Home > Automotive > Automotive Parts > Electrical and Lighting > EV Charging Panel Board Market

EV Charging Panel Board Market Size

Report ID: GMI8639
Published Date: Mar 2024
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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.

EV Charging Panel Board Market Report Attributes
Report Attribute	Details
Base Year:	2023
EV Charging Panel Board Market Size in 2023:	USD 7.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10%
2032 Value Projection:	USD 18.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	260
Tables, Charts & Figures:	400
Segments covered:	Charging type, Board capacity, Application, End use, Technology, Sales channel
Growth Drivers:	Rising adoption of battery electric vehicles (BEVs) Increasing number of public charging station Rising advancements in EV charging technology Significant investments from governments, private companies, and venture capitalists
Pitfalls & Challenges:	Complexities in panel board design and integration High upfront costs associated with installing charging infrastructure

Learn more about the key segments shaping this market

Download Free Sample

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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of EV charging panel board reached USD 7.3 billion in 2023 and is set to witness over 10% CAGR between 2024 and 2032, led by the burgeoning proliferation of charging station locations and the growing support for electric vehicle infrastructure.

Multiple EV charging panel boards industry size is projected to cross USD 11 billion by 2032, led by the surging need to alleviate grid congestion and stabilizes voltage control for managing renewable energy integration.

The commercial charging application segment held 43% of the EV charging panel board market share in 2023, owing to the burgeoning demand from fleet operators across the region.

Some of the prominent EV charging panel board firms are ABB, Delta Electronics, Inc., Eaton, Enel X, General Electric, JuiceBox, Leviton Manufacturing Co., Inc., Schneider Electric, and Siemens.