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Electric Vehicle Charging Infrastructure Market Size, Key Drivers, Growth ,Analysis 2024-2033
Electric Vehicle Charging Infrastructure Market
According to The Business Research Company's, The electric vehicle charging infrastructure market size has grown exponentially in recent years. It will grow from $23.73 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 33.8%. The growth in the historic period can be attributed to environmental concerns, government incentives, reduced operating costs, energy independence, corporate initiatives, public awareness and acceptance.
The electric vehicle charging infrastructure market size is expected to see exponential growth in the next few years. It will grow to $90.15 billion in 2028 at a compound annual growth rate (CAGR) of 29.8. The growth in the forecast period can be attributed to growing EV market share, charging technology innovation, expansion of fast-charging networks, stakeholder collaboration, urban planning policies. Major trends in the forecast period include expansion of fast charging networks, integration with renewable energy sources, smart charging solutions and technology integration, focus on urban and workplace charging, battery technology advancements.
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Market Drivers and Trends:
The rising sales of electric vehicles are expected to propel the growth of the electric vehicle charging infrastructure market in the future. An electric vehicle refers to a vehicle that is powered by electricity stored in batteries or obtained from an external source, such as charging stations, rather than relying on internal combustion engines. The rising sales of electric vehicles can be attributed to increasing environmental awareness, government incentives, advancements in battery technology, decreasing costs of production, and a growing emphasis on sustainable transportation alternatives. Electric vehicles utilize charging infrastructure to replenish the battery energy, enabling convenient and efficient access to power for extended driving ranges. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric care total sales had more than tripled in three years, from around 4% in 2020 to 14% in 2022. Further, over 2.3 million electric cars were sold in the first quarter of 2022, about 25% more than in the same period last year. And it is expected to see 14 million sales by the end of 2023, representing 35% year-on-year. Therefore, the rising sales of electric vehicles are driving the growth of the electric vehicle charging infrastructure market.
Major companies operating in the electric vehicle charging infrastructure market are focusing on developing advanced solutions, such as electric vehicle charging fleet solutions, to address the growing demand for efficient and sustainable charging networks. The solution optimizes and manages charging infrastructure for electric fleets, enhancing efficiency and reducing downtime. For instance, in January 2022, AmpUp, a US-based electric vehicle charging provider, launched AmpUp Fleet Manager, the latest solution for managing electric vehicle (EV) charging fleets. This innovative platform caters to fleets of all sizes and is easily scalable to accommodate clients with a few electric vehicles or hundreds. AmpUp Fleet Manager has cutting-edge features to optimize vehicle and maintenance efficiency. These include a patented driver access and reservation feature, adaptive load management, charger prioritization, vehicle telematics, charge scheduling, vehicle-to-grid (V2G) integration, and customized optimizations for energy and operations.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Shell plc, PG and E Corp., Engie SA , Pod Point Ltd., Tesla Motors Inc., Siemens AG, General Electric Company, BYD Company, RWE AG, Schneider Electric SE, ABB Group, Eaton Corporation, Infineon Technologies AG, Delta Electronics Inc., Delphi Automotive LLP, TGOOD Global Ltd., Leviton Manufacturing Co. Inc., Alfen NV, AeroVironment Inc., Phihong USA Corp., Efacec Electric Mobility, LS Power Development LLC, Polarium Energy Solutions AB, ChargePoint Inc., Blink Charging, EVgo, SemaConnect Inc., BP Chargemaster Inc., ClipperCreek Inc., Greenlots
Electric Vehicle Charging Infrastructure Market 2024 Key Insights:
• The Electric Vehicle Charging Infrastructure Market is expected to grow to $90.15 billion in 2028 at a compound annual growth rate (CAGR) of 29.8%.
• Electric Vehicle Sales Surge Propels Electric Vehicle Charging Infrastructure Market
• Key Player Unveils Cutting-Edge Electric Vehicle Charging Solution For Fleet Optimization
• Asia-Pacific was the largest region in the electric vehicle charging infrastructure market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle charging infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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