Press Release

Global Electric Vehicle Charging Infrastructure Market to Witness a Substantial Surge of Around 18.12% During 2024-2030

The Global Electric Vehicle Charging Infrastructure Market is projected to grow at a CAGR of 18.12% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rising EV sales and the implementation of the government's favorable policies are creating a conducive environment for EV charging stations across the globe.

Over the years, the mounting carbon emissions caused by the increasing industrial & transportation activities have led to human health & environmental deterioration. Therefore, official administrative bodies across the globe are actively encouraging individuals to use sustainable transportation rather than combustion-based automobiles. This is resulting in more heightened EV sales and necessitating an adequate electric vehicle charging infrastructure, supporting market growth.

Additionally, auto manufacturers are pairing with EV charging companies to develop charging solutions for their newly launched or under-development vehicles.

Besides, few individuals pick the ICE vehicles over EVs and abstain from opting for them due to their range issues. Therefore, to remove these issues, the companies are launching residential wall-mounted chargers, which allow consumers to charge their vehicles at their residences. As a result, these charging solutions are becoming immensely popular among the majority of the population, enriching market growth.

Moreover, developed & developing nations are increasingly spreading campaigns and awareness programs that educate consumers about the benefits of electric mobility solutions. This is raising the demand for sustainable vehicles and facilitating the installation of charging points worldwide, further states the research report, “Global Electric Vehicle Charging Infrastructure Market Analysis, 2024.”

Global Electric Vehicle Charging Infrastructure Market Segmentation Analysis

Commercial Segment to Outperform in Forthcoming Years  

Based on the location segment, the market is further bifurcated into, Residential and Commercial. Of them all, Commercial holds a prominent market share in the global market. Several market players across the globe have agreed to sign up for the corporate sustainability goals to reduce their carbon footprints. This is leading in organizations to encourage their employees to use sustainable transportation for daily commuting purposes. Moreover, large-scale enterprises are setting up charging stations within their commercial buildings to facilitate the adoption of EVs among employees, enlarging market size.

Additionally, the shopping complexes & retail stores are also actively installing EV chargers in their parking lots to cater to the growing demand from EV owners, uplifting market growth.

Asia-Pacific Anticipated to Dominate in Forecast Years

Geographically, Asia-Pacific holds a notable market share in the Global Electric Vehicle Charging Infrastructure Market. The price of gasoline in the Asia-Pacific countries is significantly increasing, owing to which the cost of operating an ICE passenger car has elevated. Thus, the consumers are seeking low-cost transportation solutions, and increasingly purchasing EVs. This is generating the need for the charging infrastructure within the region. Additionally, the official authorities of these countries are increasingly providing subsidies to ease the purchase of EVs in the region. This would continue to surge the growth of the EVs and the EV charging infrastructure in Asia-Pacific countries during forecast years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (ABB, Tesla, Eaton, Pod Point, General Electric, Schneider Electric, BYD, Siemens, Evgo, and EVBOX) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?