EV Charging Infrastructure Market Size By Charger Type (Slow Charger and Fast Charger), By Connector (Combined Charging Systems, CHAdeMO, and Others), By Application (Residential and Commercial), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 31, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the global EV charging infrastructure market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the charger type, connector type, application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global EV charging infrastructure market are Eaton Corp., Siemens AG, ABB, Tesla, Inc., Webasto SE, Leviton Manufacturing Co., Inc., SemaConnect, Inc., AeroVironment, Inc., BP Chargemaster, General Electric Company, Schneider Electric, ClipperCreek, Inc. among others. To achieve a substantial market share in the worldwide EV charging infrastructure market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Electrically powered vehicles are easy to maintain and have fewer moving parts than combustion engines. They are also extremely environmentally friendly since they do not use fossil fuels such as gasoline, diesel, or petrol. As an alternative to combustion engines, electric vehicles use rechargeable batteries to power their electric motors, which need to be recharged regularly. As carbon emissions and other harmful gases from transportation rise, owners of electric vehicles are becoming more and more interested in installing electric vehicle charging infrastructure at their properties. Technology advances, such as the integration of charging stations with the Internet of Things (IoT) and real-time information solutions, are accelerating market growth. The technologies provide real-time data about vacant spots and the location of charging stations nearby. Over the forecast period, EVs are projected to be costlier than ICE vehicles, and EV charging stations are expected to have stringent rules for installation, which will hamper the market growth. In addition, electric vehicles have a shorter driving range than conventional automobiles, so they are convenient to drive short distances, but inconvenient for long distances. In the middle of a long journey, people are concerned about finding charging stations that aren’t always accessible.
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Scope of Global EV Charging Infrastructure Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Charger Type, Connector Type, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Eaton Corp., Siemens AG, ABB, Tesla, Inc., Webasto SE, Leviton Manufacturing Co., Inc., SemaConnect, Inc., AeroVironment, Inc., BP Chargemaster, General Electric Company, Schneider Electric, ClipperCreek, Inc. among others|
Fast charger is expected to be the fastest-growing segment in 2022.
The charger type segment includes slow charger and fast charger. The fast charger segment is expected to witness the highest growth rate during the forecast period. Fast chargers are significantly faster than regular AC stations, taking between 15 and 45 minutes to charge most passenger electric vehicles from 0 to 80 percent. Due to of this these fast chargers are in rising demand.
The combined charging system is expected to be the fastest-growing segment in 2022.
The connector type segment includes combined charging systems, CHAdeMO, and others. The combined charging system segment is expected to witness the highest growth rate during the forecast period. Globally, the market for electric vehicle charging infrastructure is dominated by the commercial segment. Government initiatives and funding allocations by governments and automobile manufacturers for the expansion of public EVCI infrastructure contributed to the growth of the global electric vehicle charging infrastructure market.
The commercial is expected to be the fastest-growing segment in 2022.
The application segment includes commercial and residential. The commercial segment is expected to witness the highest growth rate during the forecast period. Globally, the market for electric vehicle charging infrastructure is dominated by the commercial segment. Government initiatives and funding allocations by governments and automobile manufacturers for the expansion of public EVCI infrastructure contributed to the growth of the global electric vehicle charging infrastructure market.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the global EV charging infrastructure market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. The APAC region has taken the lead in the global market for electric vehicle charging infrastructure. Japanese, Chinese, and South Korea are the main APAC countries that boosted the growth of the global EV charging infrastructure market. In the first half of 2020, new electric car registrations were lower than the overall car market, according to the IEA report.
Germany’s EV charging infrastructure market size was valued at USD 2.28 billion in 2022 and is expected to reach USD 20.13 billion by 2030, at a CAGR of 31.3% from 2023 to 2030.
A growing number of governments are enforcing stringent emission limits on vehicular emissions in order to improve the sustainability of the environment, which is boosting market growth.
China’s EV charging infrastructure market size was valued at USD 2.5 billion in 2022 and is expected to reach USD 22.35 billion by 2030, at a CAGR of 31.5% from 2023 to 2030.
Increasingly, customers are buying electric vehicles for personal use, because they are energy efficient and environmentally friendly. These factors are driving the market for electric vehicle charging infrastructure.
India’s EV charging infrastructure market size was valued at USD 1.9 billion in 2022 and is expected to reach USD 16.8 billion by 2030, at a CAGR of 31.4% from 2023 to 2030.
A goal of 70% electrification for commercial vehicles, 30% for private cars, 40% for buses, and 80% for two-wheelers and three-wheelers has been set by the Government of Indi, such initiatives will be beneficial to the growth of the market.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase due to the rising concerns about a pollution-free environment.
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