Global Electric Vehicle Charging Infrastructure Market Research Report: Forecast (2024-2030)
Global Electric Vehicle Charging Infrastructure Market Report - By Charger Type (Wall Mounted, Pedestal Mounted, Roof Mounted), By Vehicle Type (Passenger Cars, Light Commercial Ve...hicles, Medium & Heavy Commercial Vehicles), By Location (Residential, Commercial), By Power Output (Upto 50kW, 50.1kW-300kW, Above 300kW), and Others Read more
- Automotive
- May 2024
- 185
- PDF, Excel, PPT
Market Definition
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 automobile 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.
Market Insights & Analysis: Global Electric Vehicle Charging Infrastructure Market (2024-30):
The Global Electric Vehicle Charging Infrastructure Market size is valued at USD 20.22 billion in 2023 & is estimated to grow at a CAGR of around 18.12% during the forecast period, i.e., 2024-30. The Global Electric Vehicle Charging Infrastructure market is witnessing significant growth due to factors such as the increasing transition towards sustainable & eco-friendly vehicles and the rising implementation of government policies to build charging stations.
In recent years, there has been a rise in transportation activities owing to which the carbon emission levels across the globe have significantly increased. According to the International Energy Agency (IEA), in 2023, the carbon emissions reached approximately 37.40 billion tonnes, an increase of about 250 million tonnes compared to 2022. These emissions result in environmental degradation & negatively impact human health by causing respiratory issues. Therefore, there is a meaningful need for electric mobility to resist these increasing levels of carbon dioxide emissions and other hazardous, harmful pollutants caused by transportation. Hence, individuals are transitioning from internal combustion engine vehicles to electric automobiles. Consequently, there is a growing demand for electric vehicle charging infrastructure across the globe, enlarging EV Charging Infrastructure Market Size.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2019-22 |
Base Year: 2023 | |
Forecast Period: 2024-30 | |
CAGR (2024-2030) | 18.12% |
Regions Covered | North America: USA, Canada, Mexico |
South America: Brazil, Argentina, Rest of South America | |
Europe: Germany, The UK, France, Italy, Spain, Rest of Europe | |
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
Middle East & Africa: Saudi Arabia, The UAE, South Africa, Rest of the Middle East & Africa | |
Key Companies Profiled | ABB, Tesla, Eaton, Pod Point, General Electric, Schneider Electric, BYD, Siemens, Evgo, and EVBOX |
Market Value (In 2023) | USD 20.22 Billion |
Moreover, the leading car developers are actively collaborating with the EV charging infrastructure companies to promote the EV charging stations' growth. For instance, in 2023, the popular car companies, Kia & Hyundai announced to use of the Tesla Charging Network for their EV range. Other than this, top companies are making rapid advancements in charging technologies to address the concerns of electric vehicle owners. These leading market players are increasingly upgrading Electric Vehicle Supply Equipment (EVSE) 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 nations are increasingly introducing campaigns to amplify the adoption of EVs. As a result, electric vehicles would soon become more common for intercity travel. The growth in overall development and adoption of electric vehicles would increase the requirement for charging solutions, thus boosting the EV charging industry and EV charging infrastructure market size in forecasting years.
Global Electric Vehicle Charging Infrastructure Market Driver:
Increasing Sales of Electric Vehicles to Support Market Growth – Countries like China, The US, and Germany are recording an increase in the sales of EVs. Based on the study conducted by the IEA, the sales of electric vehicles reached almost 14 million units in 2023 and the European countries, the US, and China accounted for almost 95% of the total EV sales. This burgeoning demand for electric automobiles is resulting in a higher demand for the proper charging infrastructure. As a result, companies are increasingly building EV charging stations in these regions.
Additionally, consumers in several regions are refraining from opting the EVs due to their limited range of issues. According to an online report by the leading car company, almost 40% of consumers worldwide experience range anxiety. Therefore, to eradicate these issues and boost electric vehicle sales, companies are increasingly building the largest EV stations, amplifying the Electric Vehicle Charging market.
Furthermore, as advanced technology is penetrating and propelling EV sales, technologically advanced charging infrastructures are also gaining traction. EV charging companies are integrating emerging technologies to provide consumers with options to discover local charging stations and receive real-time information on vacant slots. This convenience of schedule provided by the advanced EV charging stations would scale up the EV charging industry and drive the Global EV Charging Infrastructure Market.
