Electric Vehicle (EV) Charging Panelboard Market Report 2024

The electric vehicle (EV) charging panelboard market size has grown strongly in recent years. It will grow from $6.65 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 9%. The rise during the historical period was driven by the rising adoption of electric vehicles, heightened awareness of environmental concerns, improved accessibility, and escalating demand for charging solutions.

The electric vehicle (EV) charging panelboard market size is expected to see strong growth in the next few years. It will grow to $10.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The increase projected for the forecast period is fueled by advancements in fast charging capabilities, heightened investments in charging infrastructure, and the proliferation of charging stations. Key trends anticipated in this period include the integration of smart charging features, technological innovations, and the introduction of new products and services.

The growing adoption of electric vehicles is set to drive the electric vehicle charging panelboard market forward. Electric vehicles use electric motors instead of internal combustion engines, fueled by gasoline or diesel, making them increasingly popular due to environmental concerns, economic advantages, and supportive policies. Electric vehicle charging panelboards are crucial for managing and distributing electrical power to multiple chargers, ensuring safety, efficiency, and scalability. They play a vital role in developing the infrastructure needed to support the widespread adoption of electric vehicles. For example, in April 2024, the International Energy Agency reported a 35% annual increase, with electric vehicle sales rising by 3.5 million in 2023 compared to 2022, underscoring the market's growth trajectory.

Key players in the electric vehicle charging panelboard market are focusing on innovation, particularly in fast-charging systems, to enhance efficiency and scalability in electric vehicle charging infrastructure. Fast-charging systems significantly reduce recharging time compared to standard methods, improving the convenience and practicality of electric vehicles. For instance, Kempower, a Finland-based company, launched its S-Series fast-charging system in June 2022. This system features liquid-cooled charging cables and can deliver up to 480 kW of charging power, catering to electric buses, truck depots, and public fast-charging stations. Its modular design allows easy scalability as fleets expand, with advanced features such as high power density, delivering up to 100 kW per charging post, and effective cable management, making it a standout choice in the DC fast-charging sector.

In January 2024, MAN, a Germany-based commercial vehicle manufacturer, entered a collaboration with ABB E-mobility to advance high-power charging stations, explore innovative electric vehicle integrations, and develop software solutions tailored for electric trucks. ABB E-mobility, headquartered in Switzerland, specializes in charging solutions for electric vehicles, emphasizing the strategic growth and innovation in this sector.

Major companies operating in the electric vehicle (EV) charging panelboard market are Tesla Inc., Siemens AG, General Electric (GE), Schneider Electric, ABB Group, Eaton Corporation, Delta Electronics, Phoenix Contact, Leviton Manufacturing Compan, Inc., Schaltbau Holding AG, Phihong Technology, Mennekes Elektrotechnik GmbH & Co. KG, EFACEC Power Solutions SGPS S.A, ChargePoint Inc., The Mobility House, Wallbox, Allego, EVBox, POD Point, Webasto Charging Systems, I-Gard Corporation, CIRCONTROL, Pulse Power, EVTeQ.

Asia-Pacific was the largest region in the electric vehicle (EV) charging panelboard market in 2023. The regions covered in the electric vehicle (EV) charging panelboard market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the electric vehicle (EV) charging panelboard market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An electric vehicle (EV) charging panelboard functions as a specialized electrical distribution board designed to manage and distribute power specifically for electric vehicle charging stations. Serving as a central hub, it ensures the safe and efficient transmission of electricity from the main power source to individual EV chargers. This component is indispensable in the infrastructure of EV charging networks, whether for residential, commercial, or public use.

There are distinct types of electric vehicle (EV) charging panelboards categorized by charging level, level 1, level 2, and level 3. Level 1 charging utilizes a standard 120-volt household outlet and represents the most basic method of charging electric vehicles. It offers the slowest charging rate among these levels, typically adding 2-5 miles of range per hour of charging. This level is ideally suited for overnight charging at home or in settings where rapid charging is unnecessary. It remains widely preferred by electric vehicle owners for their everyday charging requirements. The board's capacity includes single-vehicle and multiple-vehicle charging panelboards, serving various applications such as private, semi-public, and public settings, and catering to end-users including individuals, fleet operators, commercial entities, and others.

The electric vehicle (EV) charging panelboard market research report is one of a series of new reports that provides electric vehicle (EV) charging panelboard market statistics, including electric vehicle (EV) charging panelboard industry global market size, regional shares, competitors with a electric vehicle (EV) charging panelboard market share, detailed electric vehicle (EV) charging panelboard market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle (EV) charging panelboard industry. This electric vehicle (EV) charging panelboard 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 electric Vehicle (EV) charging panelboard market consist of sales of smart electric vehicle charging panelboards, industrial electric vehicle charging panelboards, fleet electric vehicle charging panelboards, and public electric vehicle charging panelboards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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