Electric Vehicle Charging Infrastructure Industry Overview
The global electric vehicle charging infrastructure market size was valued at USD 19.26 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.6% from 2022 to 2030.
The rising levels of carbon emissions and other harmful gases stemming from transportation have triggered the necessity of adopting electric vehicles. Hence, the demand for an Electric Vehicle (EV) charging infrastructure in commercial and residential applications is on the rise. Moreover, increasing partnerships among car manufacturers for charging facilities by providing a subscription model is further expected to drive the market growth.
The technological progress of both electric vehicle charging software and hardware is expected to change the way EV owners use and benefit from electric vehicle charging applications. Technologies such as Smartcar API and charging networks precisely determine an electric vehicle’s charge time even before the car driver plugs the car into a station.
Gather more insights about the market drivers, restrains and growth of the Global Electric Vehicle Charging Infrastructure Market
Additionally, green energy is expected to play a significant role in both public and residential electric vehicle charging spaces. EV owners are majorly concerned about carbon emissions. To address these concerns, companies are making rapid advancements in the charging technologies of their electric vehicle charging networks.
The market penetration of EV charging equipment is significantly high in commercial spaces as compared to residential places. The number of commercial charging stations is predicted to increase in line with the growing adoption of electric vehicles. Efforts toward strengthening the charging infrastructure in commercial spaces would be decisive in encouraging the adoption of EV, as overnight charging at residential complexes or individual homes would not be sufficient for long-distance journeys.
Moreover, public charging infrastructure would also facilitate the ultra-fast charging capabilities necessary for long-distance journeys. However, EV chargers for residential spaces can also offer significant growth potential as they provide a cheaper and more convenient mode for charging electric vehicles as compared to commercial charging stations.
EVCI manufacturers are collaborating with the car rental service to integrate chargers into the existing infrastructure. For instance, In January 2020, Eaton announced its partnership with Green Motion car rental service provider to provide integrated chargers into the building with energy storage. Various automotive manufacturers, such as Volkswagen Group, BMW Group, and General Motors, among others, are investing in the development of Car2X technology for charging infrastructure which is further driving the growth.
Countries such as France, India, the Netherlands, and Canada have introduced several campaigns to boost the adoption of electric vehicles. However, due to the COVID-19 outbreak, the global automobile industry is expected to face a slowdown as several countries across the globe have restricted the production of EVs. This is expected to adversely impact the electric vehicle charging infrastructure market.
As governments across the globe are focusing on emerging from the pandemic with a stronger and more resilient economy, EVs are expected to continue to gain significant attention. For instance, in the U.S., California is emerging with strong electric vehicle targets, which is expected to have a positive impact post-pandemic and boost the growth of the market.
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- Electric Vehicle Market – The global electric vehicle market demand was estimated at 2,373.5 thousand units in 2019 and is expected to witness a CAGR of 41.5% 2020 to 2027. The market is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs).
- Car Rental Market – The global car rental market size was valued at USD 98.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028. A significant rise in the number of people taking business and leisure trips across the globe is driving the demand for car rental services, thereby propelling the industry’s growth.
Electric Vehicle Charging Infrastructure Market Segmentation
Grand View Research has segmented the global electric vehicle charging infrastructure market based on charger type, connector, application, and region:
EV Charging Infrastructure Charger Type Outlook (Volume, Units, Revenue, USD Million, 2017 – 2030)
EV Charging Infrastructure Connector Outlook (Volume, Units, Revenue, USD Million, 2017 – 2030)
EV Charging Infrastructure Application Outlook (Volume, Units, Revenue, USD Million, 2017 – 2030)
EV Charging Infrastructure Regional Outlook (Volume, Units, Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
Market Share Insights
- July 2018: the U.K. government passed the Automated and Electric Vehicles (AEV) Act. It provides the government with new powers to ensure the rapid development of EVCI on motorways and fuel stations.
- October 2014: Germany established the German National Platform for Electric Mobility, an advisory body of the German Government, to analyze the development of electric mobility and the development of publicly accessible electric vehicle charging infrastructure.
Key Companies profiled:
Some prominent players in the global electric vehicle charging infrastructure market include
- AeroVironment, Inc.
- BP Chargemaster
- ChargePoint, Inc.
- ClipperCreek, Inc.
- Eaton Corp.
- General Electric Company
- Leviton Manufacturing Co., Inc.
- SemaConnect, Inc.
- Schneider Electric
- Siemens AG
- Tesla, Inc.
- Webasto SE
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