New York, Feb. 07, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “EV Charging Infrastructure Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Platform (Hardware and Services), Hardware (AC Charger and DC Charger), Charger Type (Public Chargers and Private Chargers), and IEC Mode (2, 3, and 4)”, published by The Insight Partners.
| Report Coverage | Details |
| Market Size Value in | US$ 8,805.35 million in 2021 |
| Market Size Value by | US$ 23,395.77 million by 2028 |
| Growth rate | CAGR of 15.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 174 |
| No. Tables | 142 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Platform, Hardware, Charger Type, and IEC Mode |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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EV Charging Infrastructure Market: 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 among the key players operating in the global EV charging infrastructure market. Several other players have also been analyzed to understand the EV charging infrastructure market.
In January 2022, Tritium completed its business combination with Decarbonization Plus Acquisition Corporation II (DCRN) to enable the public listing of Tritium DCFC Limited (Tritium). The company's ordinary shares and warrants are expected to commence trading on the NASDAQ under the ticker symbols “DCFC” and “DCFCW,” respectively, from January 14, 2022. The public listing of the company further strengthens the market position of Tritium as a global leader in DC fast chargers for EVs.
Asia Pacific is Leading in EV Charging Infrastructure Market with Rising Sales of EV in China:
Asia Pacific is the largest manufacturer and consumer (sales) of EV across the globe, with countries such as China, Japan, and South Korea being the significant contributors. To keep up with the rapidly increasing EV car parc in these countries, charging infrastructure is subsequently expected to witness a tremendous demand.
Following large-scale expenditures from regional governments of countries such as South Korea, Japan, and China, the Asia Pacific EV charging infrastructure market projection appears to be on track. Due to sheer pressure to address environmental problems, governments in Asia Pacific countries are encouraging the adoption of EVs in this region.
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China's fast-growing economy is likely to stimulate the implementation of sophisticated technologies to boost electrification during the projection period. China is forecasted to have the most significant numbers of EV charging infrastructure, followed by the US, the Netherlands, and South Korea. The number of EVs in the US is expected to increase in the coming decade; as per IEA, most of the charging of EVs is expected to be executed by private chargers. Further, state and federal agencies are encouraging EV adoption with initiatives such as tax benefits. Thus, large-scale construction of EV charging infrastructure in China, growing demand for affordable EVs for everyday usage, and governments supporting the adoption of EVs are among the factors projected to drive the Asia Pacific market.
Until 2020, China committed ~US$ 2.4 billion in developing its charging infrastructure. Japan and Korea have announced plans to significantly increase the number of EV charging stations in their respective countries in the upcoming years.
The popularity of EVs has been steadily increasing in Europe. About 1.4 million battery-electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were registered in 2020—a 137% increase over 2019.
Europe witnessed rapid expansion in charging infrastructure for EVs during 2010–2020. However, from 2 in 2010 to 11 in 2020, the number of electric vehicles per charging station has increased to considerably. In other words, 11 automobiles must share a single publicly accessible charging station. To ensure the longevity of trend and success of EVs, more number of charging stations must be built across Europe, which can culminate in market expansion in the continent.
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The rising concerns of the transportation sector's impact on the environment have led to an unprecedented global requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low-carbon technology in the transportation sector. Also, the growing concerns of the adverse impact of transportation-related emissions and shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the globe, especially in strong economies such as the US, China, and the European Union. The global share of new passenger EVs has risen at an average of nearly 50% per year since 2015. In 2021, the sales of EVs surged by 160% in these top three markets. Notably, China has the largest fleet of electric vehicles globally, with 4.5 million electric cars, and Europe witnessed the largest annual increase to reach 3.2 million electric passenger vehicles.
The scaling of EV adoption globally has resulted in the rising importance of convenient and affordable public chargers, requiring strong government support. Several governments worldwide have supported EV charging infrastructure by implementing measures such as direct investment to install publicly accessible chargers and incentives for EV owners to install charging points at home. Various metro cities and prominent urban center planners have taken stringent measures to support the widespread adoption of EVs, including strategic deployment of charging infrastructure and implementation of preferential/prohibited circulation or access schemes such as low and zero-emission zones or differentiated circulation fees.
The onset of the COVID-19 crisis in 2020 led to a slowdown in the automotive and its infrastructure activities worldwide. All the regions reported in the analysis suffered a significant downturn in workloads during the first half of 2020. However, the pandemic accelerated the need for emission-free mobility, especially in Europe, the US, and China, among others. According to estimations by IEA, the global electric car sales rose to more than 3 million, reaching a market share of over 4%. Notably, EV sales rose by a significant 160% in the first half of 2021 compared to 2020, representing 26% of total new sales in the global automotive market. As the sales of EV worldwide skyrocketed, major global EV charging infrastructure players have been implementing smart charging solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, hassle-free, and safer mobility. For instance, during the pandemic period of 2020–2021, EV charging infrastructure companies, such as EVBox and Tritium, partnered with several significant players and strongly focused on the research and development of smart EV charging infrastructure solutions.
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EV Charging Infrastructure Market: Platform Overview
Based on platform, the global EV charging infrastructure market is segmented into hardware and services. The hardware segment accounted for a larger share of the global EV charging infrastructure market in 2020. Electric vehicle charger, power grid, facility meter, energy controller network operating center, and other related components make up the EV charging station hardware. The hardware components have been designed and manufactured to control high voltage electricity. Cable glands, conduit, and clamps are also included in the EV station, ensuring seamless assembly and keeping wires and cables clean to decrease the chance of overheating damage. For weather resistance and to limit radiated emissions, gasketing is used to ensure dust and watertight seals. The hardware segment of the EV charging infrastructure market is expected to grow significantly over the projection period, owing to the rising global demand for electric vehicles, which will lead to the opening of additional EV charging stations.
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