Electric Vehicle Charging Infrastructure Market Report Latest
InsightAce Analytic announces the release of a market assessment report on the “Global Electric Vehicle Charging Infrastructure Market Size, Share & Trends Analysis Report By Charger Type (Slow Charger And Fast Charger), Connector (Chademo, Combined Charging System (CCS)) And Application (Commercial And Residential)- Market Outlook And Industry Analysis 2031”
The Global Electric Vehicle Charging Infrastructure Market Size is valued at USD 35.33 billion in 2023 and is predicted to reach USD 248.96 billion by the year 2031 at a 28.12% CAGR during the forecast period for 2024-2031.
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Plug-in electric vehicles are recharged through an electric vehicle charging infrastructure, also known as electric vehicle supply equipment (EVSE). It is an essential component of an electric vehicle system and necessitates specialized electrical infrastructure and appropriate foundational work at various levels of the distribution grid. The energy conversion system, facility meter, network operations centre, software application, energy controller, and energy conversion system are all connected to the power infrastructure and operate the charging station.
The industry experienced significant growth during the historical period due to environmental tolerance and sustainability, which have contributed to the continuous advancement of electric vehicles. In addition, there is a substantial demand for electric mobility to address the increasing levels of carbon dioxide emissions and other hazardous, detrimental pollutants that result from transportation. Consequently, consumers are transitioning from internal combustion engine vehicles to electric ones, thereby fostering their advancement to satisfy the growing market. Thus, there is an increasing demand for electric vehicle charging infrastructure in residential and commercial environments.
List of Prominent Players in the Electric Vehicle Charging Infrastructure Market:
• Leviton Manufacturing Co., Inc.
• Opconnect, Inc
• Schneider Electric
• SemaConnect, Inc.
• Siemens AG
• ABB Ltd.
• AeroVironment, Inc.
• BP Chargemaster
• ChargePoint, Inc.
• ClipperCreek, Inc.
• Eaton Corp.
• Electrify America LLC.
• EV Connect
• EVGO Services LLC.
• General Electric Company
• Greenlots
• Tesla, Inc.
• Webasto SE
Market Dynamics:
Drivers-
The market revenue growth over the forecast period is anticipated to be significantly influenced by the rapidly increasing demand for access to charging stations, which is a consequence of the increased attention being paid to green energy and the reduction of carbon emissions. Installing charging stations at businesses and prominent locations may enhance accessibility and increase the adoption of electric vehicles among consumers. A comprehensive and readily accessible charging infrastructure network is essential to expedite the transition to electric mobility. Implementing government initiatives to support the development of charging infrastructure networks as part of a global strategy to decarbonize the transportation sector is another factor expected to drive market growth over the forecast period.
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Challenges:
The lack of standardized rules for backend communication networks severely impedes the effective integration of charging stations into energy infrastructure, restricting access to cutting-edge, grid-edge technologies. This is a significant factor expected to limit the market’s revenue growth to a certain extent during the forecast period. High upfront costs, a lack of network management systems for electric charging stations, and concerns regarding the safety of the infrastructure used to support electric vehicle charging are additional constraints expected to impede market expansion.
Regional Trends:
The Asia Pacific electric vehicle charging infrastructure market is expected to experience substantial revenue growth and a high compound annual growth rate (CAGR) in the near future due to the rapid development of China’s infrastructure for electric vehicle charging. Furthermore, it is anticipated that rising consumer demand for affordable electric vehicles for daily use will bolster market revenue growth in the region in the future. The administrations of countries such as Japan and South Korea have also announced plans to substantially expand the number of electric vehicles charging infrastructure in their respective countries soon.
Additionally, the European region possessed a significant market share. Many European nations have pledged to expand their electric vehicle inventory and decrease their carbon emissions. The Automated and Electric Vehicles (AEV) Act, which was enacted by the UK government in July 2018, grants governments increased authority to ensure that EVCI is promptly implemented at fueling stations and on highways.
Recent Developments:
• In December 2022, A partnership between Exponent Energy and Park+, a prominent automobile owner app, will result in the establishment of 1,000 accelerated charging zones throughout India by the end of 2023.
• In December 2021, to enable the charging stations, the US government enacted a law worth $1 trillion for infrastructure while also setting aside $5 billion to expand the country’s charging infrastructure.
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Segmentation of Electric Vehicle Charging Infrastructure Market-
By Connector
• CHAdeMO
• Combined Charging System (CCS)
• Others
By Charger Type
• Slow Charger
• Fast Charger
By Application
• Commercial
• Residential
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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