Fleet Charging Global Market Report 2024

Fleet charging involves the centralized administration and infrastructure for charging electric vehicles (EVs) used within a company or organization. This setup ensures efficient and cost-effective charging schedules, often employing smart technologies to optimize energy usage and lower operational expenses. Effective management of large-scale EV fleets is critical across sectors such as logistics, public transportation, and corporate vehicle pools.

The primary types of fleet charging encompass alternating current (AC) and direct current (DC) stations. AC stations utilize standard AC power from the grid to charge EVs, offering slower charging speeds compared to DC stations but greater compatibility across a wide range of EV models. These stations, available in fixed and portable installations, serve diverse users including service providers, last-mile delivery firms, trucking companies, and public transport operators.

The fleet charging market research report is one of a series of new reports that provides fleet charging market statistics, including fleet charging industry global market size, regional shares, competitors with a fleet charging market share, detailed fleet charging market segments, market trends and opportunities, and any further data you may need to thrive in the fleet charging industry. This fleet charging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fleet charging market size has grown exponentially in recent years. It will grow from $2.75 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 20%. Historical growth can be linked to higher fuel costs, heightened awareness of climate change, the emergence of smart cities and urban planning, greater public acceptance of electric vehicles, and expanding urban populations.

The fleet charging market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The anticipated growth is driven by greater adoption of electric fleets, expansion of fleet management software, rising total ownership costs, increased awareness among consumers and fleet operators, and growing corporate pledges. Key forecast trends encompass technological progress, advancements in battery technology, implementation of emissions policies, innovations in fleet management software, and integration with renewable energy sources.

The growth of the fleet charging market is expected to be driven by the increasing demand for electric trucks. Electric trucks, powered by batteries, are designed for transporting goods, specialized loads, or utilitarian tasks, and their demand is rising due to environmental concerns, stricter emissions regulations, and advancements in battery technology. Fleet charging for these trucks ensures efficient and cost-effective recharging, optimizing energy use and reducing downtime in large-scale logistics operations. For example, a report by the International Energy Agency in October 2023 noted that in 2022, around 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally, constituting approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Additionally, the market share of electric trucks in China increased from 1.5% in 2021 to 3.9% in 2022, indicating significant growth within a year. Therefore, the rise in demand for electric trucks is fueling the expansion of the fleet charging market.

Key players in the fleet charging market are prioritizing technological advancements such as EV charger support to enhance customer service. EV charger support encompasses technical assistance and maintenance provided by manufacturers or service providers to ensure the proper functioning of electric vehicle charging equipment. For instance, in June 2023, ChargePoint Holdings Inc., a US-based company offering charging stations of various capacities, introduced a new North American Charging Standard (NACS) connector support for its AC and DC charging solutions. This includes technical assistance and maintenance for its AC and DC charging solutions, providing cable conversion kits for existing DC fast chargers and native DC connectors compatible with Tesla vehicles. This ensures smooth charging operations for EV owners, showcasing ChargePoint's commitment to delivering a seamless charging experience for drivers of all EV makes and models.

In October 2023, BP Pulse, a UK-based provider of charging infrastructure for electric vehicles, announced a partnership with Tesla Inc. to expand its EV charging network. This collaboration involves acquiring and deploying $100 million worth of Tesla chargers across BP's network, significantly expanding charging infrastructure and offering comprehensive solutions to drive EV adoption in the fleet charging market. Tesla Inc., a US-based manufacturer of electric automobiles, solar panels, and batteries for cars and home power storage, plays a pivotal role in this partnership.

Major companies operating in the fleet charging market are Royal Dutch Shell plc, BMW Group, Enel Group, Robert Bosch GmbH, Tesla Inc., Renault Group, Schneider Electric SE, Eaton Corporation Plc, Phihong Technology Co. Ltd., Delta Electronics EMEA, Tata Power, EVBox, ChargePoint Holdings Inc., EFACEC Power Solutions SGPS, Allego Inc., Tritium DCFC Ltd, Electrify America LLC, EVgo Inc., Xcharge, Virta Global, Servotech Power Systems Ltd., Kazam EV Tech. Pvt. Ltd., HyperVolt, Charzer, Greenlots.

Asia-Pacific was the largest region in the fleet charging market in 2023. The regions covered in the fleet charging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the fleet charging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fleet charging market includes revenues earned by entities by providing services such as maintenance and repair services, on-site technical support and troubleshooting, energy management services, and fleet electrification consulting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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