Global Electric Vehicle Charging Infrastructure Market Opportunity:
Inclination Towards Vehicle-to-Grid (V2G) EV Charging Technology to Uplift Market Growth – Vehicle-to-grid (V2G) EV charging technology is emerging as one of the popular solutions to charge up EV vehicles. This technology allows electricity to flow bi-directionally between plug-in EVs and the power grid. Thereby, enabling unused energy to be stored and discharged into the power grid. This improves the performance of the charging infrastructure tremendously and also saves resources for EV owners. Along with it, this also helps in maintaining sustainability by reducing the consumption of resources. As a result, the governing authorities are increasingly encouraging companies to build EV charging stations based on this charging technology to align with the sustainability goals. This is providing a lucrative opportunity for the EV charging companies to set up their charging infrastructure in the regions where governments are providing a favorable business environment, augmenting the Global EV Charging Infrastructure market & EV charging infrastructure market size during the forecast period.
Global Electric Vehicle Charging Infrastructure Market Challenge:
High Costs & Compatibility Issues Hinder Market Growth – The charging requirement for every vehicle type is different since they need different types of chargers based on the voltages. As a result, there is a need to achieve uniformity in the charging stations for electric vehicles. Moreover, these charges are based on advanced technologies, owing to which the cost of the charging equipment as well as the complete cost of the charging infrastructure is relatively high. According to DIYguru Mobility Pvt Ltd., the overall price to establish a charging station in India is approximately USD66,000. These costs differ from nation to nation based on the availability of the chargers, land cost, and construction cost. This higher cost refrains the consumers from setting up a charging infrastructure, hampering market growth. Also, governments of underdeveloped countries have made getting a permit to install an electric vehicle charging station tedious, including various complex stages in the process, which is slowing down the EV charging industry's growth.
Global Electric Vehicle Charging Infrastructure Market Trend:
Introduction of Smart EV Charging Stations – 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 handle various critical electric signals such as erratic energy output and electricity fluctuation. This is turning EV charging into smart charging and establishing 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 rider and the charging station. This provides consumers more flexibility, owing to which, there has been a surge in the adoption and demand for such an effortless charging station across the globe, uplifting the electric vehicle charging stations market and leading to EV charging stations growth.
Global Electric Vehicle Charging Infrastructure Market (2024-30): Segmentation Analysis
The Global Electric Vehicle Charging Infrastructure Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the regional levels. Based on the analysis, the market has been further classified as:
Based on Location:
- Residential
- Commercial
Of them all, Commercial holds a dominant market share in the Global Electric Vehicle Charging Infrastructure market. With the momentous shift to electric vehicles, there is an increasing demand for public electric vehicle charging infrastructures. However, currently, the execution of charging infrastructure has yet to keep up with the rush in sales of electric automobiles. As per the Electric Mobility report, the US needs approximately 1.2 million public chargers. Therefore, the companies are laying growth strategies to set up the charging stations and cater to the growing demand for public charging stations. Additionally, several organizations across the globe have signed up the corporate sustainability goals to reduce their carbon footprint. Owing to this, these enterprises are actively encouraging employees to use sustainable means of transportation. Along with it, the enterprises are also setting up charging infrastructures within their commercial office building, enhancing the EV charging station shares and EV charging infrastructure forecast.
Further, as the cost of electric vehicles declines, their sales would witness a spike necessitating the demand for public charging stations, especially for multi-unit complexes. 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, boosting EV charging stations growth and the electric vehicle charging stations market.
Based on Charger Type:
- Wall Mounted
- Pedestal Mounted
- Roof Mounted
Among them, Pedestal Mounted holds a prominent market share in the Global Electric Vehicle Charging Infrastructure. These charger types typically do not require free wall-like wall-mounted chargers, making them suitable for commercial and industrial applications. Moreover, these chargers support the charging of about two vehicles at a time, whereas the wall-mounted chargers only support one EV charging at a single time. Therefore, in some high-density areas, the pedestal-mounted chargers are more suitable.
Further, the pedestal-mounted chargers have an integrated cable management system and provide ease of access to the consumers. Therefore, consumers are increasingly opting for the pedestal mounted, enhancing the EV charging stations growth and the EV charging market.
Global Electric Vehicle Charging Infrastructure Market (2024-30): Regional Projection
Geographically, the Global Electric Vehicle Charging Infrastructure Market expands across:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Geographically, Asia-Pacific holds a noteworthy market share in the Global Electric Vehicle Charging Infrastructure Market. The cost of fuel in these Asia-Pacific countries is rapidly increasing owing to which the consumers in these nations are seeking cost-effective automobiles. The operating cost of EVs is lower than that of fuel-based vehicles, therefore consumers are shifting towards these automobiles. To support these vehicles and ensure the smooth functioning of these vehicles even for longer routes is resulting in the companies establishing charging stations. For example, in 2020, the number of electric charging stations in Japan surpassed that of petrol stations with more than 40,000 outlets. Likewise, the other Asia-Pacific countries are also adding more charging points to promote the use of eco-friendly electric vehicles, enlarging the market size. Moreover, the private entities are planning to build the world's largest EV charging station in these countries which would continue to drive the market forward.
