PUNE, India, May 22, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Combined Charging System Market Segments – 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 global market size was USD 11.7 billion in 2022 and is expected to surpass USD 15.1 billion expanding at a CAGR of 32.1% by the end of 2031. The market growth is attributed to the increasing demand for electric vehicles (EVs) and the adoption of combined charging systems for speedily charging EV batteries.
Recent Development
In February 2021, the United States government announced rules for electric charging stations as part of a USD 7.5 billion federal government program to boost the adoption of EVs in the region. One of the new regulations states that any companies hoping to benefit from federal funding must also adopt the CCS standard in their EV models.
Key Market Players Profiled in the Report
PHOENIX CONTACT
Exicom
AMP
Vector Informatik GmbH
IOTECHA INC
CharIN e. V
EV Safe Charge Inc
SEVENSTAX GmbH
Lubi EV Solutions
YoCharge
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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.
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Highlights on the Segments of the Combined Charging System Market
On the basis of region, the global combined charging system market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Europe is anticipated to dominate the global market throughout the projection period.
This growth is likely to be supported by the presence of key manufacturers such as SEVENSTAX GmbH, PHOENIX CONTACT, and Vector Informatik GmbH, among others. Further, the market in the region is supported by the growing popularity of electric vehicles among automobile users.
North America is projected to grow at a rapid pace in the coming years owing to the rising adoption of combined charging systems among EV users. It is one of the fastest-growing regions in terms of EV sales owing to supporting government policies and increasing availability of EV-supporting infrastructure.
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Key Takeaways from the Study:
Combined Charging System (CCS) is a charging connector designed for speedily charging electric vehicle batteries. It combines two types of electric vehicle plugs AC and DC into one socket.
CCS is charging as well as vehicle communication standards for rapid DC charging. An ideal CCS solution can deliver up to 350 kilowatts of electricity using the Type 1 and Type 2 connectors.
CCS sockets combine inlets for AC and DC with shared communication pins. The combined charging system allows charging sockets to be smaller than the space required for CHAdeMO or GB/T DC and AC sockets.
The adoption of CCS charging is becoming common across the world among EV users which is majorly boosting the market growth. Most of the new EV models accept CCS charging owing to its rapid charging and versatility.
The development of charging infrastructure in public places is likely to create opportunities for the CCS market. It is highly compatible with charging hubs/stations as they have the ability to supply higher-rate currents required for quick charging.
The amount of energy supply required for charging EVs is high and hence usage in charging EVs at the residential premise is less, as these electric systems are mostly single-phase AC.
On the basis of component, the combined charging system market is bifurcated into hardware and software. The hardware segment is projected to grow at the fastest pace during the assessment period owing to the rising adoption of CCS in various EV models for speedy charging.
Based on power, the market is classified as 40Kwh to 100Kwh, 100Kwh to 200Kwh, and more than 200Kwh. The more than 200Kwh segment held a major market share in 2022 and is expected to dominate in the coming years owing to high-power charging requirements for different electric vehicle models.
Read 175 Pages Research Report with Detailed TOC on “Combined Charging System Market Segments – by Component (Hardware and Software), Power (40Kwh to 100Kwh, 100Kwh to 200Kwh, and More than 200Kwh), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031”
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Key Segments Covered
Component
Hardware
Software
Power
40Kwh to 100Kwh
100Kwh to 200Kwh
More than 200Kwh
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Other Related Reports:
Electric Vehicle Charging Station Market Segments – by by Levels of Charging (Level 1, Level 2, and Level 3), Charging Infrastructure (Normal Charge, Type-2, CCS, CHAdeMO, and Tesla Supercharger), DC Fast Charging (Fast and Ultra-fast), Installation Types (Portable Charger and Fixed Charger), and Regions (Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
Global Electric Vehicles (EVs) Market by Type (Battery Powered Electric Vehicles, Hybrid Electric Vehicles, Fuel Cell Electric Vehicles), By Application (Commercial Vehicle, Passenger Vehicle), And by Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030
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