Electric Vehicle Charging Infrastructure Market Size
Electric Vehicle Charging Infrastructure Market size was USD 13.53 billion in 2021 and projected to grow from USD 23.4 billion in 2023 to USD 287 billion by 2032, exhibiting a CAGR of 32.1% during the forecast period.
Electric Vehicle Charging Infrastructure comprises of equipment that supply power for charging the electric vehicles. Charging stations present at public places are expected to aid the adoption of electric vehicles along with the increasing concerns on carbon emissions and other harmful gases which have created the necessity of accepting electric vehicles. Electric Vehicle Charging stations are equipped with connection sensing mechanism or current and can be accessed by various electric vehicles which involve fast and slow charging points.
Market Highlights
Electric Vehicle Charging Infrastructure Market is expected to project a CAGR of 32.1% during the forecast period, 2022-2032
Electric Vehicle Charging Infrastructure Market is expected to reach USD 287 billion, growing at a CAGR of 32.1% during forecast period owing to the increasing acceptance of electric vehicles may drive the demand for charging stations and is expected to boost market growth. Rising concerns on environmental pollution is also boosting the demand for eco-friendly feature of Electric Vehicles. The provision of fast-charging provided to electric vehicles by investing in R&D may also uplift the growth of the market.
Electric Vehicle Charging Infrastructure Market Segmentation
Fast Charger segment is expected to grow with high CAGR during the forecast period
Electric Vehicle Charging Infrastructure Market is classified based on the Charger Type into Slow Charger, Fast Charger. Fast Charger segment dominated the market in 2021 and is also expected to dominate the market during the forecast period owing to the increasing government initiatives which is boosting the public fast-charging sevices. The installation of Level 3 DC fast chargers at charging stations will take 30 minutes to 4 hours which is anticipated to create demand for market growth. The rising awareness regarding the adoption of electric vehicles may create demand for growth of segment in the market.
Type 3 {200V-600V} segment is expected to grow with high CAGR during the forecast period
Electric Vehicle Charging Infrastructure Market is classified based on the Charging Level into Type 1 {120V}, Type 2 {240V}, Type 3 {200V-600V}. Type 2 {240V} segment dominated the market in 2021 as it is favourable for workplaces, houses, and public charging stations. Type 3 {200V-600V} segment is expected to dominate the market during the forecast period owing to their capability fast-charging. The increasing electric vehicle count is driving the installation of Type 3 level chargers in companies and public spaces due to their high voltage.
Market Dynamics
Growth Drivers
Advancements in Technology is Expected to Boost the Growth of the Market
The technological advancements in electric vehicles charging may boost the market growth. New technologies like Smart car API identify the time required to charge electric vehicles before plugging in the charger. The growing awareness on the harmful carbon emissions from vehicles is resulting in growing adoption of electric vehicles. This is resulting in making various advancements in the electric vehicle charging technologies. Numerous attempts towards strengthening charging infrastructures is boosting the adoption of electric vehicles and is also anticipated to drive demand for the electric vehicle charging infrastructure market growth.
Increasing Electric Vehicle Charging Stations is Expected to Boost the Growth of the Market
The number of smart electric vehicle charging stations are increasing which is provided by an intelligent technology that serves the charging stations with real-time data from connected charging devices. Electric vehicle charging stations can be connected to the cloud and are handled based on signals, involving the local electricity consumption, count of vehicles being charged etc. Smart charging provides the electric vehicle driver identification at charging station and the fee will be directed to the charging station owner from the users account which may uplift the market growth.
Restraint
High Installation Cost May Restrain the Growth of the Market
The high cost of installing electric vehicle infrastructure may restrain the market growth. The charging infrastructure is lacking and it needs to be standardized for developing proper ecosystem and this may hamper the electric vehicle charging infrastructure market.
Recent Developments
- In December 2021, $1 trillion infrastructure law was signed to permit the charging stations which aimed at strengthening of national charging network.
- In December 2021, Here Technologies collaborated with Digital Charging Solutions GmbH (DCS) to improve enhance the experience of charging stations.
Electric Vehicle Charging Infrastructure Market
Key Players Covered:
- Blink Charging
- ClipperCreek
- Leviton Manufacturing Co., Inc.
- Eaton
- ABB
- GENERAL ELECTRIC
- ChargePoint, Inc.
- Siemens
- Schneider Electric
- BP Chargemaster
- Tesla, Inc.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Electric Vehicle Charging Infrastructure Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific segment dominated the market in 2021 due to the increasing electric vehicle count and high investments in the development of electric vehicle charging infrastructure in this region. Several new initiatives in the field of information technology, transportation & power are anticipated to drive the demand for electric vehicle charging infrastructure market growth.
Impact of Covid-19 on Electric Vehicle Charging Infrastructure Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. The production industries were shut down during the pandemic. The production of electric vehicles was delayed which impacted the electric vehicle charging infrastructure market growth. Covid-19 had a negative impact on the growth of the Electric Vehicle Charging Infrastructure Market.
Electric Vehicle Charging Infrastructure Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Electric Vehicle Charging Infrastructure Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 32.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
|
Provider |
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Charging Level |
|
|
Connectivity |
|
|
Charging Infrastructure |
|
|
Charger Type |
|
|
Installation Type |
|
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Vehicle Type |
|
|
Application |
|
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By Region |
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Frequently Asked Questions (FAQ):
Electric Vehicle Charging Infrastructure Market size was estimated at USD 13.53 billion in 2021 and is expected to reach USD 287 billion in 2032.
Fast Charger and Type 3 {200V-600V} segment accounted for the highest growth rate in the Electric Vehicle Charging Infrastructure market.
Leading players: Blink Charging, Webasto, ClipperCreek, Leviton Manufacturing Co., Inc., Eaton, ABB, GENERAL ELECTRIC, ChargePoint, Inc, Siemens, Schneider Electric, BP Chargemaster, Tesla, Inc. and Other Prominent Players are the leading players in the Electric Vehicle Charging Infrastructure Market.
Advancements in technology and Increasing electric vehicle charging stations are the factors driving the Electric Vehicle Charging Infrastructure market.
High cost of installing electric vehicle infrastructure and improper standardisation are the challenges associated with the Electric Vehicle Charging Infrastructure Market.
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