The fleet charging market size has grown exponentially in recent years. It will grow from $2.75 billion in 2023 to $3.30 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to increasing fuel prices, growing awareness of climate change, the rise of smart cities and urban planning, increased public awareness and acceptance of electric vehicles, and growing 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 growth in the forecast period can be attributed to increased adoption of electric fleets, growth of fleet management software, rise in total cost of ownership, increasing awareness among consumers and fleet operators, and increasing corporate commitments. Major trends in the forecast period include technological advancements, improvements in battery technology, implementation of emissions regulations and policies, innovation in fleet management software, and integration with renewable energy sources.
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Segmentation & Regional Insights
The fleet charging market covered in this report is segmented –
1) By Type: Alternating Current (AC) Charging Station, Direct Current (DC) Charging Station
2) By Installation Type: Fixed, Portable
3) By End User: Service And Last Mile Companies, Trucking Companies, Public Transportation, Other End Users
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.
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Major Driver Impacting Market Growth
The increase in demand for electric trucks is expected to propel the growth of the fleet charging market going forward. An electric truck is a battery-powered vehicle designed for transporting goods, carrying specialized loads, or performing utilitarian tasks. The demand for electric trucks is increasing due to growing environmental concerns, stricter emissions regulations, and advancements in battery technology. Fleet charging for electric trucks enables efficient and cost-effective recharging, optimizing energy use and reducing downtime for large-scale logistics operations. For instance, in October 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Also, the market share of electric trucks in China rose from 1.5% in 2021 to 3.9% in 2022, indicating a substantial increase within one year. Therefore, the increase in demand for electric trucks is driving the growth of the fleet charging market.
Key Industry Players
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
The fleet charging market report table of contents includes:
1. Executive Summary
- Fleet Charging Market Characteristics
- Fleet Charging Market Trends And Strategies
- Fleet Charging Market – Macro Economic Scenario
- Global Fleet Charging Market Size and Growth
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32. Global Fleet Charging Market Competitive Benchmarking
- Global Fleet Charging Market Competitive Dashboard
- Key Mergers And Acquisitions In The Fleet Charging Market
- Fleet Charging Market Future Outlook and Potential Analysis
- Appendix
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