Global EV Charging Panelboard Market Surges to US$ 29.3 Billion by 2034, Fueled by 17.2% CAGR | Future Market Insights, Inc.
The global electric vehicle (EV) market is undergoing rapid expansion, leading to a surge in demand for EV charging panelboards. This growth reflects a significant shift in consumer preferences towards sustainable transportation options, propelled by the rising adoption of electric vehicles worldwide. Notably, countries such as China, Japan, and South Korea are experiencing substantial increases in EV sales, fueling the need for EV charging infrastructure, including panelboards, to accommodate the expanding EV fleet.
NEWARK, Del, April 25, 2024 (GLOBE NEWSWIRE) -- The global EV charging panelboard market size is forecast to increase from US$ 6.0 billion in 2024 to *US$ 29.3 billion* by 2034. Over the assessment period, global demand for EV charging panelboards is projected to surge at a *CAGR of 17.2%*.The six-way outgoing configuration segment is expected to dominate the global EV charging panelboard industry through 2024. It will likely hold a volume share of 24% by 2024.
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The swift growth of the electric vehicle (EV) market serves as a pivotal catalyst for the escalating demand for EV charging panelboards. This global trend reflects a fundamental shift in consumer preferences toward sustainable transportation options, driven by the increasing adoption of EVs.
As more individuals opt for electric vehicles to reduce carbon emissions and embrace eco-friendly mobility, the necessity for robust charging infrastructure, epitomized by panelboards, intensifies. The mainstream acceptance of electric vehicles heightens the need for reliable and efficient charging stations, propelling the demand for sophisticated panelboard solutions.
Governmental incentives and policies further bolster market expansion, with measures such as subsidies, tax breaks, and regulatory mandates encouraging widespread EV adoption and charging infrastructure development. These initiatives serve as potent drivers, incentivizing both consumers and businesses to embrace electric mobility while advancing the evolution of charging infrastructure.
Technological advancements in EV charging technology, including fast-charging capabilities and smart charging systems, enhance the efficiency and appeal of EV charging infrastructure, driving adoption and market penetration. As infrastructure continues to expand, the market for EV charging panelboards is poised to capitalize on this momentum, driving the transition toward a greener and more sustainable transportation future.
*Key Takeaways from the EV Charging Panelboard Market Report*
· In terms of location type, the residential charging segment is forecast to rise at a CAGR of 15.9% through 2034.
· Based on end-use, the individual consumer segment is estimated to witness a CAGR of 15.3% in the forecast period.
· Over the forecast period, the EV charging panelboard industry in Germany is set to increase at a robust CAGR of 16.9%.
· Sales of EV charging panelboards in China are projected to soar at a CAGR of around 15.4% during the evaluation period.
· Over the assessment period, demand for EV charging panelboards in the United States is set to rise at 14.3% CAGR.
*“Robust charging infrastructure is becoming increasingly necessary to allow charging at public and commercial sites as the use of electric cars rises. Airports, malls, office buildings, parking spaces, and hubs for public transportation are all included in this. In order to meet the demand from cars, these huge installations need several EV charging points, which increases the need for panelboards with multiple outgoing circuits.” **- **Nikhil Kaitwade* (Associate Vice President at Future Market Insights, Inc.)
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*Competitive Landscape *
ABB Group, Schneider Electric Siemens AG, Eaton Corporation, Legrand, Leviton Manufacturing Co., Inc., Delta Electronics, General Electric (GE), Mitsubishi Electric Corporation, and Panasonic Corporation are the leading manufacturers and suppliers of EV charging panelboards listed in the report.
Key EV charging panelboard manufacturers are investing in research & development for introducing new products and expanding their production capacity to meet end-user demand. They are also showing an inclination toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
*For instance,*
· *Eaton* offers a large selection of panelboards for EV charging. For retail, multi-family, and commercial parking structures, its well-known Pow-R-Line Xpert EV charging panelboard offers an easy and reasonably priced EV charging solution. Up to ten Green Motion EV smart breaker chargers are available, providing remote access, revenue-grade metering, and rapid 7.7 kW AC Level 2 charging.
*Scope of the EV Charging Panelboard Industry*
*Attribute* Details
*Estimated EV Charging Panelboard Market Size (2024)* US$ 6.0 billion
*Projected EV Charging Panelboard Market Size (2034)* US$ 29.3 billion
*Anticipated Growth Rate of EV Charging Panelboard Market (2024 to 2034)* 17.2 %
*Historical Data* 2019 to 2023
*Forecast Period* 2024 to 2034
*Quantitative Units* Value (US$ billion) and Volume (units)
*EV Charging Panelboard Market Report Coverage* Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
*Key Countries Covered* · United States
· Canada
· Mexico
· Brazil
· Germany
· Italy
· France
· United Kingdom
· Spain
· BENELUX
· NORDICS
· Poland
· Hungary
· Balkan and Baltics
· Russia
· India
· Association of Southeast Asian Nations
· Australia and New Zealand
· China
· Japan
· South Korea
· Kingdom of Saudi Arabia
· Other GCC Countries
· Türkiye
· Other African Union
· South Africa
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*EV Charging Panelboard Market Segmentation*
By Outgoing Ways:
· Single-way Outgoing
· Two-way Outgoing
· Four-way Outgoing
· Six-way Outgoing
· Eight-way Outgoing
· Twelve-way Outgoing
· Sixteen-way OutgoingBy Location Type:
· Residential Charging
· Workplace Charging
· Public ChargingBy End-use:
· Individual Consumers
· Fleet Operators
· Commercial EntitiesBy Region:
· North America
· Latin America
· Western Europe
· Eastern Europe
· East Asia
· South Asia & Pacific
· Middle East & Africa
*Author*
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
*Explore FMI’s Extensive Ongoing Coverage on Automotive Domain*
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· EV Charger Market Size is projected to register an impressive CAGR of 26.6%.
· EV Power Module Market Share is estimated to reach up to US$ 16,805.4 million by end of the year 2033.
· EV Charger Converter Module Market Outlook will likely reach US$ 48,605.2 million by 2034.
· EV Transmission System Market Growth is expected to reach a high of* *US$ 45282.3 million by 2033.
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