Global Electric Vehicle Charging Infrastructure Industry Recent Development:
- 2024 Years: ABB Launched a new charger that provides about 99% charging success rates, almost 97% uptime, and fast service response.
- 2023 Years: BYD Partnered with Raizen to create almost 600 charging stations in Brazil to facilitate the adoption of EVs in the country.
Gain a Competitive Edge with Our Global Electric Vehicle Charging Infrastructure Market Report
- Global Electric Vehicle Charging Infrastructure Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
- This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
- Global Electric Vehicle Charging Infrastructure Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.
Frequently Asked Questions
- Market Segmentation
- Introduction
- Market Definition
- Research Process
- Assumption
- Executive Summary
- Global Electric Vehicle Charging Infrastructure Market Trends & Insights
- Global Electric Vehicle Charging Infrastructure Market Dynamics
- Growth Drivers
- Challenges
- Global Electric Vehicle Charging Infrastructure Market Hotspot & Opportunities
- Global Electric Vehicle Charging Infrastructure Market Regulation & Policy
- Global Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Charger Type
- Wall Mounted- Market Size & Forecast 2019-2030, (USD Million)
- Pedestal Mounted- Market Size & Forecast 2019-2030, (USD Million)
- Roof Mounted- Market Size & Forecast 2019-2030, (USD Million)
- By Vehicle Type
- Passenger Cars- Market Size & Forecast 2019-2030, (USD Million)
- Light Commercial Vehicles- Market Size & Forecast 2019-2030, (USD Million)
- Medium & Heavy Commercial Vehicles- Market Size & Forecast 2019-2030, (USD Million)
- By Location
- Residential- Market Size & Forecast 2019-2030, (USD Million)
- Commercial- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output
- Upto 50kW- Market Size & Forecast 2019-2030, (USD Million)
- 50.1kW-300kW- Market Size & Forecast 2019-2030, (USD Million)
- Above 300kW- Market Size & Forecast 2019-2030, (USD Million)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
- By Company
- Competition Characteristics
- Revenue Shares
- By Charger Type
- Market Size & Analysis
- North America Electric Vehicle Charging Infrastructure Market Outlook, 2019- 2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Charger Type- Market Size & Forecast 2019-2030, (USD Million)
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output- Market Size & Forecast 2019-2030, (USD Million)
- By Country
- The US
- Canada
- Mexico
- The US Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Canada Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Mexico Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- South America Electric Vehicle Charging Infrastructure Market Outlook, 2019- 2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Charger Type- Market Size & Forecast 2019-2030, (USD Million)
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output- Market Size & Forecast 2019-2030, (USD Million)
- By Country
- Brazil
- Argentina
- Rest of South America
- Brazil Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Argentina Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- Europe Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Charger Type- Market Size & Forecast 2019-2030, (USD Million)
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output- Market Size & Forecast 2019-2030, (USD Million)
- By Country
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- The UK Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Germany Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- France Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Italy Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Spain Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- The Middle East & Africa Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Charger Type- Market Size & Forecast 2019-2030, (USD Million)
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output- Market Size & Forecast 2019-2030, (USD Million)
- By Country
- Saudi Arabia
- The UAE
- South Africa
- Rest of the Middle East & Africa
- Saudi Arabia Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- The UAE Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- South Africa Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- Asia-Pacific Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Share & Analysis
- By Charger Type- Market Size & Forecast 2019-2030, (USD Million)
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- By Power Output- Market Size & Forecast 2019-2030, (USD Million)
- By Country
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia-Pacific
- China Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Japan Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- South Korea Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- India Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Australia Electric Vehicle Charging Infrastructure Market Outlook, 2019-2030F
- Market Size & Analysis
- By Revenues (USD Million)
- Market Size & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2030, (USD Million)
- By Location- Market Size & Forecast 2019-2030, (USD Million)
- Market Size & Analysis
- Market Size & Analysis
- Global Electric Vehicle Charging Infrastructure Market Key Strategic Imperatives for Success & Growth
- Competitive Outlook
- Company Profiles
- ABB
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- BYD
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Eaton
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- EVBOX
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- EVgo
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- General Electric
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Pod Point
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Schneider Electric
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Siemens
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Tesla
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Others
- ABB
- Company Profiles
- Disclaimer