PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565682
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565682
The market for Airport Electric Vehicle Charging Station was projected to reach USD 195.2 million in 2023 and expand at a CAGR of 24.20% between 2024 - 2032.
At an airport, electric vehicles can be recharged by plugging them into an electrical outlet. This apparatus is known as an airport electric vehicle charging station. Alternative names for charging stations are electric vehicle supply equipment. Private businesses or electric utility providers install these devices in public spaces like parking lots, shopping malls, and other areas. Moreover, many charge levels, including level 2 and level 3, are available at electric vehicle charging stations. In order to enhance passenger convenience, airports have installed electric vehicle charging stations. As a result of many developed and developing nations having zero-emission vehicle regulations, the demand for these stations has increased. The market for airport electric vehicle charging stations is expanding globally as a result of rising electric vehicle production and increased electric vehicle usage as a result of government initiatives.
Airport Electric Vehicle Charging Station Market- Market Dynamics
Increase in the Demand for Building New Airports and Updating Existing Ones
One of the main factors boosting the demand for new airport development is anticipated to be an increase in air passenger volume. Additionally, the increase in international air travel has compelled governments everywhere to invest heavily in developing their transportation networks in order to accommodate the large number of tourists. This has resulted in the need to build new airports and upgrade existing ones. For instance, the Federal Aviation Administration (FAA) of the United States Department of Transportation allocated $371 million in July 2022 for safety, airfield, and other enhancement projects at 169 airports located in 40 states throughout the nation. This marks the third award announcement for the 2022 Airport Improvement Program (AIP), which provides funding for a range of initiatives, including the building of brand-new and upgraded airport buildings, repairs to taxiways and runways, upkeep of airfield features like lighting and signage, and acquisition of equipment necessary for airport operation and maintenance. Thus, it is anticipated that increased financial backing from government organizations will spur market expansion for airport electric vehicle charging stations.
Airport Electric Vehicle Charging Station Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 24.20% during the forecast period of 2024-2032.
The plug-in charging category was predicted to hold the biggest market share in 2023 based on the mode of charging.
In 2023, the level 2 category emerged as the top segment based on level.
North America region accounted for the largest revenue share in 2023.
The Global Airport Electric Vehicle Charging Station Market is segmented into Mode of Charging, Product Type, Level, and Region.
The market is divided into two segments according to the charging mode: Wireless charging and Plug-in charging. In fact, it was projected that the plug-in charging segment would account for a sizeable portion of the market for airport electric vehicle charging stations. This is because plug-in electric vehicles (PEVs) are becoming more and more popular, and they work with different charging standards. EV owners can use conventional charging connections to connect their vehicles to plug-in charging stations, which provide flexible and easy charging alternatives. Plug-in charging is becoming more and more popular due to its versatility, convenience of use, and power level compatibility with a large number of electric vehicles. The market for airport electric vehicle charging stations is predicted to be dominated by the plug-in charging segment as long as PEV demand keeps rising.
The market has been segmented into three categories based on product type: Standing Type, Wall Mounted Type, and Wireless Pad. The Wall Mounted Type market segment is expected to increase at a high rate. Wall-mounted charging stations have a number of benefits, such as being space-efficient, being simple to install on pre-existing buildings, and having a wide range of deployment options within airports. These charging stations allow for more structured charging arrangements and the conservation of important floor space when installed on walls or pillars. Wall-mounted charging stations are adaptable and scalable, making them appropriate for a range of airport settings, such as parking lots, terminals, and other accessible locations.
Airport Electric Vehicle Charging Station Market- Geographical Insights
The Airport Electric Vehicle Charging Station market is widely distributed geographically in North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. These areas are further separated based on the countries that provide business.
In the market for airport electric vehicle charging stations, North America has historically accounted for a sizeable portion of sales. The area has led the way in the adoption of electric vehicles and has seen large investments made in infrastructure for charging them. North America dominates the industry for a number of reasons, including favorable government regulations, financial incentives for electric vehicles, and a strong network of charging infrastructure. Furthermore, North America is home to some of the largest airports in the world, and these airports have been ahead of the curve in installing charging stations to handle the growing number of electric vehicles. Furthermore, North America's dominant market share in the market for airport electric vehicle charging stations can be ascribed to the region's robust consumer demand for technological advancements, eco-friendly transportation options, and a well-established ecosystem of charging infrastructure.
The industry for airport electric vehicle charging stations has been expanding at a CAGR in the Asia-Pacific area. The use of electric vehicles has increased quickly throughout the area, especially in nations like South Korea, China, and Japan. The Asia-Pacific region's airports have been forced to expand and invest in their charging infrastructure in order to keep up with the increasing demand brought on by the spike in sales of electric vehicles. The Asia-Pacific airport electric vehicle charging station market has grown as a result of good legislation, investments in sustainable transportation, and government initiatives. With an emphasis on encouraging sustainable energy and lowering carbon emissions, the Asia-Pacific market is anticipated to maintain its upward trend.
The global presence of tier 1, tier 2, and local significant players characterizes the competitive scene. In the global market for airport electric vehicle charging stations, some of the top players include ABB Ltd., Ningbo Dekon New Energy Co., Ltd., Plugless Power Inc., Eves LLC, and Delta Electronics, Inc., among others. To obtain a competitive edge in the market, these organizations are concentrating on technology developments, strategic alliances, and collaborations. In order to meet the changing requirements of airport charging infrastructure, they are also broadening their product offerings. Moreover, strategic alliances and win-win outcomes for all parties involved can result from partnerships with airport authorities, electric vehicle manufacturers, and providers of charging infrastructure.
May 2023: The most recent version of Siemens eMobility's VersiCharge AC Series electric vehicle (EV) chargers, intended for both residential and commercial applications, has been released. By connecting with building management systems, this innovative EV charger creates a new benchmark for the industry. It gives users the power to monitor, control, and modify the system in real-time. VersiCharge, the third-generation AC charging technology, offers easy-to-use tools for precise energy usage measurement, power demand adjustment, and improved network connectivity for buildings, automation systems, and electric vehicle service providers.
January 2023: In order to supply much-needed EV chargers throughout Latin America and improve the EV charging ecosystem in the region, Blink Charging Co. announced a collaboration arrangement with Citybest, a sustainable transport mobility App that links passengers with sustainable taxis, drivers, and ride-sharing services.
August 2022: The largest public fast-charging network for electric vehicles (EVs) in the country, Evgo Inc. and Delta Electronics, Inc., have renewed their supply agreement. As part of the agreement, Delta will provide EVgo with 1,000 fast chargers capable of producing up to 350kW of power. These chargers will support EVgo's recently announced project with Pilot Company and General Motors (GM), as well as other EVgo eXtend and fleet projects and network expansions that it owns and operates.