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) - Forecast to 2030

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 30.2% from 2024 to 2030. The CV depot charging market is expected to experience growth driven by various factors. The CV depot charging industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Adoption of electric commercial vehicle fleet is the key factor that has witnessed a rapid change in the CV depot charging industry. In line with the EV sector, development and manufacturing of charging ports along with installation of fast and ultra-fast charging points for customers is the foremost agenda of the OEMs and EV solution providing companies.

Depot charging stations will grow rapidly till 2030

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 EV charging infrastructure is significantly growing to cater the needs of the consumers. In 2023, over a million new EV charging points were installed around the world. These charging points consisted of both slow chargers as well as fast chargers. For instance, in 2023, close to 16,000 charging points were installed in the UK, taking the number of total charging points over 53,000; wherein, more than 4,500 were fast charging points. In addition, successful pilot projects were carried out for wireless charging points in Japan, China, Germany, US and other countries in Europe. A collective of over $50 billion was announced by the governments and EV charging solution providers in 2023. The sum of the money will be gradually invested to setup charging points across the world.

Fast and ultra-fast chargers are anticipated to witness significant growth till 2030

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.

Asia Pacific holds the largest market share

With over 50% of the market for new EV sales, the Asia Pacific region dominates the industry. The primary cause of this is China's extensive automobile production and export industry. The greatest market in the world for both automobile production and sales is China. Furthermore, after the COVID suspension, the Chinese market has expanded dramatically. The manufacturing sector has intensified as a result of China's economy's recovery. The development of EV sales into the European market is a primary strategy employed by Chinese electric vehicle manufacturers. Moreover, nations like South Korea, Singapore, and Indian make major contributions to the expansion of the ECV industry in the Asian region.

Research Coverage

The market analysis encompasses the CV depot charging market, focusing on the sales volume of electric commercial vehicles, energy requirement for charging, AC & DC charging market for CV depot charging. Additionally, it examines the developments that occurred in the CV depot charging industry in 2023. The report delves into the trends propelling the depot charging sector, analyzing factors that influence the industry till 2030. The study encompasses a broad range, including depot charging operational models, business models, financial models, government targeted related to electrification and Zero Emission Vehicles (ZEV). Geographically, the report covers North America, Europe and Asia Pacific.

Report Scope

The report will help the market leaders/new entrants in this market with information on the closest approximations of the sales numbers for the CV depot charging market in 2023 and their subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of key Trends in 2023 to 2030 (electric commercial vehicles, energy requirement, cost of chargers, etc).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the CV depot charging market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the CV depot charging market across varied regions
• Market Diversification: Exhaustive information about diversification of supply chains, untapped geographies, recent developments, and investments in the CV depot charging market
• Competitive Assessment: Assessment of market shares, growth strategies and service offerings of leading players like across commercial vehicle segments which are then further divided into eLCV, eMHCV and eBuses in the CV depot charging market setup. The report also helps stakeholders understand the pulse of the CV depot charging market and provides them information on key market drivers, challenges, and opportunities.