Westford, USA, April 10, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Electric Vehicle Charging Infrastructure market will attain a value of USD 101.98 billion by 2030, with a CAGR of 25.92% over the forecast (2022-2030). The global market for Electric Vehicle Charging Infrastructure is expanding quickly, but China and the US are leading the way. The market for Electric Vehicle Charging Infrastructure is one that is constantly changing and has a wide range of uses. Government initiatives in many different countries have a big impact on the growth of car charging stations. As an illustration, under national policies, the central government of China has approved the construction of fast-charging stations. Similar to China, the US government sets mandatory standards and allots money to help create EV charging stations. Users must rely completely on the charging choices available at their homes and places of employment because there are still not enough commercial charging stations in many countries and regions.
According to the SkyQuest's, Green energy is also anticipated to be crucial in domestic and public electric vehicle charging. Consumers of electric vehicles are extremely concerned about carbon dioxide emissions. To address these issues, manufacturers are quickly changing the charging technologies used in their electric vehicle charging infrastructure. This is one of the key factors that is anticipated to fuel the growth of the market for Electric Vehicle Charging Infrastructure globally.
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- Pages - 243
- Tables - 142
- Figures – 80
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The market penetration of EV charging equipment is noticeably higher in commercial spaces as compared to residential spaces. For long-distance trips, overnight charging at apartment buildings or individual residences is insufficient, thus efforts to improve the charging infrastructure in commercial places will be crucial in promoting the adoption of EVs.
Prominent Players in Electric Vehicle Charging Infrastructure Market
- ABB
- AeroVironment
- Elektromotive
- ChargePoint
- Schneider Electric
- Chargemaster
- Eaton
- Siemens
- SemaConnect
- ClipperCreek
- Tesla Motors
- Delphi Automotive
- General Electric
- Leviton Manufacturing
- Tesla
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Commercial Segment Is Growing in the Market Due to Increasing Adoption of Electric Vehicles by Fleet Operators and Ride-hailing Companies
The commercial segment accounted for an 90% revenue share in 2021. Although overnight charging or charging at home would not be sufficient for long-distance travel, the construction of supporting infrastructure in public locations is required due to initiatives and budget allocations by governments and automakers for extending public EVCI infrastructure. The growth is being further fueled by partnerships between a number of public transportation organizations for the construction of electric bus charging stations. For instance, TRAFIKSELSKABET MOVIA and Siemens signed a contract for the installation of top-down pantograph electric bus charging stations for use by the 45 municipalities, including the City of Copenhagen and Region Zealand, that operate electric buses.
The infrastructure for charging electric vehicles has grown significantly in North America in recent years. Over 110,000 public charging stations were present in North America as of 2020, with the bulk of these being in the United States, according to the International Energy Agency. Over the next few years, there will likely be a large increase in the number of DC charging stations built in the US. In the United States, there should be more home charging stations for electric automobiles.
DC fast-charging (DCFC) Segment Is Projected to Exhibit the Highest and Most Pronounced Compound Annual Growth Rate (CAGR) In the Market Due to the Faster Charging Speed
The segment for Electric Vehicle Charging Infrastructure is classified into slow and fast charger. Throughout the forecast period, it is anticipated that the DC fast-charging (DCFC) segment will exhibit the highest and most pronounced CAGR. The government's growing investments in infrastructure for fast charging, programmes like rebates on the purchase of DC fast charging stations, and the advantages of DCFCs in providing fast charging over Level 1 and Level 2 charging stations are all factors that have contributed to the segment's explosive growth.
China is the dominant country in the Asia-Pacific region. China has one of the most varied offers, in addition to having the largest Electric Vehicle Charging Infrastructure market and a less integrated automotive sector. China dominates the market for Electric Vehicle Charging Infrastructure. The need for charging stations to support the nation's rapidly growing EV fleet has increased along with the country's EV sales and consumption. With 976,000 charging stations, China has the greatest EV charging infrastructure in the world. An average of 11,025 charging units are added each month. State Grid Corporation of China, Qindao Teld New Energy, Star Charge, and AnYo Charging are a few of the major Chinese businesses involved in the development and deployment of charging stations.
A comprehensive analysis of the major players in the Electric Vehicle Charging Infrastructure market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Electric Vehicle Charging Infrastructure Market
- In October 2022, Octopus Energy Generation made its initial investment in the UK EV charging network. On behalf of its Sky fund (ORI SCSp), it intends to invest up to GBP 110 million in Manchester-based Be. EV, an EV public charging network, in order to expand and set up new charge points around the United Kingdom. The arrangement helps to grow Be.150-strong EV's network of public charging stations, and Be.EV has committed to adding 1,000 more stations throughout the North of England and beyond.
- In October 2022, the construction of the 580th public fast charging point, the Ather Grid, across 56 Indian cities was announced by Ather Energy. By the end of FY23, Ather Energy expects to have installed 820 more grids, bringing the total up to 1400 as the business increases its national reach. With 60% of the current installations in tier-II and tier-III cities, Ather Grids are strategically distributed throughout markets.
Key Questions Answered in Electric Vehicle Charging Infrastructure Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
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Asia Pacific Electric Vehicle Market
North America Electric Vehicle Market
Global Autonomous Outdoor Vehicles Market
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