(MENAFN- EIN Presswire) EINPresswire/ -- How Large Will The Public Charging Service Market Be By 2025?
In recent times, the market size of the public charging service has seen massive growth. The market is projected to expand from $4.5 billion in 2024 to reach $6.04 billion in 2025, marking a compound annual growth rate (CAGR) of 34.2%. The surge experienced during the historical period could be accredited to factors such as expansion of public charging infrastructure, rising installation of DC charging stations, increased construction of public charging stations, enhanced adoption of EV vehicles, and the growing concern over greenhouse gas emissions' impact on environmental health.

The market size of public charging services is projected to witness remarkable growth in the coming years, swelling to a value of $19.75 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 34.5%. The uptick in forecasted growth can be traced back to several factors including heightened public awareness of environmental issues, demand surge to counter the impact of global warming, enhancement of charging networks, integration with renewable energy, and the surge in workplace charging solutions. The forecast period will also be characterized by major developments such as advancements in technology, innovations in charging modalities, progress in electric mobility technology, development of multi-port advanced charging stations, and a move towards intelligent charging.

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What Are The Major Driving Forces Influencing The Public Charging Service Market Landscape?
The escalating popularity of electric vehicles is predicted to drive the expansion of the public charging service market in the future. Electric vehicles (EVs) are vehicles that run on an electric motor, which is powered by energy contained in rechargeable batteries or other energy storage devices. The upsurge in the use of electric vehicles is associated with increasing ecological worries, government incentives, advancement in technology, reduced operating costs, enhanced charging infrastructure, escalating fuel prices, and investment from automakers. Public charging services offer a massive benefit for electric vehicles by providing widespread accessibility to charging stations, ensuring drivers can conveniently charge their vehicles while travelling. For instance, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2024, there was an increase of 3.5 million units in electric car sales compared to 2023, indicating a 35% growth year-on-year. Therefore, the escalating popularity of electric vehicles is fuelling the expansion of the public charging service market.

Who Are The Top Players In The Public Charging Service Market?
Major players in the Public Charging Service include:
. Shell plc
. Hyundai Motor Company
. Tesla Inc.
. Blink Charging Co.
. Schneider Electric SE
. NaaS Technology Inc.
. Guangzhou Xiaopeng Automotive Technology
. Leviton Manufacturing Company Inc.
. Robert Bosch GmbH
. Alfen NV

What Are The Key Trends Shaping The Public Charging Service Industry?
The primary corporations in the public charging service market are concentrating on creating technologically sophisticated solutions such as integrating digital platforms. This helps boost user accessibility, simplify payment methods, balance the accessibility of charging stations, and provide flawless navigation for electric vehicle users, thereby fostering the mass utilization of electric transportation. Integrating digital platforms involves connecting different digital systems, services, and technologies into a consolidated platform to simplify operations and improve customer experience. For example, in October 2023, AB Volvo, a manufacturing firm based in Sweden, introduced a novel service for the public charging of electric trucks. This new service in Sweden helps truckers locate and utilize public fast charging stations for heavy-duty electric trucks. The system incorporates Volvo Connect and a mobile app, featuring payment and station accessibility. Future enhancements will include reserving charging times and expanding the service to other European and international markets.

Market Share And Forecast By Segment In The Global Public Charging Service Market
The public charging servicemarket covered in this report is segmented –

1) By Type: Direct Current Charging, Alternating Current Charging
2) By Application: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle
3) By End User: Residential, Commercial

Subsegments:
1) By Direct Current (DC) Charging: DC Fast Charging (Level 3), Ultra-Fast DC Charging, High-Power Charging (HPC)
2) By Alternating Current (AC) Charging: Level 1 AC Charging, Level 2 AC Charging, Smart AC Charging Stations

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Public Charging Service Market Regional Insights
In 2024, North America held the leading position in the public charging service market. The market report for public charging services covered a spectrum of regions which included Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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