Dublin, May 25, 2021 (GLOBE NEWSWIRE) -- The "Electric Vehicle Charging Infrastructure Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle charging infrastructure market size to cross USD 14 billion in 2026, growing at a CAGR of 36% during the forecast period.
With the increasing funding from government bodies for electric vehicle (EV) adoption, the demand for charging infrastructure is expected to grow.
Many countries have recognized the need to go electric to reduce rising emissions, with the US and China leading the race. These countries have taken measures to expand and establish the charging network. They have encouraged people to opt for these vehicles by offering discounts, tax rebates, and preferential measures, among other things. China, the US, and a few European countries have subsidized the expense of installing an electric vehicle charging station in apartment complexes, semi-public zones, and private residences, which is influencing the market growth.
The APAC market is projected to be driven by the large-scale development of EV charging networks in China, increasing demand for affordable electric vehicles for everyday use, and governments supporting electric vehicles during the forecast period. The expansion of advanced technology to boost electrification in China fuels the country's rapidly growing economy. China invested roughly USD 2.4 billion in improving the charging infrastructure until 2020.
Governments of Japan and Korea have announced plans to dramatically increase the number of electric vehicle charging systems in their respective countries in the coming years. Moreover, growing innovations, include automated robot-based, wireless, and ultra-fast charging, are expected to boost the demand during the forecast period.
Global electric Vehicle Charging Infrastructure Market Segmentation
The global private electric vehicle charging station market size is likely to reach 3.8 million units by 2026. As public charging infrastructure provide free of cost services to increase the adoption of EVs, private systems and charging companies offer the latest technology and efficiency. Both private and public have opportunities to expand globally and provide different business models in the market.
Consumers currently prefer public charging stations, and the demand for such systems is higher due to tax incentives and the free cost. However, many new entrants expect to arrive in the market, and the penetration rate of private charging points is expected to increase. Thus, the market is anticipated to be dominated by private players during the forecast period. Also, private players have increased their production along with the expansion of distribution across the globe.
Petrol pumps, supermarkets, shopping malls, and others are common commercial places where the deployment of charging infrastructure has increased in the last years. Convenience stores or small grocery brands are also active in deploying charging infrastructure globally, which influences the market's growth. Several major store chains offer public EV charging in their parking lots.
The installation of an EV charging base at petrol pumps has been developing feasible networking convenient for drivers. Petrol pump stations are strategically located based on the driver's preferences. APAC and European countries are heavily expanding their resources to install EV recharge stations at petrol pumps. The global electric vehicle charging infrastructure market by petrol pumps is likely to grow at a CAGR of approx. 31% from 2020 to 2026.
The wired electric vehicle charging infrastructure market share accounts for an 80% revenue share and is expected to reach over 5.5 million units by 2026. With the increased demand for DCFC systems, the wired segment expects to grow during the forecast period. Electric vehicles will continue to reduce the world's carbon footprint.
In countries such as China, Norway, Iceland, and Sweden, hybrid battery vehicles and all-electric cars have grown significantly. The BEV and PHEV demand is projected to be fueled by technical advances, better facilities, and improving socio-economic conditions. The success of BEVs and PHEVs is expected to drive up demand for wired EV charging systems during the forecast period.
The global level 1 voltage charging infrastructure market is expected to grow at a CAGR of over 13% from 2020 to 2026. Level 1 charging is increasing in the residential sector market. As level 1 require the onboard charging infrastructure and not advanced technology, its preference is high commercially.
The global level 2 voltage charging infrastructure segment is likely to grow at a CAGR of over 32%, expecting to reach over 5 million units by 2026. The level 2 systems are a low-cost, high-speed recharging option. They normally do not pull enough power to cause demand charges (unless a large number are connected to a single meter), which keeps the cost of purchasing or operating one notch down.
KEY QUESTIONS ANSWERED:
How big is the electric vehicle charging market?
How many electric vehicles were sold in 2019?
Which vendors are leading the EV charging infrastructure market?
Which segment is likely to account for the largest electric vehicle charging infrastructure market share by 2026?
What are the key technologies driving Electric Vehicle Charging Infrastructure?
What are the key factors driving EV vehicle adoption?
Market Opportunities & Trends
Automated Robot-Based EV Charging Infrastructure
Wireless Charging Systems for Electric Taxis
Evolving Business Models to Promote EV Adoption
Market Growth Enablers
Government Policies & Initiatives
Demand for Ultra-Fast Charging Infrastructure
Decline in Electric Vehicle Prices
Lack of Standardization In Charging Infrastructure
High Cost of Fast-Charging Infrastructure
At-Home Charging Infrastructure
GS Yuasa International
Other Prominent Vendors
Shenzhen EN-plus Technologies
Luoyang Grasen Power Technology
United Charging Infrastructure
For more information about this report visit https://www.researchandmarkets.com/r/ev2bww
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