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EV Charging Panel Board Market Size - By By Application (Residential Charging, Commercial Charging, Public Charging), End Use (Individuals, Fleet Operators, Commercial Entities), Charging Type, Technology, Sales Channel, Board Capacity & Forecast, 2024 - 2032
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EV Charging Panel Board Market
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Premium Report Details
Base Year: 2023
Companies covered: 20
Tables & Figures: 400
Countries covered: 25
Pages: 260
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EV Charging Panel Board Market Size
EV Charging Panel Board Market size was valued at USD 7.3 billion in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032. The burgeoning proliferation of charging station locations is driving demand in the market. As more charging points emerge to support the growing electric vehicle infrastructure, there is a parallel need for robust and efficient panel boards to facilitate power distribution.
According to the U.S. Department of Energy, in 2022, the number of EV charging locations surged to 53,764 from 46,407 in 2021. This surge in charging infrastructure necessitates reliable panel boards that can efficiently manage electrical supply, ensuring seamless charging experiences for electric vehicle owners. Consequently, the escalating number of charging stations fuels the demand for EV charging panel boards, underpinning market growth & innovation.
Government initiatives and regulations play a pivotal role in propelling the EV charging panel board market. Various countries are implementing policies to incentivize electric vehicle adoption such as tax credits, rebates, and subsidies. Additionally, regulations mandating the installation of charging infrastructure in public spaces and commercial buildings further drive the demand for panel boards. Compliance with these regulations creates a significant market opportunity for manufacturers and suppliers in the EV charging ecosystem.
Cost considerations and Return on Investment (ROI) uncertainties pose significant challenges to the Electric Vehicle charging panel board market. High upfront expenses associated with installing charging infrastructure including panel boards may deter investment from businesses and municipalities. Moreover, uncertainty regarding the long-term profitability and ROI of charging infrastructure projects can also impede market growth. Overcoming these challenges requires the development of innovative financing models, cost-effective solutions, and a clear demonstration of the economic benefits of EV charging infrastructure to stakeholders.
EV Charging Panel Board Market Trends
The increasing demand for convenient and rapid EV charging solutions is driving lucrative growth in the EV charging panel board industry. As consumers and businesses prioritize convenience and efficiency in charging their electric vehicles, there is a heightened need for robust and technologically advanced panel boards to support this infrastructure.
For instance, in November 2023, CHARGE+ZONE, an electric charging enterprise, introduced India's inaugural high-speed EV charging network, featuring superchargers strategically positioned along key highways and urban hubs. These stations boast supplementary amenities such as restrooms, dining venues, and shopping outlets. Moreover, certain locations integrate solar panels atop canopies, enhancing sustainability efforts. This initiative responds to the escalating need for convenient and expeditious EV charging solutions, essential for fostering widespread electric vehicle adoption.
The integration of EV charging infrastructure with smart grids and Internet of Things (IoT) technologies revolutionizes how energy is managed and distributed. Smart grid integration enables dynamic load management, optimizing energy use and grid stability. Meanwhile, IoT connectivity facilitates real-time monitoring and control of charging stations, enhancing efficiency & reliability. EV charging panel boards equipped with smart grid and IoT capabilities can adapt to the changing demand patterns, support grid balancing, and enable intelligent charging strategies, driving the evolution of a sustainable & resilient electric vehicle infrastructure.
EV Charging Panel Board Market Analysis
Based on the board capacity, the market is divided into single vehicle charging panel boards, multiple vehicle charging panel boards. The multiple vehicle charging panel boards segment is projected to exceed USD 11 billion by 2032. Bidirectional charge/discharge control technology is driving growth in the multiple vehicle charging panel boards segment. This innovation enables simultaneous charging of multiple electric vehicles while managing grid congestion and stabilizing voltage control.
For instance, in September 2023, Hitachi Industrial Products, Ltd. launched a high-capacity multi-port EV charger. This charger accelerates EV charging, reduces congestion, and enables simultaneous charging of multiple vehicles. Featuring bidirectional charge/discharge control technology, it also alleviates grid congestion and stabilizes voltage control, crucial for managing renewable energy integration. By enabling efficient energy flow both to & from vehicles, it optimizes charging infrastructure utilization and supports the integration of renewable energy sources.
Based on the application, the market is categorized into residential charging, commercial charging, public charging. The commercial charging segment held around 43% of the EV charging panel board market share in 2023 and is expected to grow significantly. The burgeoning demand from fleet operators is a pivotal factor driving the commercial charging segment growth. With an increasing emphasis on sustainability and cost reduction, fleet operators are rapidly transitioning to Electric Vehicles (EVs). This shift necessitates efficient and scalable charging infrastructure tailored to commercial needs.
As fleet operators seek to electrify their vehicle fleets, there is a growing requirement for robust panel boards capable of managing multiple charging stations simultaneously. This surge in demand from fleet operators is further catalyzing market growth in the commercial charging segment.
Asia Pacific EV charging panel board market accounted for 36% of the revenue share in 2023. The region is witnessing a surge in Electric Vehicle (EV) adoption driven by increasing consumer awareness and technological advancements. This growing market presents a significant demand for charging infrastructures, spurring the need for sophisticated panel boards.
Asian countries such as China, Japan, and South Korea have shifted toward electrification, escalating the deployment of EV charging stations and necessitating reliable panel boards to support charging infrastructure. This trend underscores the importance of robust & efficient panel boards in facilitating convenient and accessible charging solutions for EV owners across the Asia Pacific region.
EV Charging Panel Board Market Share
Delta Electronics, Inc. and Eaton hold a significant market share of over 5% in the EV charging panel board industry. Siemens focuses on securing large orders for SICHARGE D EV fast chargers, emphasizing digital services. This move aligns with its strategy to expand market presence and cater to infrastructure development projects globally.
ABB is focusing on providing Compact Secondary Substation (CSS) skid-mounted power distribution units for electric vehicle fleet charging, catering to modular CHRGPK units by partnering with EV infrastructure companies.
EV Charging Panel Board Market Companies
Major companies operating in the EV charging panel board industry are:
EV Charging Panel Board Industry News
The EV charging panel board market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:
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Market, By Charging Type
Market, By Board Capacity
Market, By Application
Market, By End Use
Market, By Technology
Market, By Sales Channel
The above information is provided for the following regions and countries: