USD 31.39 billion
Electric Vehicle (EV) Charging Infrastructure Market Size, Share, Growth Analysis, By Charger Type(Slow, Fast), Charging Mode(AC, DC), Connector(CHAdeMO, CCS, Others), Installation Type, Level of Charging, Connectivity, Operation Mode, Deployment, Application, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2045 |
Region:
Global |
Published Date: July, 2024
Pages:
243
|Tables:
142
|Figures:
78
Electric Vehicle (EV) Charging Infrastructure Market Insights
Electric Vehicle Charging Infrastructure Market size was valued at USD 31.39 billion in 2022 and is poised to grow from USD 39.44 billion in 2023 to USD 121.09 billion by 2031, growing at a CAGR of 25.5% in the forecast period (2024-2031).
Electric vehicles, neighbourhood EVs, and plug-in hybrids can all be charged using an electric vehicle charging station. While some charging stations are more complex than others, some offer cutting-edge technologies like smart metres, cell phone connectivity, and network access.
The electric vehicle (EV) market is growing rapidly all around the world, but especially in China and the US. The EV charging market is a dynamic one with many different applications. The growth of automobile charging stations is greatly influenced by government initiatives in many different nations. For an instance, China's central government has sanctioned the creation of fast-charging stations through national policies. Similar to China, the US government plays a crucial role in developing EV charging stations by setting mandatory criteria and allocating cash. The consumers are forced to rely solely on the charging options accessible at their homes and places of employment because there are still not enough commercial charging stations in several nations and areas.
Additionally, the market growth would be helped by the growing advancement in communication technologies, such as real-time data on all-electric car charging stations for smart connection. However, the load curve and the rising number of transformer levels.
US Electric Vehicle (EV) Charging Infrastructure Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fast Charger
Fastest Growth
Fast Charger
Growth Rate
25.5% CAGR
Global Electric Vehicle Charging Infrastructure Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Vehicle (EV) Charging Infrastructure Market Segmental Analysis
Electric Vehicle Charging Infrastructure Market is segmented based on the Charger Type, Charging type, installation Type, Connector, level of charging, connectivity, operation, deployment, Application, and region. Based on Charger Type market is segmented into Slow Charger, Fast Charger. Based on the Charging type into AC, DC. Based on the installation type into fixed, portable. Based on the connector into CHAdeMO, CCS, Others. Based on level of charging the market is segmented into Level 1, Level 2, Level 3. Based on connectivity the market is segmented into Non-connected, Charging Stations, Connected Charging Stations. Based on Operation the market is segmented into Mode 1, Mode 2, Mode 3, Mode 4. Based on deployment the market is segmented into Private, Semi-Public, Public. Based on the Application into Commercial (Destination Charging Stations, Highway Charging Stations, Bus Charging Stations, Fleet Charging Stations, Other Charging Stations), Residential (Private Houses, Apartments/Societies). Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Charger Type
In 2023, the fast charger domain dominated the market, securing 72.4% of the global revenue. This sector is also forecasted to experience the highest CAGR during the prediction period. The surge is driven by increasing governmental initiatives to expedite the rollout of public fast-charging infrastructures. Numerous organizations have implemented Level 3 DC fast chargers or Level 2 AC charging stations, which can recharge an electric vehicle within 30 minutes to 4 hours. Moreover, automakers are focusing on installing EV charging stations for employees to promote their electric cars and public charging stations. For instance, General Motors Company's installation of 100 Level 2 EV charging stations at its Detroit facility parking lots has spurred demand for its Chevrolet Volt cars among employees.
The slow charger market is projected to grow at a notable CAGR throughout the forecast period. Predominantly adopted for residential use, slow chargers are utilized for overnight charging. Additionally, major EV manufacturers such as BMW, General Motors, and Volkswagen Group provide slow chargers with their electric vehicles, further propelling segment growth. For example, General Motors includes a slow charger with the purchase of its electric car models.
Analysis by Connector Type
In 2023, the non-connected charging stations segment commanded the largest share of market revenue. Known also as standalone or non-networked charging solutions, these provide a secure and straightforward charging experience devoid of the recurring fees associated with networked systems. They emulate the familiar fuel pump experience, allowing consumers to pay per use. Some even integrate hardware with software platforms for monitoring charger health and diagnostics. With lower installation and maintenance costs due to the absence of networking fees, these chargers offer an economical and hassle-free solution, expected to bolster their growth during the forecast period.
Conversely, connected charging stations are anticipated to exhibit the fastest CAGR in the upcoming years. These networked chargers are managed via sophisticated software systems, endowing electric vehicles with enhanced capabilities. Site hosts benefit from advanced analytics, energy management, remote oversight, and around-the-clock customer support, while drivers can locate and reserve charging spots through applications. As the population of electric vehicle users swells, the demand for such features will surge, propelling the adoption of connected charging solutions in the forecast period.
Global Electric Vehicle Charging Infrastructure Market By Charger Type(%)
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Electric Vehicle (EV) Charging Infrastructure Market Regional Insights
In 2023, Asia Pacific led the market, capturing 67.4% of the revenue. Nations like China, Japan, and South Korea, pivotal in the EV industry, are significantly investing in charging infrastructure. For instance, China's government announced in January 2022 its plan to invest in EV infrastructure, aiming to support 20 million EVs by 2025. South Korea committed around USD 180.3 million to expand its EV charging network to promote eco-friendly transportation. Additionally, in 2020, Japan's electric charging stations surpassed petrol stations, exceeding 40,000 outlets. These initiatives drive the growth of the Asia Pacific EV charging market.
