfer system provides an uninterrupted power supply for EVs, thereby offering extended driving range for heavy vehicles with reduced battery capacity. Charging EVs on the move allows for substantial reduction in the storage capacity of batteries. Dynamic power transfer systems can be deployed with small segmented coils laid on roads to charge EVs.

Heavy EVs and industrial equipment charging market in Asia Pacific accounted for largest revenue share in 2020, due to rapid industrialization and high deployment of electric vehicles in countries including China and Japan, which can be attributed to steady electrification of the automobile sector, as well as several initiatives to set up electric vehicle charging infrastructure. China has the largest electric vehicle infrastructure among other countries, with 976,000 charging units (until June 2019). Some of the leading companies in China associated with the manufacturing and installation of charging points are New Energy of China, Qindao Teld State Grid Corporation, AnYo Charging, and Star Charge.

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Emergen Research has segmented the global heavy EVs and industrial equipment charging market on the basis of application, technology, end-use, and region:

Application Outlook (Revenue, USD Million; 2018–2028)

Static Power Transfer

Dynamic Power Transfer

Technology Outlook (Revenue, USD Million; 2018–2028)

Inductive Charging

Resonant Inductive Charging

End-Use Outlook (Revenue, USD Million; 2018–2028)

Electric Bus

Automated Guided Vehicles

Heavy Duty Truck

Semi-Trailer Truck

Electric Towing Vehicle

Terminal Tractor

Scissor Lifts

Electric Forklifts

Others

Regional Analysis:

Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.

ToC of the report:

Chapter 1: Market overview and scope

Chapter 2: Market outlook

Chapter 3: Impact analysis of COVID-19 pandemic

Chapter 4: Competitive Landscape

Chapter 5: Drivers, Constraints, Opportunities, Limitations

Chapter 6: Key manufacturers of the industry

Chapter 7: Regional analysis

Chapter 8: Market segmentation based on type & applications

Chapter 9: Current and Future Trends

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