An Electric vehicle charging infrastructure, also known as electric vehicle supply equipment (EVSE), is a device that charges plug-in electric automobiles. It is a core component of an electrified automobiles system and requires adequate groundwork and dedicated electrical infrastructure at various levels of the distribution grid. The charging station is run by a software application, energy controller, facility meter, network operations center, and energy conversion system connected to the power grid. In addition, some infrastructures have advanced features such as smart metering, cellular capability, and network connectivity.
The Global Electric Vehicle Charging Infrastructure Market is projected to grow at a CAGR of more than 35% during the forecast period, i.e., 2023-28. The market witnessed significant growth during the historical period. Due to the factors such as sustainability and eco-friendliness, the development of electric vehicles has constantly been rising. In addition, there is a meaningful need for electric mobility to resist the increasing levels of carbon dioxide emissions and other hazardous, harmful pollutants caused by transportation. Accordingly, there is a consumption shift from internal combustion engine vehicles to electric vehicles, thus bolstering its advancement to cater to the proliferating needs. Consequently, there is a growing demand for electric vehicle charging infrastructure in industrial and residential applications.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: USA, Canada, Mexico|
|South America: Brazil, Rest of South America|
|Europe: The UK, Germany, France, The Netherlands, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|Middle East & Africa: GCC, Rest of Middle East & Africa|
|Key Companies Profiled||ABB, Tesla, Eaton, Pod Point, General Electric, Schneider Electric, BYD, Siemens, Evgo, and EVBOX|
|Unit Denominations||USD Million/Billion|
Moreover, the collaboration among car developers for charging infrastructure via subscription is estimated to promote the growth of electric vehicle charging infrastructure. Other than this, companies are making rapid advancements in charging technologies to address the concerns of electric vehicle owners. Companies are increasingly upgrading Electric Vehicle Supply Equipment (EVSE) in order to make them more convenient for long-distance travel. For instance, Tesla has enabled enhanced compatibility for its electric vehicles with public charging systems. In fact, these companies are also collaborating with car rental services to install chargers into existing infrastructures.
Additionally, several countries have introduced campaigns to amplify the adoption of electric vehicles. Electric vehicles would soon become more common for intercity travel as manufacturers invest in research and development costs focused mainly on providing better-charging solutions. The growth in overall development and adoption of electric vehicles in the automotive industry will increase the requirement for charging solutions, thus propelling the market during the forecasting years.
Key Trends in the Global Electric Vehicle Charging Infrastructure Market
The latest EV charging stations have advanced features such as smart metering and better cellular capability. In addition, these infrastructures are enabled with better back-end technology that provides real-time data from linked charging devices. As a result, such infrastructures can handle various signals such as erratic energy output, electricity fluctuation, multiple vehicle charging, and the use of electrical equipment in nearby sites, as the stations are connected to the cloud. This turns EV charging into smart charging and establishes a more sustainable energy system based on renewable energy sources. Also, smart EV charging infrastructure automatically identifies the electric vehicle alongside the driver and establishes the link between the two and the charging station. The adoption and demand for such an effortless charging experience could further push the industry's growth forward.
There has been a substantial shift towards hassle-free and more convenient technological charging options amongst various devices. Wireless Power Transfer (WPT) technology allows electricity to be wirelessly transferred from a transmitter to a receiver. WPT has gained traction in the past few years as it reduces wire irritation. Given its superior energy efficiency, it has also witnessed adoption for medium-high power transfer in electric vehicle charging.
Based on Location,
Between the two, the Commercial segment is expected to witness predominant growth during the forecasting years. With the momentous shift to electric vehicles, there is an increasing demand for public electric vehicle charging infrastructures. Currently, the execution of charging infrastructure has yet to keep up with the rush in sales of electric automobiles. As the cost of electric vehicles fluctuates and falls, reaching new markets, the demand for public charging stations would only increase, especially for multi-unit building residents. Moreover, retailers would be the best prospects, serving as site hosts for electric vehicle charging stations. As they can gain customers by adding electric vehicle charging sites to their stores, it would benefit the retailer, the electric vehicle user, and the market.
Geographically, the Global Electric Vehicle Charging Infrastructure Market expands across:
Here, the Asia Pacific would dominate the market as it is on the verge of a significant electric vehicle revolution. For example, China already has the most electric vehicle charging infrastructures and plans to add more. Similarly, Japan is also carrying out initiatives to turn the country carbon neutral by 2050 and has adopted the construction of several charging stations. In 2020, the number of electric charging stations in Japan surpassed that of petrol stations with more than 40,000 outlets. Likewise, South Korea has also added more charging infrastructures to promote the use of eco-friendly electric vehicles. Along similar lines, India has also recognized the growth potential of EVs. Thus, undertaken initiatives to encourage them to the consumers, which would lead to more installation of charging units. These factors would drive the market forward.
Recent Developments in the Global Electric Vehicle Charging Infrastructure Market
Key Driver: Heightened Sales of Electric Vehicles
Countries like China, The United States, and Germany are spending heavily on research and development of electric vehicle charging infrastructures. Furthermore, as advanced technology has infiltrated and propelled EV sales, technologically advanced charging infrastructures are also gaining traction. Further, with options to discover local charging stations, providing real-time information on vacant slots, and the convenience of scheduling, the industry shall confront up scaled demand and growth in further years. Furthermore, with the implementation of various government initiatives to choose electric vehicles, the market would grow as the need for supercharging stations increases.
Possible Restraint: Barriers to Modifying Current EV Charging Infrastructure
There is a need to achieve uniformity in the variations of charging infrastructure for electric vehicles. For example, certain charging stations may be compatible with only certain types of voltage, differing from various kinds of electric vehicles. Since the developers can choose the charging method to their preference, the lack of standardization would likely impact the installation of charging stations. Also, governments of different countries have made getting a permit to install an electric vehicle charging station tedious, including various complex stages in the process. In addition, the high cost of installing an EV charging station would hamper the industry in the forthcoming years.
Growth Opportunities: The Proliferation of Vehicle-To-Grid (V2G) EV Charging Technology
Vehicle-to-grid (V2G) EV charging technology allows electricity to flow bi-directionally between plug-in EVs and the power grid. Thus, enabling unused energy to be stored and discharged into the power grid. This would improve the performance of the charging infrastructure tremendously, also saving resources for EV owners. This sustainable way of charging is anticipated to emerge as an area of remunerative opportunities for the leading players in the Market during the forecast period.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Electric Vehicle Charging Infrastructure Market is projected to grow at a CAGR of more than 35% during 2023-28.
A. Heightened electric vehicle sales in support of green energy protection are expected to drive the Electric Vehicle Charging Infrastructure Market during 2023-28.
A. ABB, Tesla, Eaton, Pod Point, General Electric, Schneider Electric, BYD, Siemens, Evgo, and EVBOX are the top players in the market during, 2023-28.
A. Commercial location is anticipated to emerge as an area of remunerative opportunities for the leading players in the Electric Vehicle Charging Infrastructure Market during the forecast period.
A. Globally, the Asia-pacific region would provide lucrative prospects for the Electric Vehicle Charging Infrastructure Market in the years ahead.
A. Smart EV charging stations paired with Wireless charging options are shaping the growth of the Electric Vehicle Charging Infrastructure Market during 2023-28.
A. The proliferation of Vehicle-To-Grid (V2G) EV charging technology is expected to bolster the industry growth through 2028.
A. Lack of uniformity and obstacle to modifying current EV charging infrastructure will be affecting the growth of the Electric Vehicle Charging Infrastructure Market during 2023-28.