SAN FRANCISCO, April 24, 2023 /PRNewswire/ -- The global electric vehicle charging infrastructure market size is expected to reach USD 121.09 billion by 2030, expanding at a CAGR of 25.5% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The growth of the EVCI market can be attributed to the growing number of consumers adopting electric vehicles, which is driven by the need to make environmentally conscious decisions, increasing fuel costs, favorable government subsidies, and lower cost of ownership over the vehicle's lifecycle.
Key Industry Insights & Findings from the report:
- Fast charger segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the ability to rapidly charge electric vehicles in lesser time compared to conventional AC chargers is the primary factor driving the demand for fast DC chargers.
- Combined Charging System (CCS) connectors segment is anticipated to emerge as the fastest-growing connecter segment over the forecast period owing to the adoption by a higher number of automobile manufacturers.
- The level 3 charging segment is anticipated to register the fastest growth over the forecast period. Lever 3 charging infrastructure is a type of DC charging infrastructure that charges electric vehicles faster than level 1 and level 2 chargers. As the number of EV users is growing exponentially, the need for fast chargers is increasing day by day to keep up with the demand, thereby fueling growth and innovation in the segment.
- Non-connected charging stations dominated the electric vehicle charging infrastructure market in 2022. Non-connected charging stations are easy to deploy and they reduce the overall cost of deployment. As the existing charging infrastructure is not adequate, key market players are looking for quick deployment infrastructures to bridge the gap and keep up with the demand, contributing to the segment's dominant share.
- Commercial segment is anticipated to gain traction owing to the rise in the deployment of fast charging stations across highways, hotels, shopping malls, and public parking facilities.
- Stringent vehicle emission standards and a high focus on research and development of electric vehicles are some of the major factors driving the electric vehicle charging infrastructure market in the North America region.
- Various companies are observed investing heavily in promoting EV charging infrastructure. For instance, in November 2017, BMW, Daimler, Ford, and Volkswagen Group, together announced an investment plan for the development of 400 charging sites across Europe.
- Asia Pacific is expected to expand at the highest CAGR from 2023 to 2030 due to significant growth in electric vehicle sales in the region and extensive deployment of EV chargers in countries such as China and Japan.
Read 125-page full market research report, "Electric Vehicle (EV) Charging Infrastructure Market Size, Share, & Trends Analysis Report By Charger Type, By Connector, By Level Of Charging, By Connectivity, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Electric Vehicle Charging Infrastructure Market Growth & Trends
The growing demand for electric vehicles is further driving the demand for sufficient charging infrastructure, thereby driving the market's growth. Various electric vehicle manufacturers such as Volvo, Kia Motors, Mercedes-Benz, and Ford, among others, are collaborating with the charging infrastructure providers for easy availability of charging stations. For instance, In November 2020, ChargePoint, Inc. announced its partnership with Volvo Car USA LLC to provide a seamless charging experience to Volvo car drivers.
ChargePoint, Inc. will offer Home Flex home chargers to Volvo Car drivers owing to this partnership which will enable drivers to charge their cars at home. Moreover, Delta Electronics, Inc.; Enel X; and Ecotap BV; among others; are focusing on the development of solar-powered electric vehicle charging stations. For instance, under the Honda SmartCharge program, Enel X is currently working on the development of a solar-powered charging station in Hawaii (U.S.) in partnership with the Hawaiian Electric Company, Inc.
Furthermore, various companies are working towards upgrading Electric Vehicle Supply Equipment (EVSE) to make them more convenient for long-distance travel. Some of the electric vehicles manufacturers such as Tesla, Inc., and Nissan, are focusing on providing compatibility for their electric vehicles for public charging networks. For instance, Nissan in November 2019, announced that buyers of the new Nissan LEAF and Nissan LEAF would be able to charge their vehicles across EVgo's charging network which comprises 750 public charging stations.
