Residential EV Charging Infrastructure Market

Residential EV Charging Infrastructure Market Size

Residential EV Charging Infrastructure Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 36.8% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 7.4 billion and is projected to reach USD 232.1 billion by the completion of 2034.

Residential EV charging infrastructure are equipment and systems that are set up in houses for charging electric vehicles. The charging station, also known as the Electric vehicle supply equipment (EVSE), is one of the main elements of this system. It primarily focuses on three charging levels: Level 1, which uses standard 120V outlets for slow charging; Level 2, which requires 240V circuits for faster charging, and Level 3, which is rarely used in residential settings due to its high power requirements. In addition to the charging station, the installation consists of wiring and energy management systems for regulating household power usage. Thus, with the increasing adoption of electric vehicles, the importance of residential charging infrastructure increases and provides EV owners with the convenience of overnight charging.

Market Highlights

Residential EV Charging Infrastructure Market is expected to grow at a compound annual growth rate (CAGR) of 36.8% from 2024 to 2034

Residential EV charging infrastructure market is projected to reach USD 232.1 billion over the forecast period, due to the rising global popularity of electric vehicles. The growth in the market is attributed to developments in technology, with a focus on faster charging speeds and modern connection features. In addition, level 2 chargers are the best option for residential use as they provide a fair balance of charging speed and installation costs. Alongside, there is an increasing movement towards bidirectional charging, that allows electric vehicles to function as power sources for houses in case of emergencies. Moreover, the industry is growing due to several government programs and regulations that promote the usage of electric vehicles. Consequently, the residential EV charging infrastructure market is expected to grow steadily due to the possibilities it offers in terms of hardware and software choices.

Source: Fatpos Global

Residential EV Charging Infrastructure Market Segmentation

Wall-Mounted segment will dominate the market due to their smaller size and ease of usage

Residential EV Charging Infrastructure Market is divided by Type into Wall-Mounted and Floor-Standing. The wall-mounted segment is expected to lead the residential EV charging infrastructure market due to its compact size and easy installation process, which makes it perfect for households with limited space. They are usually cheaper and simpler to set up as compared to floor-standing chargers. Moreover, wall-mounted chargers can be installed in garages as well as exterior walls and provide a convenient option for owners of electric vehicles. Their small size allows them to easily blend into home environments without the need for major modifications to the structure. Thus, these aspects collectively play a major in the vast usage of wall-mounted chargers in the residential EV charging market.

Garage segment will lead the industry owing to the rising pattern of installing personal EV chargers.

Residential EV charging infrastructure market is divided by Application into Community and Garage. The garage segment is leading the residential EV charging infrastructure market due to the growing trend of homeowners installing their own EV chargers in their garages for convenience and autonomy. Homeowners opt for dedicated chargers so they won't have to look for communal or public charging outlets. In addition, secure charging is another benefit of private garage chargers, which also usually result in cheaper overnight electricity bills. Furthermore, the high demand for personal garage charging choices is driven by the higher usage of electric vehicles in single households, which is making the garage sector more prominent in the market.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Increasing Adoption of EVs to Drive Growth in the Residential EV Charging Infrastructure Market

High demand for electric vehicles is a primary growth factor for the EV charging infrastructure market. Consumers are increasingly switching from traditional cars to electric vehicles, due to which it becomes important to have convenient and reliable home charging options. Moreover, homeowners choose to save themselves the trouble of looking for public charging stations by leaving their cars charged overnight in their garages. This pattern is notable in regions with a high percentage of EV usage, where the presence of home charging facilities has a major impact on buying choices. Besides, the expanding range and lower cost of electric vehicles are driving the need for home charging stations, which is driving the growth of the market through a cyclical process of high demand.

Government Incentives act as a Catalyst for Market Growth.

Government incentives are necessary to propel the installation of residential electric vehicle charging infrastructure. Financial incentives such as tax rebates, refunds, and subsidies are offered by several nations to encourage households to install EV charging stations. These incentives lower the initial expenses of buying and setting up home charging units, along with widening access to a larger group of buyers. Moreover, certain regions enforce rules and construction standards that require EV charging infrastructure to be included in new residential buildings. These policies increase the demand for home chargers and simplify the switch to electric transportation by lowering the challenges of owning an EV.

Restraints

High Installation Costs in the Residential EV Charging Infrastructure Market Will Impact the Growth

Despite the benefits, the high costs of installation continue to present a major obstacle to the implementation of home EV charging systems. The costs associated with buying a home charger, along with the prices of hiring a professional to install it and the need for an electrical upgrade, can be too expensive for a lot of homeowners. Additionally, people residing in older homes face major challenges due to the financial burden of making modifications to integrate new technology. Moreover, the lack of fixed installation procedures and local regulations can introduce complications. Therefore, despite the growing interest in EVs, these factors discourage potential users from purchasing home charging solutions and limit the expansion of the market.

Recent Developments

• In May 2024, Tesla announced a $500 million investment to expand its Supercharger network, aiming to add thousands of new chargers. Additionally, Tesla is opening its charging network to non-Tesla EVs and receiving federal funding to support this expansion.
• In April 2024, ChargePoint launched a new ultra-fast charging solution, targeting commercial fleet operators to support the growing demand for EVs in the logistics and delivery sectors.
• In June 2024, ABB introduced its Terra 360, a modular fast charger capable of delivering 360 kW, making it the fastest all-in-one charger on the market. This is part of their strategy to support the transition to electric mobility in urban areas.
• Siemens, in partnership with a leading automaker, unveiled its next-generation charging infrastructure in May 2024. This includes high-power chargers that support up to 800V architecture, facilitating faster charging times for newer EV models.
• In June 2024, BP Pulse expanded its network by acquiring a significant stake in a major European charging provider, aiming to increase its footprint across key markets in Europe and enhance service offerings.

Residential EV Charging Infrastructure Market

Key Players:

• Tesla
• ChargePoint
• Siemens
• Schneider Electric
• ABB
• ClipperCreek
• Blink Charging
• EVBox
• Bosch
• Enel X
• Webasto
• Leviton
• Eaton
• AeroVironment
• Delta Electronics
• 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

Residential EV charging infrastructure market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American region is leading the residential EV charging infrastructure market as the region has high EV adoption rates due to helpful government policies and incentives, such as subsidies for EV purchases and charger installations. Additionally, large investments by leading companies in expanding charging networks have improved the accessibility and convenience for EV owners. Furthermore, consumer awareness and demand for sustainable transportation options also play a major role in the dominance of North America in the residential EV charging infrastructure market.

Simultaneously, Europe is expected to show massive growth in the residential EV charging infrastructure market over the next decade due to the ecological regulations and climate goals set by the European Union. These regulations aim to reduce carbon emissions and promote electric mobility. Besides, Europe's strong focus on the integration of renewable energy supports the vast deployment of EV chargers in the region.

Source: Fatpos Global

Impact of COVID-19 on the Residential EV Charging Infrastructure Market

Residential EV charging infrastructure market was affected by the COVID-19 pandemic as disruptions in the supply chain and economic uncertainty led to slower installations and low demand for EVs. However, the pandemic raised awareness about sustainability, which led to continuous government backing for EVs and residential charging infrastructures. Besides, innovations in technology like contactless payment methods and remote monitoring have also improved the convenience of users. Thus, as the economy improved, the confidence of consumers and the adoption of electric vehicles (EVs) also saw a massive rise. Consequently, the pandemic created several obstacles and opportunities, which positioned the market for long-term growth.

Residential EV 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

Residential EV Charging Infrastructure Market Scope and Segments:

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