Future of CV Depot Charging Market

Leading Companies in Future of CV Depot Charging Industry - ABB (Switzerland), Blink (US), Bosch (Germany), bp pulse (UK), ChargePoint (US), EVgo (US), Heliox (Netherlands), Kempower (Finland), Shell Recharge (US), Siemens (Germany), Wallbox (Spain)

The CV depot charging market size for chargers of new vehicles was 4.7 $billion in 2023 and is projected to reach 30.7 $billion in 2030, witnessing a CAGR of 28.2% from 2024 to 2030. In addition, the global number of chargers for new vehicles in depot setting is expected to reach 1.1 million units in 2030, whereas as the global number of chargers for Electric Commercial Vehicles (ECV) parc in depot setting is forecasted to reach 5.3 million units. 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. Further, within the regional market Asia-Pacific region accounted for more than half of the market share in both new vehicles and ECV parc segment. While the AC chargers held the major share in ECV parc in depot setting segment, the DC chargers will hold the largest share in new vehicle in depot segment.

The top performing key players in 2023 were ABB, Blink, Bosch, bp pulse, ChargePoint, EVgo, Heliox, Kempower, Shell Recharge, Siemens, Wallbox and several others.  These EV charging solution providing companies are focused on EV charging technology development and investing into the charging ecosystem to ensure a sustainable supply chain. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the depot charging market.

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Globally there were over 2.7 million public charging points by the end of 2022, of which around a million charging points were installed in 2022 alone. This includes both residential as well as public chargers. Further, it is estimated that over one million new charging points were installed by the end of 2023. In addition, efforts were made to strategically monitise the charging business to cater the fleet operators. For instance, in 2022, Siemens partnered with Electrify America to provide depot charging solutions for electric buses in North America.

Dedicated to achieving zero emission targets, the OEMs have planned to invest over USD 500 Billion by 2030 for EV production facilities. In addition, several countries such as Norway, Germany, UK, US, India and China have set goals to convert their public transportation buses fleets to electric from ICE. Owing to this, the demand for depot charging has significantly raised. Several new players have entered the market to grab the first mover opportunity in the depot charging segment. Moreover, OEMs and depot charging solution providers have attempted to regulate the EV battery charging supply chain to further cut down the raw material, manufacturing and maintenance of the batteries.

The EV segment registered a strong growth of 30-40% in 2023 due growing preference towards clean transportation and government support through incentives. In addition, the governments in Norway, Germany, UK, US, India, China and other countries have set goals to convert their public transportation buses fleets in electric from ICE. Moreover, the fleet operators of commercial vehicles are adopting the ECV. This has led to growth of ECV depot charging market across the globe. However, the electrification in commercial vehicles is challenged by factors such as range limitations, inadequate charging infrastructure and vehicle downtime.

The years 2022 and 2023 saw change in charging technology of cars wherein ultra-fast chargers have been introduced in the market to enhance the speed of charging the electric vehicles. OEMs such as Ford and Tesla have partnered with the charging infrastructure solution providers to cater the ultra-fast charging needs. Moreover, the hardware and software manufacturers have come up with different business models to monetize the commercial electric vehicles depot charging market.

The major player in depot charging segment are leaning towards installing DC fast chargers in the new setups, along with replacing the older AC slow chargers. For instance, in January 2023, EVgo started a new program ReNew, wherein they help in identifying the old and broken charging points and upgrade or repair them to reduce the downtime of the vehicles entering the charging depot. Moreover, market leaders in the US such as ChargePoint and Electrify America provide high quality DC fast chargers that can be easily installed and monetized using softwares and payment applications.

Related Reports:

Future of CV Depot Charging Market by Vehicle Type (eLCV, eMCV, eHCV and eBuses), Charger Type (AC and DC), and Region (Asia Pacific, North America, Europe) - Global Forecast to 2030

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Future of CV Depot Charging Market Size,  Share & Growth Report
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