Heavy Electric Vehicle Industrial Equipment Charging Market

Introduction

Global heavy electric vehicle and industrial equipment charging market size was registered at around US$ 2,692 Mn in 2017. The heavy electric vehicle and industrial equipment charging market is expected to grow at a CAGR of approximately 13.6% during the forecast period of 2018 to 2028.

Across all the end use industries, the trend in recent years has been all about miniaturization, i.e., the manufacturing of ever-smaller electrical, mechanical, and optical products. Thus, manufacturers are likely to gain a competitive edge over other players by offering miniaturized heavy electric vehicle and industrial equipment charging solutions.

All the industry trends, i.e., miniaturization, the development of technology, and price transparency, are likely to create the need for innovation within the heavy electric vehicle and industrial equipment charging market. Moreover, with the current scenario of the extremely price-competitive industry, manufacturers are leaning toward investing more on research and development to be able to offer power-efficient heavy electric vehicle and industrial EV Equipment charging solutions.

The heavy electric vehicle and industrial equipment charging markets in the North America and Europe business regions are estimated to remain the largest regional markets throughout the forecast period. With the steady growth of the heavy electric vehicle and industrial equipment charging markets across developing regions, participants in the heavy electric vehicle and industrial equipment charging markets are diversifying and strengthening their production and distribution base across the globe.

The heavy electric vehicle and industrial equipment charging market in North America is estimated to record the highest CAGR during the forecast period, followed by the heavy electric vehicle and industrial equipment charging market in South Asia. Heavy electric vehicle and industrial equipment charging market participants are adopting product diversification strategies to enhance their market presence in the global heavy electric vehicle and industrial equipment charging market.

Moreover, emerging companies are significantly investing on new product development and the launch of heavy electric vehicle and industrial equipment charging solutions to sustain their market presence.

Compared to static power transfer applications of heavy electric vehicle and industrial equipment charging, the dynamic power transfer applications of heavy electric vehicle and industrial equipment charging solutions are estimated to register a higher growth rate in the global heavy electric vehicle and industrial equipment charging market during the forecast period.

Key Dynamics: Heavy Electric Vehicle and Industrial Equipment Charging Market

Extensive End-Use Domains Deploying Heavy Electric Vehicle and Industrial Equipment Charging

While the specific drivers of the heavy electric vehicle and industrial equipment charging market vary from region to region, the primary goal of the deployment of heavy electric vehicle and industrial equipment charging is to make the grid more safe, cost-effective, secure, eco-friendly, and sustainable. Transitioning from nonrenewable energy to renewable energy is a primary factor driving the adoption of heavy electric vehicle and industrial equipment charging in the industrial sector.

Electric mass passenger and goods transportation is becoming an important end-use sector, and is estimated to capture multiple revenue streams, thus enhancing its share in the global heavy electric vehicle and industrial equipment charging market.

High Initial Cost

Material composition and the manufacturing process associated with heavy electric vehicle and industrial equipment charging has resulted in the high cost of end products, which is a major factor restraining the adoption of new and innovative heavy electric vehicle and industrial equipment charging products among consumers.

In the existing scenario, heavy electric vehicle and industrial equipment charging cost is a major differentiating factor in developing countries. Preference for low-cost alternatives is a significant trend, and is expected to negatively affect the adoption of heavy electric vehicles and industrial equipment charging equipment.

Heavy Electric Vehicle and Industrial Equipment Charging Market Structure Analysis

• Some of the top participants in the global heavy electric vehicle and industrial equipment charging market include Electreon, WiTricity Corporation, Greenlots, Delta Energy Systems, Momentum Dynamics, and WAVE INC.
• Currently, companies are focusing on the urban public transportation segment, especially on electric buses that have a fixed route. In the future, electrified roads can be shared with additional users such as municipal utility vehicles, city logistics, taxis, and other electric vehicles.
• In the coming years, Electreon, a publicly-traded Israeli company, plans to focus on the Israeli and European markets. As a part of its long-term plan, the company plans to expand its heavy electric vehicle and industrial equipment charging market to China, which is the leading heavy electric vehicle and industrial equipment charging market for the public as well as private sector.