CHICAGO, Feb. 16, 2024 /PRNewswire/ -- 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%, according to a new report by MarketsandMarkets. 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.
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Future of CV Depot Charging Market Scope:
Report Coverage | Details |
Market Size | USD 30.7 billion in 2030 |
Growth Rate | CAGR of 28.2% |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Vehicle Type (eLCV, eMCV, eHCV and eBuses), Charger Type (AC and DC), and Region (Asia Pacific, North America, Europe) |
Geographies Covered | North America, Europe and Asia Pacific |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing adoption of fast chargers |
Key Market Drivers | Rapid adoption of commercial electric vehicles for public transportation |
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.
"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.
"Asia Pacific is expected to be the largest market in 2024."
Asia Pacific region hold the major share in the new ECV sales, contributing over 50% in the market. The major factor for this is the intensive manufacturing and export of vehicles in China. The Chinese market is the worlds largest market in terms of vehicle sales as well as production. Moreover, the Chinese market has significantly grown post COVID halt. The recovery effect of the economy in China has led to intensifying of the manufacturing sector. One of the key trends/strategies followed by the Chinese EV makers is expansion to the European market for EV sales expansion. Moreover, countries such as India, Singapore and South Korea significantly contribute to the growth of the ECV sector in the Asian region. In addition, the depot charging trends is rapidly developing in the Indian market with adoption of different types of business models.
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Key Market Players:
The major players in Future of CV Depot Charging Companies include ABB (Switzerland), Blink (US), Bosch (Germany), bp pulse (UK), ChargePoint (US), EVgo (US), Heliox (Netherlands), Kempower (Finland), Shell Recharge (US), Siemens (Germany), Wallbox (Spain)
Recent Developments
- In 2023, Ford partnered with Xcel Energy to provide 30,000 for home, public & depot charging points by 2030 in the US.
- In 2023, Total Energies launched an in-depot electric truck charging service at the SOLUTRANS road and urban transportation trade show. The new solution will help in installation and supervising charging infrastructure adapted to fulfil transporters' needs.
- In 2023, Siemens acquired Heliox, a specialist in e-Bus and e-Truck fast charging solutions and for depot and fleet solutions.
- In 2022, EV Connects, a subsidiary of Schneider Electric, launched an API platform the includes features like an API Sandbox, a virtual station simulator and payment gateway to speed up the development and integration of charging infrastructure.
- In 2022, ChargePoint raised $640 million in an initial public offering (IPO). Targeting to expand its service offerings, enhance operating models, acquire new customers and depot charging business in North America and Europe.
- In 2022, Tritium raised $150 million in a Series D funding round. The company plans to use the funds to expand its global footprint and increase its investment on R&D to develop new products for the depot charging market.
- In 2022, Siemens partnered with Electrify America to provide depot charging solutions for electric buses in North America.
- In 2022, ABB partnered with New Flyer to develop and deliver zero-emission bus charging solutions for cities across North America
- In 2021, BP Pulse acquired Amply power an EV fleet charging & Energy management solution company, to expand its global footprint.
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