Enjoy complimentary customisation on priority with our Enterprise License!
The Global Electric Vehicle Charging Infrastructure Market size is estimated to grow at a CAGR of 39.97% between 2022 and 2027 and the market is forecast to increase by USD 121.33 billion. The growth of the market depends on several factors, including a rise in government initiatives that support the installation of EV charging stations, increasing EV sales through tax incentives to push demand for well-built EV charging infrastructure, and growing production of EVs.
This electric vehicle charging infrastructure market research report extensively covers market segmentation by charging (fast charger and slow charger), type (AC and DC), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
The growing production of EVs is notably driving the market growth, although factors such as theft concerns associated with EV charging stations may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Electric Vehicle Charging Infrastructure Market Driver
The growing production of EVs is notably driving the electric vehicle charging infrastructure market industry. Countries are being encouraged to shift to EVs due to the rise in alarming concerns about environmental issues. A complete EV has zero tailpipe emissions, and this makes them cleaner, greener, and higher for the surroundings than petrol or diesel motors. Hence, the demand for EVs is rising.
automotive manufacturers are focusing on the launch of such vehicles due to the increase in the need to control emissions and reduce air pollution, as well as the increase in demand from consumers. Therefore, an increase in the production of EVs will drive the demand for EV charging infrastructure, thus supporting the growth of the market in focus during the forecast period.
Significant Electric Vehicle Charging Infrastructure Market Trend
The emergence of wireless charging of EVs is an emerging trend in the market. Wireless charging of electric cars uses technology based on inductive charging. It involves the transmission of electrical energy using an air gap between two magnetic coils To charge the vehicle, the driver must park the car so that the two coils are in line. Wireless charging is useful because it reduces battery life. With the right infrastructure in place for wireless charging, electric cars can be charged while parked on the side of the road or while driving. This reduces the need for large batteries. Reducing the size of the battery also helps reduce the weight and cost of the vehicle.
In addition, wireless charging does not require users to install cables, making it a friendly approach. Such advantages of wireless charging have led governments and car manufacturers of several countries to invest in the development and implementation of wireless charging for electric cars. Therefore, these factors will support the growth of the market during the forecast period.
Major Electric Vehicle Charging Infrastructure Market Challenge
Theft concerns associated with EV charging stations are major challenges impeding the market growth. The increase in demand for electric cars has also led to increased use of charging infrastructure on city streets, residential areas, parks, and parking lots. However, there are some safety concerns associated with the use of electric vehicle charging stations. Charging stations such as level 1, level 2 and fast charging stations use different voltages. The risk of electrocution at these charging stations is increased by copper theft, vandalism, frayed wires, or accidents involving charging equipment.
Ground Fault Circuit Interrupter (GFCI) switch technology is widely used in EV charging stations to protect people from accidents. However, GFCI breakers can fail due to factors such as lightning. GFCI breaker failures can be dangerous for anyone who comes into contact with electric vehicle charging stations. Growing safety issues associated with the use of such charging stations may adversely affect the market growth during the forecast period.
The electric vehicle charging infrastructure market share growth by the fast charger segment will be significant during the forecast period. Fast chargers are also considered Direct current (DC). These chargers are bigger, and faster and have an exciting breakthrough when it comes to EVs.
Get a glance at the market contribution of various segments Request a PDF Sample
The fast charger segment was valued at USD 10.07 billion in 2017 and continued to grow until 2021. A fast charger is a new technology that can recharge EV batteries to 100% in less than 20 minutes. The market for these chargers is expected to grow, as many EV charging infrastructure manufacturers are focusing on providing fast-charging infrastructure owing to the range anxiety of EV owners due to the lack of convenience of standardized refuelling stations. Therefore, the market is expected to witness a high growth rate during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The regional market is growing rapidly due to the high demand for EVs from countries such as China, Japan, and South Korea. Furthermore, countries such as South Korea and China are taking initiatives to decrease greenhouse gas emissions by increasing the use of EVs by offering subsidies and incentives. Such initiatives by the governments are expected to create a huge demand for EVs. The increase in demand for EVs will also drive the demand for EV charging infrastructure. This will support the EV charging infrastructure market in this region during the forecast period.
Moreover, major players and enterprises in the EV market are focusing on investing in installing improved EV charging station infrastructure. These enterprises are also investing in M&As and strategic alliances to capitalize on the growing demand for advanced EV charging infrastructure in this region. These factors will aid the growth of the EV charging infrastructure market in APAC during the forecast period.
In 2020, the EV charging infrastructure market in APAC witnessed certain challenges due to the COVID-19 pandemic. However, in 2021 operations in various industries started resuming with limited capacities. This is expected to stabilize the growth of the market in the region during the forecast period. Moreover, the increasing need for the safety of individuals, in the long run, is expected to drive the demand for passenger vehicles, which, in turn, will drive the demand for EVs, leading to the growth of the regional market during the forecast period.
The electric vehicle charging infrastructure market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Vehicle Charging Infrastructure Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alfen NV - . The company under this segment offers smart energy solutions such as smart grids, energy storage systems, and electric vehicle charging equipment. The key offerings of the company include charging stations.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the global electric vehicle charging infrastructure market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Electric Vehicle Charging Infrastructure Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 39.97% |
|
Market growth 2023-2027 |
USD 121.33 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
35.03 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 61% |
|
Key countries |
US, China, Japan, Germany, and Norway |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ABB Ltd., Alfen NV, Blink Charging Co., BP Plc, E.ON UK Plc, EV Connect, EV Safe Charge Inc, EVBox BV, EVgo Services LLC, Infineon Technologies AG, PG&E Corp., Phihong USA Corp., Polarium Energy Solutions AB, Schneider Electric SE, Shell plc, Shenzhen Atess Power Technology Co. Ltd., Siemens AG, The Mobility House GmbH, TotalEnergies SE, and Webasto SE |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Charging
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
