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Global Electric Vehicle Charging System Market Expected to Reach US$ 9,367.2 Million by 2029

The global Electric Vehicle Charging System market is poised for remarkable expansion, with projections indicating a substantial value of US$ 9,367.2 million by 2029. This expected growth represents a significant rise from the US$ 2,819 million recorded in 2022, driven by a robust Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period from 2023 to 2029. The market for electric vehicle charging systems is witnessing rapid development, reflecting the increasing adoption of electric vehicles (EVs) and the growing need for charging infrastructure.

Strong Global EV Sales

The global electric vehicle market is experiencing strong momentum, with 10.5 million new Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) delivered in 2022, marking a remarkable increase of 55% compared to 2021. China and Europe have emerged as the main drivers of this surge in global EV sales. In 2022, China produced 7.0 million new energy vehicles and sold 6.8 million, representing year-on-year increases of 96.9% and 93.4%, respectively, with a market share of 25.6%. Sales of pure electric vehicles in Europe also saw substantial growth, increasing by 29% year-on-year to reach 1.58 million.

Key Market Players

Prominent companies in the Electric Vehicle Charging System market include ABB, BYD, Xuji Group, TELD, Star Charge, Chargepoint, Webasto, Efacec, Leviton, Siemens, IES Synergy, Pod Point, Auto Electric Power Plant, DBT-CEV, Clipper Creek, Schneider Electric, Nitto Kogyo, Panasonic, Toyota Home, and Kawamura Electric, among others.

Comprehensive Market Insights

The recently published Electric Vehicle Charging System market report offers a comprehensive analysis of the industry. It provides insights into market dynamics, competitive landscape, and key players’ profiles. The report also discusses the market’s growth trajectory, opportunities, and challenges.

Find more details about this report at: https://www.themarketreports.com/report/global-electric-vehicle-charging-system-market-research-report

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