The fleet charging global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Fleet Charging Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The fleet charging market size has grown exponentially in recent years. It will grow from $2.75 billion in 2023 to $3.30 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to increasing fuel prices, growing awareness of climate change, the rise of smart cities and urban planning, increased public awareness and acceptance of electric vehicles, and growing urban populations.
The fleet charging market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to increased adoption of electric fleets, growth of fleet management software, rise in total cost of ownership, increasing awareness among consumers and fleet operators, and increasing corporate commitments. Major trends in the forecast period include technological advancements, improvements in battery technology, implementation of emissions regulations and policies, innovation in fleet management software, and integration with renewable energy sources.
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Scope Of Fleet Charging Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Fleet Charging Market Overview
Market Drivers –
The increase in demand for electric trucks is expected to propel the growth of the fleet charging market going forward. An electric truck is a battery-powered vehicle designed for transporting goods, carrying specialized loads, or performing utilitarian tasks. The demand for electric trucks is increasing due to growing environmental concerns, stricter emissions regulations, and advancements in battery technology. Fleet charging for electric trucks enables efficient and cost-effective recharging, optimizing energy use and reducing downtime for large-scale logistics operations. For instance, in October 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Also, the market share of electric trucks in China rose from 1.5% in 2021 to 3.9% in 2022, indicating a substantial increase within one year. Therefore, the increase in demand for electric trucks is driving the growth of the fleet charging market.
Market Trends –
Major companies operating in the fleet charging market are focusing on technological advancements, such as EV charger support, to better serve customers. EV charger support refers to the technical assistance and maintenance provided by manufacturers or service providers to ensure the proper functioning of electric vehicle charging equipment. For instance, in June 2023, ChargePoint Holdings Inc., a US-based company that provides charging stations of different capacities, released a new North American Charging Standard (NACS) connector support for its AC and DC charging solutions. It includes technical assistance and maintenance for its AC and DC charging solutions, offering cable conversion kits for existing DC fast chargers and native DC connectors compatible with Tesla vehicles, ensuring seamless charging operations for EV owners. ChargePoint’s lineup of NACS solutions bolsters the company’s commitment to delivering a seamless charging experience for drivers of all EV makes and models by being the first in the charging industry to ship a native DC connector that is compatible with Tesla vehicles. The lineup offers AC solutions as well, negating the need for a cumbersome adapter to charge.
The fleet charging market covered in this report is segmented –
1) By Type: Alternating Current (AC) Charging Station, Direct Current (DC) Charging Station
2) By Installation Type: Fixed, Portable
3) By End User: Service And Last Mile Companies, Trucking Companies, Public Transportation, Other End Users
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Regional Insights –
Asia-Pacific was the largest region in the fleet charging market in 2023. The regions covered in the fleet charging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the fleet charging market are <b>Royal Dutch Shell plc, BMW Group, Enel Group, Robert Bosch GmbH, Tesla Inc., Renault Group, Schneider Electric SE, Eaton Corporation Plc, Phihong Technology Co. Ltd., Delta Electronics EMEA, Tata Power, EVBox, ChargePoint Holdings Inc., EFACEC Power Solutions SGPS, Allego Inc., Tritium DCFC Ltd, Electrify America LLC, EVgo Inc., Xcharge, Virta Global, Servotech Power Systems Ltd., Kazam EV Tech. Pvt. Ltd., HyperVolt, Charzer, Greenlots</b>
Table of Contents
1. Executive Summary
2. Fleet Charging Market Report Structure
3. Fleet Charging Market Trends And Strategies
4. Fleet Charging Market – Macro Economic Scenario
5. Global Fleet Charging Market Size and Growth
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32. Global Fleet Charging Market Competitive Benchmarking
33. Global Fleet Charging Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fleet Charging Market
35. Fleet Charging Market Future Outlook and Potential Analysis
36. Appendix
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