The Global Electric Vehicle Charging Infrastructure Market Size is valued at 28.70 billion in 2022 and is predicted to reach 257.49 billion by the year 2031 at a 27.78% CAGR during the forecast period for 2023-2031.
The Internal Combustion Engine (ICE), which needs fuel and gases to produce power, is not used in Electric Vehicles (EVs), which run on electric motors. The facility utilised to supply the electric energy source to recharge electric vehicles is known as the electric vehicle charging infrastructure. Some vehicles can be set up overnight at a residence or place of employment.
However, it is always impractical and ineffective for the long run. The need for electric cars has arisen as a result of the increase in carbon emissions and other hazardous compounds produced by transportation. As a result, both commercial and residential environments require an infrastructure for electric vehicle (EV) charging.
Additionally, it is projected that growing industry alliances among automakers to provide subscription-based charging stations would promote business growth. Over the course of the projected period, rising demand for green energy is anticipated to further fuel EV charging infrastructure market development. Green energy is anticipated to significantly support the fast growing trend in both public and private electric charging stations. Government efforts to upgrade EV charging infrastructure are likely to increase, which will significantly boost EV charging infrastructure industry expansion.
Additionally, during the projected period, the demand for commercial infrastructure and household charging stations for plug-in electric vehicles is expected to increase. But during the course of the forecast period, a number of issues, including the high setup costs of fast chargers and the lack of standardised plug types, are anticipated to restrain the EV charging infrastructure market revenue growth.
Recent Developments:
- In December 2022, by the end of 2023, 1,000 rapid charging zones will be established throughout India thanks to a partnership between Exponent Energy and Park+, a top automobile owner app.
- In December 2021, to enable the charging stations, the US government enacted a law worth $1 trillion for infrastructure while also setting aside $5 billion to expand the country's charging infrastructure.
Competitive Landscape:
Some of the electric vehicle charging infrastructure market players are:
- ABB Ltd.
- AeroVironment, Inc.
- BP Chargemaster
- ChargePoint, Inc.
- ClipperCreek, Inc.
- Eaton Corp.
- Electrify America LLC.
- EV Connect
- EVGO Services LLC.
- General Electric Company
- Greenlots
- Leviton Manufacturing Co., Inc.
- Opconnect, Inc
- Schneider Electric
- SemaConnect, Inc.
- Siemens AG
- Tesla, Inc.
- Webasto SE
Market Segmentation:
The electric vehicle charging infrastructure market is segregated based on the charger type, connector and application. Based on charger type, the market is segmented into slow charger and fast charger. Based on connector, the market is segmented into CHAdeMO, combined charging system (CCS) and others. Based on application, electric vehicle charging infrastructure market is segmented into commercial and residential.
Based On Charger Type, The Fast Charger Segment Is Accounted As A Major Contributor To The Electric Vehicle Charging Infrastructure Market
The fast charger category grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. Due to the fast charger's capacity to charge vehicles over the anticipated period, the fast charger market will experience exponential growth. Additionally, its capability to safeguard automobile batteries while charging would help the market expand. Besides, in 2020, the slow/moderate charger market will have low growth and limited penetration. In 2020, the sector of slow/moderate chargers held a market share of 16.24%. Due to the lengthy amount of time needed to charge EVs, the category will increase slowly during the anticipated period.
The Commercial Segment Witnessed Growth At A Rapid Rate
The commercial category is anticipated to grow at a significant rate over the forecast period. Public electric vehicle charging infrastructure is in greater demand as a result of the historic move to electric automobiles. The development of a charging infrastructure has not yet kept pace with the surge in sales of electric vehicles. The demand for public charging stations would only grow as the price of electric vehicles fluctuated and dropped, entering new markets, notably for inhabitants of multi-unit buildings. The ideal candidates for hosting electric vehicle charging stations would also be stores.
The Asia Pacific Electric Vehicle Charging Infrastructure Market Holds A Significant Revenue Share In The Region
The Asia Pacific electric vehicle charging infrastructure market is expected to report the highest market share in revenue in the near future. The Asia Pacific market is projected to be fueled by China's rapid expansion of EV charging infrastructure, rising consumer demand for reasonably priced EVs for daily usage, and government-led EV promotion.
The nation's rapid economic growth will support the spread of cutting-edge technologies to enhance electrification in China during the predicted period. In addition, Europe is projected to grow at a rapid rate in the global electric vehicle charging infrastructure market due to the location of important market participants. Market expansion in this region is probably going to be fueled by consumer adoption of EVs, driverless vehicles, and shared mobility. The market in this region is anticipated to be driven by factors including the tightening government regulations on car emissions, the quick adoption of new technologies, and the significant investment in product innovation.
Electric Vehicle Charging Infrastructure Market Report Scope:
Report Attribute |
Specifications |
Market size value in 2022 |
USD 28.70 Bn |
Revenue forecast in 2031 |
USD 257.49 Bn |
Growth rate CAGR |
CAGR of 27.78% from 2023 to 2031 |
Quantitative units |
Representation of revenue in US$ Million, Volume (Units), and CAGR from 2023 to 2031 |
Historic Year |
2019 to 2022 |
Forecast Year |
2023-2031 |
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
Segments covered |
Charger Type, Connector And Application |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Competitive Landscape |
AeroVironment, Inc.; ABB; BP Chargemaster; ChargePoint, Inc.; ClipperCreek, Inc.; Eaton Corp.; General Electric Company; Leviton Manufacturing Co., Inc.; SemaConnect, Inc.; Schneider Electric; Siemens AG; Tesla, Inc and Webasto SE. |
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |