Electric Vehicle (EV) Charging Infrastructure Market Analysis Report 2023: A Global $120+ Billion Industry by 2030 - Collaborations Between OEMs and Infrastructure Providers Bolsters Growth
Global Electric Vehicle (EV) Charging Infrastructure Market
Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Electric Vehicle (EV) Charging Infrastructure Market Size, Share, & Trends Analysis Report By Charger Type, By Connector, By Level Of Charging, By Connectivity, By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle charging infrastructure market size is expected to reach USD 121.09 billion by 2030, expanding at a CAGR of 25.5% from 2023 to 2030
The growth of the EVCI market can be attributed to the growing number of consumers adopting electric vehicles, which is driven by the need to make environmentally conscious decisions, increasing fuel costs, favorable government subsidies, and lower cost of ownership over the vehicle's lifecycle.
The growing demand for electric vehicles is further driving the demand for sufficient charging infrastructure, thereby driving the market's growth. Various electric vehicle manufacturers such as Volvo, Kia Motors, Mercedes-Benz, and Ford, among others, are collaborating with the charging infrastructure providers for easy availability of charging stations.
Furthermore, various companies are working towards upgrading Electric Vehicle Supply Equipment (EVSE) to make them more convenient for long-distance travel. Some of the electric vehicles manufacturers such as Tesla, Inc., and Nissan, are focusing on providing compatibility for their electric vehicles for public charging networks. For instance, Nissan in November 2019, announced that buyers of the new Nissan LEAF and Nissan LEAF would be able to charge their vehicles across EVgo's charging network which comprises 750 public charging stations.
The significant market growth is primarily due to the growing initiatives undertaken by both public as well as private sectors to encourage the population to switch to Electric Vehicles (EVs). These initiatives have promoted the sale of electric vehicles and have also spread awareness among consumers about the benefits of using these vehicles. As a result. The demand for electric vehicle charging infrastructure is expected to grow significantly.
For instance, in the U.S.. The Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) which consists of 57 electric vehicle charging stations across Oregon and Washington. Similarly, several governments are jointly developing intra-continental networks of highway charging stations.
The demand for electric vehicles has been growing in line with the rising awareness about environmental sustainability and the stringent limits several governments are putting on vehicular emissions. While private companies are focusing on developing innovative electric vehicle chargers and electric vehicle charging stations, governments are collaborating with these companies for rolling out Electric Vehicle Charging Infrastructure.
In addition, technologies, such as Radio Frequency Identification (RFID) and Near-Field Communication (NFC), have enabled the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations. Several private organizations are keen on investing in the development of electric vehicle charging stations along the highways. All these factors are driving the demand for highway charging stations
Electric Vehicle Charging Infrastructure Market Report Highlights
Fast charger segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the ability to rapidly charge electric vehicles in lesser time compared to conventional AC chargers is the primary factor driving the demand for fast DC chargers
Combined Charging System (CCS) connectors segment is anticipated to emerge as the fastest-growing connecter segment over the forecast period owing to the adoption by a higher number of automobile manufacturers
The level 3 charging segment is anticipated to register the fastest growth over the forecast period. Lever 3 charging infrastructure is a type of DC charging infrastructure that charges electric vehicles faster than level 1 and level 2 chargers. As the number of EV users is growing exponentially. The need for fast chargers is increasing day by day to keep up with the demand, thereby fueling growth and innovation in the segment
Non-connected charging stations dominated the electric vehicle charging infrastructure market in 2022. Non-connected charging stations are easy to deploy and they reduce the overall cost of deployment. As the existing charging infrastructure is not adequate, key market players are looking for quick deployment infrastructures to bridge the gap and keep up with the demand, contributing to the segment's dominant share
Commercial segment is anticipated to gain traction owing to the rise in the deployment of fast charging stations across highways, hotels, shopping malls, and public parking facilities
Stringent vehicle emission standards and a high focus on research and development of electric vehicles are some of the major factors driving the electric vehicle charging infrastructure market in the North America region
Various companies are observed investing heavily in promoting EV charging infrastructure. For instance, in November 2017, BMW, Daimler, Ford, and Volkswagen Group, together announced an investment plan for the development of 400 charging sites across Europe
Asia Pacific is expected to expand at the highest CAGR from 2023 to 2030 due to significant growth in electric vehicle sales in the region and extensive deployment of EV chargers in countries such as China and Japan
No. of Pages
2022 - 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
Eaton Corporation plc
GENERAL ELECTRIC Company
Leviton Manufacturing Co., Inc.
Market driver analysis
Growing concerns over carbon emissions
Increasing adoption of electric vehicles
Government regulations and tax exemptions further promote the adoption of EVs
Market restraint analysis
High costs of setting-up EV infrastructure
Higher space requirement & uncertainty related to electricity costs
Emergence of hydrogen fuel cell vehicles
Market opportunity analysis
Declining lithium-ion battery costs
Electric Vehicle Charging Infrastructure Market - Case Study
Destination charging stations
Highway charging stations
Bus charging stations
Fleet charging stations
Other charging stations
Electric Vehicle Charging Infrastructure Market - Company Ranking Analysis 2022
Industry analysis - Porter's five forces analysis
Electric Vehicle Charging Infrastructure - PESTEL Analysis
Original Equipment Manufacturers (OEM) involvement in infrastructure development
Electric Vehicle Charging Infrastructure - Evolving Role Of Utility Companies
Electric Vehicle Charging Infrastructure - Pricing Analysis
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