Europe is projected to experience substantial growth in the EV charging market. Many European nations have set ambitious carbon reduction and electric vehicle targets for 2020. For example, the U.K. government's Automated and Electric Vehicles (AEV) Act, passed in July 2018, empowers the government to expedite the development of EV charging infrastructure on motorways and fuel stations. France, Germany, Belgium, and other European countries are also enhancing EV charging infrastructure to ensure compatibility across various EV models, thereby boosting the growth of Europe's EV charging infrastructure market.
Global Electric Vehicle Charging Infrastructure Market By Geography
- Largest
- Fastest
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Electric Vehicle (EV) Charging Infrastructure Market Dynamics
Electric Vehicle (EV) Charging Infrastructure Market Drivers:
Rise in the sales of electric vehicle globally
- It has been seen in recent years that acceptance and use of electric vehicles have increased and hence, the progress of charging infrastructure development. China, United States, and Germany are among the leading countries that are investing heavily in the establishment of EV’s charging stations and research to enhance a faster and efficient process of charging the EV’s.
Technological advancement
- The advancements in the technologies like incorporating all-EV charging station system with IoT and real-time information are considerably paving the progress in the market. Through the use of these technologies, the clients have the ability to quickly locate some of the charge stations near them, determine the availability of vacant places, and possibly time their refueling needs.
Restraint:
Dearth of standardization of current electric vehicle charging infrastructure
- The market will experience sluggish growth with existing charging infrastructure for electric vehicles yet largely unstandardized. The fluctuation in charging loads and the growth and development of the market for electric vehicles have led to discussions on an awareness of the need for standardization across stations for charging. The infrastructural aspect of charging stations is still tightly regulated which will be an agent of slow development in the market. In addition to this, restrictions such as low power grid infrastructure and high cost of EV compared to ICE vehicles will also act to limit market growth.
High Installation Costs
- One significant restraint, affecting the development of the charging infrastructure for EV infrastructure charging market are the high installation costs. Due to the large scale nature of charging infrastructure, including Fast Chargers, the installation costs heavily for hardware and support structure. These costs, especially the deployment cost can pose as a challenge for small businesses and municipalities thus the deceleration of expansion of an adequate charging infrastructure that is central in the deployment of adequate charging network for the use of EVs.
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Electric Vehicle (EV) Charging Infrastructure Market Competitive Landscape
The competitive landscape for the market for electric vehicle charging stations provides information by competitor. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. Only the companies' market focus on electric vehicle charging stations is covered by the data points mentioned above.
Electric Vehicle (EV) Charging Infrastructure Market Top Player's Company Profiles
- ChargePoint (USA)
- Tesla (USA)
- EVBox (Netherlands)
- ABB (Switzerland)
- Enel X (Italy)
- Schneider Electric (France)
- Efacec (Portugal)
- Webasto (Germany)
- Siemens (Germany)
- Blink Charging (USA)
- E.ON (Germany)
- Delta Electronics (Taiwan)
- Tritium (Australia)
- NewMotion (Netherlands)
- ClipperCreek (USA)
- Allego (Netherlands)
- SemaConnect (USA)
- JuiceBox (USA)
- Greenlots (USA)
- Chargefox (New Zealand)
Electric Vehicle (EV) Charging Infrastructure Market Recent Developments
-
In April 2023, ABB Ltd.’s ABB E-mobility division entered a Memorandum of Understanding (MoU) with PLN Icon Plus, a subsidiary of PT PLN Persero, to collaborate on enhancing EV charging infrastructure in Indonesia.
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In February 2023, ChargePoint Holdings, Inc. and Fisker, Inc., an automotive company, announced a partnership aimed at enhancing the driving experience for Fisker Ocean owners. This agreement intends to ensure Fisker Ocean drivers have easy and seamless access to charging facilities.
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On June 2024 American-German EV charging infrastructure provider EcoG has announced the acquisition of Josev, a pioneering EV charger operating system (OS).
Electric Vehicle (EV) Charging Infrastructure Key Market Trends
- Expansion of Ultra-Fast Charging Stations: A key trend in the EV charging infrastructure market is the expansion of ultra-fast charging stations. These stations significantly reduce charging times, addressing one of the main concerns of EV users. By providing quicker charging solutions, they enhance convenience and encourage more drivers to switch to electric vehicles. This trend is supported by technological advancements and substantial investments from both government and private sectors.
- Integration of Renewable Energy Sources: Another important trend is the integration of renewable energy sources into EV charging infrastructure. Charging stations powered by solar, wind, or other renewable energy sources help reduce the carbon footprint of electric vehicles. This approach aligns with global sustainability goals and attracts environmentally conscious consumers. Moreover, it offers long-term cost benefits and energy independence, making EV charging more sustainable and economically viable.
Electric Vehicle (EV) Charging Infrastructure Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our electric vehicle charging infrastructure market analysis, the development of a strong infrastructure to support the needs of these vehicles is a priority for manufacturers as sales of electric vehicles increase globally. The creation of suitable charging infrastructure is required by the rising popularity of electric vehicles. To meet customer demand, significant advancements in home and commercial charging are also expected during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 31.39 billion |
| Market size value in 2031 | USD 121.09 billion |
| Growth Rate | 25.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Vehicle (EV) Charging Infrastructure Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Vehicle (EV) Charging Infrastructure Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Vehicle (EV) Charging Infrastructure Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle (EV) Charging Infrastructure Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Charging Infrastructure Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Vehicle (EV) Charging Infrastructure Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Electric Vehicle (EV) Charging Infrastructure Market Report Snapshots
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