Pune,India, June 28, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “EV Charging Infrastructure Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and by Platform, Hardware, Charger Type, IEC Mode, and Geography”, the EV charging infrastructure market was valued at $8.80 billion in 2021 and is projected to reach $23.39 billion by 2028; it is expected to grow at a CAGR of 15.0% from 2021 to 2028. The expansion of electric vehicle market and rise in adoption of electric vehicles owing to government initiatives. However, the high cost of electric vehicle charging infrastructure is expected hinder the growth of the market.
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Global EV Charging Infrastructure Market: Segmental Overview
Based on platform, the EV charging infrastructure market is segmented into hardware and services. The hardware segment held the largest share of the market in 2020, whereas the software segment is anticipated to register the highest CAGR in the market during the forecast period. Based on hardware, the market is segmented into AC charger, and DC charger. The AC charger segment held the largest share of the EV Charging Infrastructure market in 2020, whereas the DC charger segment is anticipated to register the highest CAGR in the market during the forecast period. Based on charger type, the market is bifurcated into public chargers and private chargers. The private chargers segment held the largest share of the market in 2020, whereas the public chargers segment is estimated to register the highest CAGR in the market during the forecast period. Based on IEC mode, the EV charging infrastructure market is segmented into 2, 3, and 4. The 3 segment held the largest share of the market in 2020, whereas the 4 segment is estimated to register the highest CAGR in the market during the forecast period.
Integration with Renewable Energy Sources Provides Lucrative Opportunities for EV Charging Infrastructure Market
Integrating EV charging infrastructure with renewable energy sources presents a significant opportunity for the market. As the world transitions towards clean and sustainable energy systems, coupling EV charging with renewable energy generation offers several advantages. Firstly, integrating EV charging with renewable energy sources allows for reducing carbon emissions in the transportation sector. Electric vehicles already have lower or zero tailpipe emissions, but charging them with electricity derived from renewable sources further enhances their environmental benefits. By aligning charging processes with clean energy generation, such as solar or wind power, the overall carbon footprint of electric vehicles can be significantly reduced, contributing to global efforts to combat climate change. Secondly, renewable energy integration creates synergies between the electric vehicle and renewable energy industries. Electric vehicles can serve as a valuable energy storage resource, helping to balance electricity grids and mitigate the intermittency challenges associated with renewable energy sources. Through vehicle-to-grid (V2G) technology, electric vehicles can discharge stored energy back to the grid during periods of high demand or provide ancillary services to the grid. This bi-directional flow of electricity supports grid stability and optimizes energy utilization, making the integration of EV charging with renewable energy a mutually beneficial opportunity for both sectors.Integrating renewable energy sources with EV charging can enhance the sustainability and resilience of charging infrastructure. Installing solar panels or wind turbines at charging stations or adjacent locations enables the on-site generation of clean energy for charging purposes. This approach reduces dependence on the traditional power grid and enhances the reliability and resilience of charging stations, especially in areas prone to power outages or with limited grid infrastructure. Additionally, integrating renewable energy with EV charging infrastructure can attract environmentally conscious consumers. Many EV owners prioritize sustainability and are keen to ensure that their charging processes align with their eco-friendly choices. Offering charging solutions powered by renewable energy can appeal to this target market segment, driving consumer adoption and loyalty. Partnerships can be forged to develop integrated solutions that combine renewable energy generation, energy management systems, and EV charging technologies. Such collaborations can accelerate the deployment of charging infrastructure powered by renewable sources and drive technological advancements in the field.
China has emerged as a global EV charging infrastructure market leader through a combination of factors that have propelled its market dominance. First and foremost, China has experienced remarkable growth in electric vehicle (EV) adoption, making it the world's largest EV market. The Chinese government has implemented policies, incentives, and subsidies to promote electric mobility, aiming to reduce air pollution and dependency on fossil fuels. These supportive measures have led to a surge in EV sales, creating a significant demand for EV charging infrastructure in the country. China's commitment to building a robust charging network has been a key driver of its market leadership. The government has set ambitious targets for deploying charging stations, focusing on public and private infrastructure. Large-scale investments have been made in establishing charging networks across urban areas, highways, commercial spaces, and residential complexes. This extensive network provides widespread accessibility and convenience for EV owners, bolstering market growth. Moreover, Chinese companies have played a vital role in developing and manufacturing EV charging infrastructure. Chinese manufacturers such as State Grid Corporation of China, BYD, and NIO have been at the forefront of producing charging stations, cables, connectors, and other associated hardware. These companies have leveraged their expertise and domestic market presence to rapidly expand the supply of charging infrastructure, meeting the increasing demand. China's technological advancements and innovation in the EV charging sector have also contributed to its market leadership. The country has been at the forefront of deploying high-power charging stations capable of delivering rapid charging speeds. Additionally, China has embraced wireless charging technology and has been actively piloting and implementing wireless charging solutions in certain areas. These technological advancements have improved charging efficiency and user experience, further driving the adoption of electric vehicles. Furthermore, the Chinese government has focused on establishing interoperability and standardization in EV charging protocols. Efforts have been made to ensure compatibility and seamless charging experiences across different charging networks and vehicle models. This approach has enhanced user convenience and reduced barriers to EV adoption, fostering the market's growth.
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Global EV Charging Infrastructure Market Analysis: Competitive Landscape and Key Developments
Tritium; Blink Charging Co.; ChargePoint, Inc.; BP p.l.c.; EVBox; EVgo Inc.; Tesla, Inc.; Webasto Group; RWE AG; and Delta Electronics, Inc. are a few of the key companies operating in the EV Charging Infrastructure market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In October 2022, Octopus Energy Generation made its first investment in the UK EV charging infrastructure. It is planning to invest up to GBP 110 million in Manchester-based EV public charging network Be. EV on behalf of its Sky fund (ORI SCSp) to scale and install new charge points across the United Kingdom. The agreement will contribute to the expansion of Be.EV's 150-strong public charge point network, with Be. EV is committing to adding 1,000 more charge points across the North of England and beyond.
In January 2021, Siemens AG launched a new high-power charger Sicharge D. It features scalable, high charging power of up to 300 kW. The charging station also supports voltages between 150 and 1,000 volts and charging currents of up to 1,000.
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