EV Turbo Charging Market is anticipated to grow at a CAGR of ~19% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “EV Turbo Charging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global EV turbo charging market is anticipated to grow at a CAGR of ~19% from 2020 to 2030.
The automotive industry is suffering from a slowdown in terms of revenue/sales worldwide owing to the strict lockdown in the many developing countries amid the COVID-19 pandemic. Thus, there is a huge drop in the sale of electric vehicles. For instance, a China-based company, BYD Auto Co. Ltd., has experienced a decline of 79% in sales due to the COVID-19 pandemic. The situation also leads to a slowdown in the vehicle movement and other transportation activities. This will further hamper the growth of the EV turbo charger market. Moreover, a slowdown in the activities of electric vehicle charging infrastructure development due to the lack of workforce availability is another factor that will limit the market growth.
However, the collaboration between government bodies and OEMs (Original Equipment Manufacturers) to develop electric vehicle charging stations across the globe is a major factor driving growth in the operating market. New electric vehicle launches compatible with DC fast charging, and the development of compact-sized fast-charging DC station for residential places are expected to boost the EV turbo charging market growth. Moreover, favorable government policies to reduce carbon emission and dependency on crude oil are further propelling the market growth. For instance, in a part of Germany’s new electric-vehicle incentive package, all gas stations will require to offer EV charging across the country. Also, BDEW (German Association of Energy and Water Industries) has stated that about 7,000 fast-charging stations are required to achieve a mass market for EVs in the country.
However, the high costs associated with fast DC charging and low transportation activities due to lockdowns amid the COVID-19 pandemic are the major factors limiting growth in the market. Additionally, the lack of DC fast-charging infrastructure in some geographical areas and the high availability of AC charging technology across the globe are some other factors that are hampering the market growth to a certain extent. Moreover, fuel cell electric vehicles are considered as one of the major restraining factors present in the market.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, EV Turbo Charging Market By Offering (Hardware, Software, and Service), By Charger Type (Combined Charging System (CCS), CHAdeMO, and Tesla), By Station Type (Private Charging Infrastructure and Charging Infrastructure), By Vehicle Type (Passenger Vehicle and Commercial Vehicle) - Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/ev-turbo-charging-market/364
North America accounted for the largest market share in 2019 followed by Europe. However, Asia Pacific is likely to grow at the highest CAGR due to growing investments by government, as well as private organizations, in the development of public electric vehicle charging stations. For instance, according to the Corporate Electric Vehicle Alliance, about 714,000 privately-owned and 531,000 public charging stations were installed in China at the end of February 2020. Moreover, the increasing adoption of electric vehicles from densely populated countries, such as India and Japan, is supplementing the growth in this region.
Some of the prominent players in the EV turbo charging market include ChargePoint, Inc., EVgo Services LLC., Blink Charging Co., Tesla, ABB, Efacec Electric Mobility, S.A., Schneider Electric, SIGNET SYSTEMS INC., Bosch Automotive Service Solutions Inc, and BTCPower, among others.
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