New York, United States , April 27, 2023 (GLOBE NEWSWIRE) -- The Global EV Charging Infrastructure Market size is to grow from USD 23.74 billion in 2022 to USD 286.91 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 28.3% during the forecast period.
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Electric Vehicle (EV) charging infrastructure is a critical component of the growing electric mobility ecosystem. It refers to the network of charging stations and related equipment that enable EV owners to charge their vehicles. EV charging infrastructure can include various types of chargers, such as Level 1, Level 2, and Level 3 (DC fast chargers), as well as associated hardware and software for monitoring, payment, and management. It plays a crucial role in supporting the adoption of EVs by providing convenient and reliable charging options, addressing range anxiety, and promoting sustainable transportation. Governments, utilities, and private companies are investing in expanding and improving EV charging infrastructure to meet the increasing demand for electric mobility.
Report Coverage
This research report categorizes the market for EV charging infrastructure market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the EV charging infrastructure market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the EV charging infrastructure market.
Browse key industry insights spread across 210 pages with 122 market data tables and figures & charts from the report on "Global EV Charging Infrastructure Market Size, Share, and COVID-19 Impact Analysis, By Charger Type (Slow Charger and Fast Charger), By Connector (CHAdeMO, Combined Charging System, and Others), By Application (Commercial and Residential), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032”. Get Detailed Report Description Here:
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Fast charger is expected to grow at a higher CAGR of around 31.2% over the forecast period.
The global EV charging infrastructure market is categorized based on charger type. The fast charger is the fastest growing segment in the global EV charging infrastructure market due to increasing demand for quicker charging, particularly for long-distance travel and commercial fleet operations. Fast chargers, also known as Level 3 chargers, offer high power output and significantly shorter charging times compared to slow chargers, making them essential for the growing number of electric vehicles on the road. Moreover, advancements in fast-charging technology, support from automakers, and government initiatives to promote fast-charging infrastructure have further fueled the growth of the fast-charger segment, making it the fastest-growing market in the EV charging infrastructure industry.
The commercial segment dominated the market with around 52.7% revenue share in 2022.
Based on application, the global EV charging infrastructure market is segmented into commercial and residential. The commercial category accounted for the largest share, approximately 52.7%, in the EV charging infrastructure market in 2022. This can be attributed to the increasing adoption of electric vehicles in commercial fleet operations, such as delivery vans, taxis, and buses. Commercial operators are recognizing the benefits of EVs, including lower operating costs, reduced emissions, and improved sustainability, which are driving the demand for dedicated charging infrastructure to support their electric fleets. As a result, the commercial category has emerged as a dominant player in the market, with a growing share of EV charging installations being deployed for commercial use.
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The Asia-Pacific segment is expected to grow at a CAGR of around 29.6% over the forecast period
Based on region, the Asia-Pacific region is recognized as the fastest-growing market in the world, characterized by robust economic growth and dynamic consumer demand. With countries such as China, India, and Southeast Asian nations experiencing rapid industrialization and urbanization, there is a burgeoning middle class with increasing purchasing power. This has led to a surge in demand for various products and services, creating a favorable environment for businesses to expand and flourish. Additionally, supportive government policies, investment in infrastructure, and advancements in technology have further fueled the growth of the Asia-Pacific market, making it a significant driver of global economic growth and a preferred destination for business opportunities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global EV charging infrastructure market include 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, among others.
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