A new report by Allied Market Research forecasts that the world electric vehicle (EV) charging system market will generate revenue of $8.02 billion by 2022, registering a compound annual growth rate of 30.7% during the forecast period of 2016 to 2022.
The report, “World Electric Vehicle Charging System Market,” states that in 2015, Europe was the highest revenue-generating region, owing to the increasing penetration of home and commercial charging systems in countries such as the Netherland, Denmark, the U.K. and France.
The Asia-Pacific region is now expected to see growing adoption of EVs due to changing lifestyles and rising disposable income in countries such as China and Japan. Further, supportive government initiatives to popularize EVs as a substitute over traditional vehicles is anticipated to drive market growth worldwide.
The report says the world EV charging system market is segmented based on product type, mode of charging, level of charger and geography. Based on product type, the market is segmented into home charging systems and commercial charging stations. In 2015, the home charging systems segment dominated the market with around 71.0% market share.
Based on mode of charging, the market has been segmented into plug-in charging systems and wireless charging systems. Plug-in charging systems dominated the market in 2015, accounting for over 90% of the market revenue. The segment is projected to continue its dominance throughout the forecast period due to increasing government investments in the commercial charging solutions, where plug-in charging solutions are generally preferred.
On the basis of charging voltage level, the market has been segmented into Level 1 (0 V-120 V), Level 2 (121 V-240 V), and Level 3 (241 V and above). Level 2 chargers are used in both home and commercial applications – consequently, this segment is projected to lead the market over the forecast period.
Further, the world EV charging system market has been segmented based on geography into North America, Europe, Asia-Pacific and LAMEA. In 2015, Europe accounted for around 37% market revenue, followed by North America and Asia-Pacific.
The report also provides an analysis of key growth strategies adopted by major players operating in the market, as they follow product launch, strategic alliances and collaboration to expand their presence and gain a competitive edge.
Major companies profiled in the report include General Electric Co., Evatran Group Inc., Robert Bosch GmbH, Delta Electronics Inc., Schneider Electric SE, Eaton Corp. Plc, Tesla Motors Inc., Delphi Automotive LLP, Siemens AG and ClipperCreek Inc.