Combined Charging System Market Outlook
The global combined charging system market size was USD 11.7 Billion in 2022 and is projected to reach USD 15.1 Billion by 2031, expanding at a CAGR of 32.1% during the forecast period 2023-2031. Rising demand for electric vehicles increases the adoption of combined charging systems among consumers, which is expected to propel the market during the forecast period.
A combined charging system, or CCS, is a charging system for electric vehicles, which integrates AC charging solutions with ultra-fast DC charging in a single system. The combined charging system includes a connector, inlet combination, and control functions. It manages communications between the electric vehicle and the infrastructure and can deliver up to 350 kilowatts of electricity using the Type 1 and Type 2 connectors.
Combined Charging System Market Dynamics
Which Major Factors are Likely to Drive the Demand for Combined Charging Systems?
Growing demand for electric vehicles
Rapid electrification of cars has occurred in recent years. Increasing electrification of vehicles and growing demand for electric vehicles are expected to drive the demand for combined charging systems (CCS) in the near future. Rising disposable income and living standards are expected to increase the demand for electric vehicles, which in turn, boosts the market. Moreover, advanced technology of combined charging systems helps in charging electric vehicles in less than thirty minutes, driving the demand for CCS.
Stringent government rules and regulations on vehicle emission
High amounts of greenhouse gases are being emitted from vehicles and federal and state governments in the US are stepping up to make transportation clean. Major regulatory measures include stringent emissions targets to reduce nitrogen oxide (NOx) and carbon dioxide (CO2) emissions in the air. These measures result in increased adoption of electric vehicles, which drives the market.
What Restraints the Combined Charging System Market?
Lack of infrastructure
EV charging for electric vehicles decreases the adoption of CCS. Despite the fact that several countries are in the process of establishing EV charging infrastructure, certain countries are unable to install the required number of EV charging stations. The lack of electric vehicle charging system infrastructure impedes the combined charging systems market. For instance, China is one of the biggest markets for electric vehicles; however, the country is struggling to provide adequate electric vehicle charging system infrastructure to recharge electric fleets, which can impede the global market.
What are the Growth Opportunities in the Combined Charging System Market?
Development of self-driving electric vehicle technology
The recent development of self-driving vehicles is expected to impact the electric vehicle market, which is anticipated to create opportunities in the CCS market during the forecast period. Self-driving technology is expected to boost the demand for electric vehicles in the long run due to benefits such as low accident risk, convenient use, and the inclusion of value-added services. This technology can drive the demand for electric vehicles which further leads to an increase in CCS which can create new opportunities for the market.
Scope of Combined Charging System Market Report
The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Combined Charging System Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2020 & 2021
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Forecast Period
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2023–2031
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Segmentation
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Component (Hardware and Software) and Power (40Kwh to 100Kwh, 100Kwh to 200Kwh, and More than 200KwH)
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Regional Scope
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North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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PHOENIX CONTACT; Exicom; AMP; Vector Informatik GmbH; IOTECHA INC; CharIN e. V; EV Safe Charge Inc; SEVENSTAX GmbH; Lubi EV Solutions; YoCharge, and Others |
Combined Charging System Market Segmental Outlook
What Key Factors Contribute to the Significant Expansion of the Component Segment?
Increasing demand for CCS hardware in the EVs segment
Based on component, the global combined charging system market is bifurcated into hardware and software. The increase in demand for CCS hardware in Electric Vehicles (EVs) and also a growing demand for EVs boosts this segment. The segment growth is attributed to the increasing expansion of charging infrastructure that delivers an efficient charging experience for electric vehicle (EV) users.
The CCS software segment is expected to register a considerable CAGR during the forecast period due to new compatible software for automotive and charging stations.
What are the Main Aspects of Boosting the Power Segment?
Rising need for various connectors for changing vehicles
By power, the global combined charging system market is segmented into 40Kwh to 100Kwh, 100Kwh to 200Kwh, and more than 200Kwh. The more than 200Kwh segment held a key share of the combined charging system market in 2022 and is expected to expand during the forecast period. Some larger fleet vehicles such as buses and trucks use a particular type of connector known as a pantograph for charging the vehicle. The vehicle parks underneath a charging station, and the scissor-like arms drop down and connect to rails on the vehicle's roof to recharge the battery. The system can deliver high-power charging at up to 600kW.
The 40Kwh to 100Kwh segment is expected to register a considerable CAGR in the coming years as the increasing number of electric passenger cars and private cars. The EV segment is rapidly growing and with the introduction of new charging technologies, the adoption of Electric vehicles by consumers across the globe can drive further market growth in the coming years.
Region Outlook
Why is Europe dominating the Combined Charging System Market?
Presence of Key Manufacturers in the region
Europe held a 51.2% share of the market in 2021 and the market in Europe is projected to expand at a CAGR of 33.7% during the forecast period, owing to the presence of key manufacturers such as PHOENIX CONTACT, Vector Informatik GmbH, and SEVENSTAX GmbH. In 2018, the popularity of electric vehicles among consumers rose by more than 2% in seven countries, including Sweden, Iceland, and Norway. The market in North America is anticipated to expand during the forecast period, due to the growing adoption of CCS chargers among customers.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Combined Charging System Market
- Historical, Current, and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Combined Charging System Market Performance
Segments
Component
Power
- 40Kwh to 100Kwh
- 100Kwh to 200Kwh
- More than 200KwH
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
- Top players in the market include PHOENIX CONTACT, Exicom, AMP, Vector Informatik GmbH, IOTECHA INC, CharIN e. V., EV Safe Charge Inc., SEVENSTAX GmbH, Lubi EV Solutions, YoCharge, and Others.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the global combined charging system market.
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