Press release
Global Electric Vehicle Charging Infrastructure Market Size to Grow at a CAGR of 31.40% Between 2024 and 2032
The key highlights of the report include:
Market Overview (2018-2032)
• Forecast CAGR (2024-2032): 31.40%
Some of the key electric vehicle charging infrastructure market trends include the growing eco-consciousness, rising fuel costs, and the surging adoption of electric vehicles. Governments globally are also introducing favourable initiatives for expanding the private and public electric vehicle charging infrastructure.
In the residential sector, the demand for EV charging stations has significantly increased as customers prefer to charge their electric vehicles at home for enhanced convenience. EV charging stations installed at homes can also be connected to renewable energy resources like solar panels to bolster the cost-effectiveness of charging electric vehicles.
There is a rising awareness regarding the cost and environmental benefits of EV adoption. Various governments are also offering incentives to promote the adoption of electric vehicles to meet their sustainability goals. Moreover, manufacturers are introducing diverse models of electric vehicles, such factors are bolstering the requirement for adequate EV charging stations to enable long-distance travel.
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Electric Vehicle Charging Infrastructure Industry Definition and Major Segments
Electric vehicle charging infrastructure refers to facilities that recharge electric vehicles through an electricity source. It is integral to enhance the sustainability of the transportation sector, reduce the dependency on costly fossil fuels, and surge the usage of green transport modes. EV charging stations can be installed in commercial areas, like shopping centres and offices, as well as residential areas, like homes.
The market, on the basis of charger type, is categorised into:
• Slow Charger
• Fast Charger
Based on connector type, the market is divided into:
• CHAdeMO
• Combined Charging System (CCS)
• Others
By application, the market is segmented into:
• Commercial
• Residential
The major regional markets of electric vehicle charging infrastructure include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Electric Vehicle Charging Infrastructure Market Trends
In workplaces and retail spaces, the installation of electric vehicle charging stations to enhance the convenience of employees and customers while increasing the property value is significantly rising. In addition, the innovations aimed at enhancing the charging speed of electric vehicles and improving the efficiency of these infrastructure are anticipated to bolster the electric vehicle charging infrastructure market.
Advancements in EV charging technology, such as smart EV charging and EV charging management, among others, are optimising EV charging. Besides, there is a growing deployment of advanced features, including network connectivity, smart metering, as well as cellular capability, among others, in electric vehicle charging stations.
Over the forecast period, the electric vehicle charging infrastructure market is likely to benefit from the rising electrification of roads and transportation, the development of wireless and automated charging stations, and the surging scalability and reliability of charging infrastructure.
Key Market Players
The major players in the electric vehicle charging infrastructure market report are ABB Ltd., General Electric Company, Schneider Electric, ChargePoint, Inc., Tesla, Inc., Leviton Manufacturing Co., Inc., and Sicon Chat Union Electric Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter's Five Forces Models.
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