The significant market growth is primarily due to the growing initiatives undertaken by both public as well as private sectors to encourage the population to switch to Electric Vehicles (EVs). These initiatives have promoted the sale of electric vehicles and have also spread awareness among consumers about the benefits of using these vehicles. As a result, the demand for electric vehicle charging infrastructure is expected to grow significantly. For instance, in the U.S., the Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) which consists of 57 electric vehicle charging stations across Oregon and Washington. Similarly, several governments are jointly developing intra-continental networks of highway charging stations.
The demand for electric vehicles has been growing in line with the rising awareness about environmental sustainability and the stringent limits several governments are putting on vehicular emissions. While private companies are focusing on developing innovative electric vehicle chargers and electric vehicle charging stations, governments are collaborating with these companies for rolling out Electric Vehicle Charging Infrastructure.
In addition, technologies, such as Radio Frequency Identification (RFID) and Near-Field Communication (NFC), have enabled the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations. Several private organizations are keen on investing in the development of electric vehicle charging stations along the highways. All these factors are driving the demand for highway charging stations
Electric Vehicle Charging Infrastructure Market Segmentation
Grand View Research has segmented the global electric vehicle charging infrastructure market based on charger type, connector type, level of charging, connectivity, application, and region
EV Charging Infrastructure Market - Charger Type Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
- Slow Charger
- Fast Charger
EV Charging Infrastructure Market - Connector Type Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
- CHAdeMO
- CCS
- Others
EV Charging Infrastructure Market - Level of Charging Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
- Level 1
- Level 2
- Level 3
EV Charging Infrastructure Market - Connectivity Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
- Non-connected charging stations
- Connected charging stations
EV Charging Infrastructure Market - Application Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
- Commercial
- Destination Charging Stations
- Highway Charging Stations
- Bus Charging Stations
- Fleet Charging Stations
- Other Charging Stations
- Residential
- Private Houses
- Apartments
EV Charging Infrastructure Market - Regional Outlook (Revenue, USD Million; Volume, Units, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Netherlands
- U.K.
- France
- Norway
- Germany
- Asia Pacific
- China
- Japan
- India
- South Korea
- Latin America
- Brazil
- MEA
List of Key Players in the Electric Vehicle Charging Infrastructure Market
- AeroVironment Inc.
- ABB
- BP Chargemaster
- ChargePoint, Inc.
- ClipperCreek
- Eaton
- GENERAL ELECTRIC
- Leviton Manufacturing Co., Inc.
- SemaConnect, Inc.
- Schneider Electric
- Siemens
- Tesla, Inc.
- Webasto
Check out more related studies published by Grand View Research:
- Micro-mobility Charging Infrastructure Market - The global micro-mobility charging infrastructure market size is expected to reach USD 27.70 billion by 2030, growing at a CAGR of 25.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increasing awareness about green transportation modes is expected to drive the adoption of micro-mobility vehicles across the globe. An increasing number of people are preferring e-scooters for traveling over shorter distances as these vehicles take less parking space and can recharge within a shorter time.
- Electric Vehicle Supply Equipment Market - The global electric vehicle supply equipment market size is expected to reach USD 104.3 billion by 2025, registering a CAGR of 33.1% from 2019 to 2025, according to a new report by Grand View Research, Inc. The market is driven by development of charging equipment and infrastructure at various highway and destination locations such as hotels, shopping malls, and national parks. Growing demand for electric vehicle charging equipment is prompting manufacturers of charging equipment to innovate and launch new products. For instance, in 2017 Qualcomm Incorporated designed and built a wireless Dynamic Electric Vehicle Charger (DEVC) system capable of charging an electric vehicle (EV) dynamically at up to 20 kW at highway speeds (100 km/h).
- EVCC Market - The global electric vehicle communication controller (EVCC) market size is expected to reach USD 436.5 million by 2026, registering a CAGR of 32.5% from 2020 to 2026, according to a new report by Grand View Research, Inc. The market is driven by increasing adoption of electric vehicles (EV) and advancements in charging solutions. Prominent companies in the market, including Tesla, Inc. and LG INNOTEK, are focusing on development of advanced charging technology. Furthermore, rising demand for fast charging technology is fueling market growth.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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