According to the research report titled ‘Global Electric Vehicle Charging System Market 2021-2028’, available with Market Study Report, global electric vehicle charging system market is anticipated to record a CAGR of 44.15% throughout 2021-2028.
 

Increasing sales of electric vehicles along with favorable government initiatives are the major factors driving the global electric vehicle charging system market growth. Over the past few years, electric vehicles demand has increased immensely due to growing environmental concerns that have instigated governments and automotive manufacturers towards promoting EV adoption.
 

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Advancements in wireless charging technology are generating lucrative opportunities for the market scenario. On the contrary, high deployment costs and lack of standardization will likely limit the market progress over the estimated timeline.
 

Based on product type, the industry is segmented into home charging systems and commercial charging systems. Considering the mode of charging the marketplace is categorized into plug-in charging system and wireless charging system.
 

The geographical analysis of worldwide electric vehicle charging system industry extends to Latin America, Middle East & Africa, Asia Pacific, Europe, and North America. Expert analysts speculate that Asia Pacific market holds a significant portion of the overall share and will likely showcase strong growth over the analysis period owing to the rising customer focus towards green technology, increasing urbanization and growing population shaping the EV industry.
 

As per the country-level analysis of APAC market, China holds a major share of the market largely due to huge government investments in subsidizing EVs and availability of cheap labor compelling international manufacturers to establish their base in China.
 

Prominent companies profiled in the global electric vehicle charging system industry are Webasto SE, Tesla Inc., Siemens AG, SemaConnect, Schneider Electric SE, EVgo Inc., EVBox, Efacec Power Solutions SGPS S.A., Eaton Corporation plc, Delta Electronics Inc., ChargePoint Inc., Blink Charging Co., Allego Inc., Alfen NV, and ABB Ltd.
 

Industry players are heavily investing in research & development for introduction of novel products to grab a larger market share. Besides, focus on production capacity expansion and other strategies like partnerships and mergers & acquisitions will play a major role in shaping the competitive dynamics in the upcoming years.