Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicle (EV) Charging Panelboard Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
In a robust display of technological advancement and heightened environmental awareness, the electric vehicle (EV) charging panelboard market is poised for significant growth. Projections indicate an expansion from $6.65 billion in 2023 to an impressive $7.25 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 9%. This growth is supported by increasing adoption of electric vehicles, driven by their economic benefits, reduced environmental impact, and a surge in supportive governmental policies.
The Future of the EV Charging Panelboard Market
The market forecasts spell out a continuation in strong growth trends through the year 2028, with expectations of reaching a market size of $10.37 billion at a CAGR of 9.4%. This growth trajectory is bolstered by rapid advancements in fast charging technology, heightened global investment in charging infrastructure, and an expanding network of charging stations. The implementation of smart charging solutions and a wave of technological innovations are set to play pivotal roles in shaping the market's future landscape.
Key Market Innovations and Strategic Collaborations
Market leaders in the EV charging panelboard sector are relentlessly pursuing innovation, with specific emphasis on enhancing the performance and scalability of fast-charging systems. The advent of these systems is transforming the consumer experience, substantially reducing charging times and elevating the practicality of EV ownership. Additionally, strategic collaborations between leading commercial vehicle manufacturers and charging solution providers are further strengthening the market foundation, heralding the advent of advanced high-power charging solutions and associated software.
Geographical Market Dominance
Asia-Pacific has been identified as the frontrunner in the EV charging panelboard market as of 2023, leading the charge globally. The report encompasses not only Asia-Pacific but also Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, offering a comprehensive geographic market analysis.
EV Charging Panelboards: Serving a Central Role in EV Infrastructure
Elevating the importance of the EV charging panelboard is its indispensable role in electrical power management for charging stations, delivering power safely and efficiently. Various types of panelboards are categorized by charging levels, each designed to cater to different requirements—from individual to fleet operators, representing private, semi-public, or public charging applications.
About the Electric Vehicle (EV) Charging Panelboard Market
The electric vehicle (EV) charging panelboard market comprises sales across various configurations such as smart, industrial, fleet, and public charging panelboards. The market value encapsulates the revenue generated from the sales of these goods and associated services by manufacturers, reflecting the demand within the EV charging panelboard industry. This sector is pivotal in the development of global EV infrastructure, which is key to the expansion of the electric vehicle market.
Commitment to Sustainable Mobility
As the world continues its transition towards sustainable mobility, the EV charging panelboard market is expected to play a crucial role in enabling this shift. With robust market growth, strategic industry collaborations, and continuous innovation, the market for EV charging panelboards is facilitating a future where electric vehicles are an accessible and practical reality for consumers worldwide.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $7.25 Billion |
| Forecasted Market Value (USD) by 2028 | $10.37 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Companies Featured
- Tesla Inc.
- Siemens AG
- General Electric (GE)
- Schneider Electric
- ABB Group
- Eaton Corporation
- Delta Electronics
- Phoenix Contact
- Leviton Manufacturing Compan, Inc.
- Schaltbau Holding AG
- Phihong Technology
- Mennekes Elektrotechnik GmbH & Co. KG
- EFACEC Power Solutions SGPS S.A
- ChargePoint Inc.
- The Mobility House
- Wallbox
- Allego
- EVBox
- POD Point
- Webasto Charging Systems
- I-Gard Corporation
- CIRCONTROL
- Pulse Power
- EVTeQ
For more information about this report visit https://www.researchandmarkets.com/r/h7g8n4
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