Heavy-Duty Electric Vehicle Charging Infrastructure Market Overview
Global Heavy-Duty Electric Vehicle Charging Infrastructure Market Growth is expected to be valued at USD 52,921.9 Million by 2030, registering a CAGR of 35.07% during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. Heavy-duty electric vehicle charging infrastructures have registered significant growth over the past few years in developing nations, such as China, Australia, and Brazil, owing to the shift in consumer preferences towards the electric vehicle. The increasing awareness regarding the impact of gasoline vehicles on the environment has boosted the demand for electric vehicles worldwide. Government initiatives are also promoting the adoption of electric vehicles
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Competitive Analysis
Some of the key industry participants of the global heavy-duty electric vehicle charging infrastructure market are ABB, Siemens, Bombardier Inc., Kempower OY, Tesla, Proterra, Chargepoint, Inc., Schunk Group, EFACEC, Shijiazhuang Tonhe Electronics Technologies Co., Ltd., and Kehua Hengsheng Co., Ltd.
The global market is dominated by a few players who hold more than 80% of the total market share. These players are adopting strategies such as mergers and acquisitions to significant market share. High competition, technological advancements, and integrated solutions by market players are the key factors that facilitate market growth. ABB strategizes to gain an edge over its peers by offering superior products at competitive prices. It is focused on integrating electrification products with new technologies and enhancing its global manufacturing capabilities. This is mainly done to optimize costs, expand its customer base, enhance its capabilities, and enter international markets.
Other market players, such as Siemens, also strategize to divest from activities in some business areas and strengthen their market position through mergers & acquisitions. R&D in the energy management division of Siemens is aimed at the development of advanced products for markets worldwide. Siemens also believes in innovation that is centered around power electronics, digitalization, smart infrastructure, and grid stabilization.
Segmental Analysis
The global market for heavy-duty electric vehicle charging infrastructures is segmented based on charger type and charging method. By charger type, the global heavy-duty electric vehicle charging infrastructures market trend is divided into DC Charger and AC Charger. The DC charger segment holds a larger share of the global market. The demand for DC chargers is expected to increase significantly across the globe, owing to the growing adoption of the fast charging method for heavy-duty electric vehicles.
By charging method, the global heavy-duty electric vehicle charging infrastructures market is divided into fast charging and slow charging. The fast charging segment holds a larger market share as the method offers rapid charging facilities for buses, trucks, and other heavy-duty vehicles. The fast charging method enables the drivers of the heavy-duty vehicles to recharge the battery in much lesser time compared to the long charging hours associated with the slow charging method.
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Regional Analysis
Geographic analysis of the global heavy-duty electric vehicle charging infrastructure market share spans across North America, Europe, Asia-Pacific, and the Rest of the World
Asia-Pacific accounted for a significant market share in 2019. China is a key market in Asia-Pacific due to the organized electric vehicle industry and the presence of top heavy-duty electric vehicle charging infrastructure manufacturers.
The demand for heavy-duty EV charging infrastructure in Asia-Pacific is expected to grow significantly owing to the rising demand for electric buses and the initiatives for promoting the development of heavy-duty electric vehicles taken by the governments of countries such as China, Japan, and India in the region. The rising demand for the development of charging infrastructure and increasing collaborations between the automotive OEMs in the region results in the growth of the market in this region. China is one of the leading countries in Asia-Pacific, owing to government initiatives, stringent government policies, and rising demand for heavy-duty electric vehicles such as buses and trucks. This leads to a surge in the growth of the installation of EV charging infrastructure for buses and trucks in the country.
In 2019, Europe held the second-largest market share. Germany, France, the UK, the Netherlands, Nordic countries, and the rest of Europe primarily contribute to the growth of the heavy-duty electric vehicle charging infrastructures in the region.
Germany is one of the leading countries in Europe that is significantly using heavy-duty electric buses and trucks owing to the rising demand for electric vehicles in the country. The automotive OEMs in the country are focusing on the development of charging infrastructure for supporting the electric buses and trucks in Germany. For instance, in August 2017, Siemens (Germany) successfully commissioned the eHighway, an overhead contact line for hybrid trucks in Autobahn, Germany
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