PUNE, India, Jan. 12, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Combined Charging System Market by Component (Hardware and Software), Power (40Kwh to 100Kwh, 100Kwh to 200Kwh, and more than 200Kwh), and Region: Size, Share, Trends, and Opportunity Analysis, 2023-2031“, the market size was USD 11.7 billion in 2022 and is expected to reach USD 15.1 billion, expanding at a CAGR of 32.1% by the end of 2031. The market growth is attributed to the rising adoption of electric vehicles across the globe owing to the various benefits of EVs. This leads to an increase in demand for combined charging systems for customer convenience and fast charging of vehicles.
Key Market Players Profiled in the Report
- PHOENIX CONTACT
- Vector Informatik GmbH
- IOTECHA INC
- CharIN e. V.
- EV Safe Charge Inc.
- SEVENSTAX GmbH
- Lubi EV Solutions
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include component, power, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the Segments of the Combined Charging System Market
Based on component, the global market is bifurcated into hardware and software. The hardware segment is expected to expand at a significant rate during the projection period owing to the increasing demand for CCS hardware in Electric vehicles.
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In terms of power, the global combined charging system market is segregated into 40Kwh to 100Kwh, 100Kwh to 200Kwh, and more than 200Kwh. The LNG segment is expected to grow at a significant pace during the forecast period. The more than 200Kwh segment is expected to expand at a significant rate in the coming years as the growing use of a particular type of connector, pantograph for charging large fleet vehicles such as buses and trucks.
Based on regions, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is projected to expand at a significant rate during the forecast period owing to the presence of key manufacturers such as PHOENIX CONTACT, Vector Informatik GmbH, and SEVENSTAX GmbH. Moreover, the market in North America is anticipated to register a considerable CAGR during the forecast period due to the increasing adoption of CCS chargers among customers.
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Key Takeaways from the Study:
- A combined charging system is a standard for charging EVs that offers AC/DC charging from the same port.
- The rapid growth in demand for electric vehicles to reduce carbon emissions can drive the global market.
- Governments across the globe are imposing strict rules and regulations to reduce the greenhouse gases such as nitrogen oxide (NOx) and carbon dioxide (CO2) emissions in the air.
- Introduction of advanced technology of combined charging systems that can help in charging electric vehicles in less than thirty minutes can produce new opportunities for the global market during the forecast period.
- The rapid expansion of charging infrastructure for efficient charging experience for customers can open new pathways for the global market.
- The recent development of self-driving vehicles can create new opportunities for the combined charging system market in the coming years.
Read 195 Pages Research Report with Detailed ToC on “Combined Charging System Market by Component (Hardware and Software), Power (40Kwh to 100Kwh, 100Kwh to 200Kwh, and more than 200Kwh), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031″
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Key Segments Covered
- 40Kwh to 100Kwh
- 100Kwh to 200Kwh
- More than 200KwH
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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