Electric Vehicle Charging Infrastructure- Overview, Key Factors, Trends, Opportunities
Posted on 23-July-2022
The global electric vehicle charging infrastructure market is expected to grow at a CAGR of over 30% during 2022-2027.
The global electric vehicle charging infrastructure market has been witnessing an increasing demand for charging vehicles in both the private and public sectors. The growing number of electric vehicles is also adding up to the demand for this service. The growing awareness among people regarding the advantages of using electric vehicles has also led to an increase in its adoption rate globally.
The major factors driving the growth of this market include:
- An increasing number of consumers adopting EVs
- Growing demand for public stations for charging EVs
- Growing preference for using EVs in cities around the world (necessity to reduce pollution levels in major cities)
- Additionally, governments around the world are encouraging people to switch over to electric vehicles. Also, the presence of government subsidies, helps automakers to manufacture electric vehicles and increase their sales.
These factors are expected to drive the growth of this market during the forecast period.
The key players operating in this market include AeroVironment, First Solar Inc., Siemens AG, ABB Ltd., GE Ventures, Chargemaster Group plc., ChargePoint LLC., Schneider Electric SE, and Others.
The global electric vehicle charging infrastructure market is segmented on the basis of type and application:
The segmentation includes onboard chargers, off-board chargers, DC fast chargers, and AC fast chargers. On-board chargers are used in passenger cars to charge battery packs while off-board chargers are used in commercial vehicles to charge batteries of trucks, buses, and other heavy-duty vehicles. DC fast chargers are used for rapid charging of batteries while AC fast chargers are used for slow charging of batteries. The segmentation also includes DC Fast Charger (DCFC) and AC Fast Charger (ACFC) types wherein DCFCs use an alternating current (AC) source while ACFCs use direct current (DC) sources.
Fast charge stations are expected to account for the largest share in the global electric vehicle charging infrastructure market during the period 2022-2028 owing to their higher adoption rate among consumers and also due to their low operational costs
On the basis of application, public transport is projected at the highest in terms of revenue generation during the period 2022-2028 due to the increasing number of commuters traveling by public transport vehicles every day
The main factors responsible for driving the growth of the global electric vehicle charging infrastructure market include the increasing number of passenger vehicles being connected with chargers on board and an increasing number of occupants traveling by these vehicles globally.
The global electric vehicle charging infrastructure market has been segmented based on application into four categories - Residential Application, Commercial Application, Industrial Application, and Transportation Application.
Regional Analysis:
The global electric vehicle charging infrastructure market can be segmented on the basis of geographical regions including North America, Europe, the Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), Latin America, and the Rest of the World (RoW).
Asia Pacific region is expected to be the largest contributor in terms of revenue generation throughout the forecast period due to the higher acceptance rate of electric vehicles among consumers in this region compared to other regions such as Europe and North America. Growing awareness about environmental issues coupled with government initiatives is some factor contributing to the high adoption rate of these vehicles in the Asia Pacific region. In addition, the high degree of urbanization in countries such as China will also contribute to the growth of this market in this region over the next few years.
North America is expected to be another significant contributor to the global electric vehicle charging infrastructure market due to the presence of several leading players operating across this region including Chargepoint Inc., EV Connect Telematics Inc., Electrify America LLC (CA), and Greenlots Holdings. North America region is expected to dominate the global electric vehicle charging infrastructure market owing to its high population base, high per capita income, and low cost of living.
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