Electric Vehicle Charging Infrastructure Market Latest Trends and Growth Factors Analysis 2024 to 2031

Electric Vehicle Charging Infrastructure Market to reach over USD 257.49 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Electric Vehicle Charging Infrastructure Market Size, Share & Trends Analysis Report By Charger Type (Slow Charger And Fast Charger), Connector (Chademo, Combined Charging System (CCS)) And Application (Commercial And Residential)- Market Outlook And Industry Analysis 2031"

The global electric vehicle charging infrastructure market is estimated to reach over USD 257.49 billion by 2031, exhibiting a CAGR of 27.78% during the forecast period.

Get Free Access to Demo Report, Excel Pivot and ToC : https://www.insightaceanalytic.com/request-sample/1657

Plug-in electric cars are charged via an electric vehicle charging infrastructure, commonly referred to as electric vehicle supply equipment (EVSE). It is a crucial part of an electric vehicle system and needs appropriate foundational work and specialized electrical infrastructure at different levels of the distribution grid. The charging station is operated by an energy conversion system, facility metre, network operations centre, software application, energy controller, and energy conversion system connected to the power grid.

Due to considerations like sustainability and environmental friendliness, the development of electric vehicles has continuously increased, and the industry had considerable growth during the historical period. A significant demand for electric mobility also exists to combat rising carbon dioxide emissions and other dangerous, destructive pollution brought on by transportation. As a result, consumers are switching from internal combustion engine vehicles to electric ones, supporting their development to meet the expanding demands. Thus, there is a rising need for electric vehicle charging infrastructure in commercial and residential settings.

Expert Knowledge, Just a Click Away:https://calendly.com/insightaceanalytic/30min?month=2024-02

List of Prominent Players in the Electric Vehicle Charging Infrastructure Market:

• ABB Ltd.
• AeroVironment, Inc.
• BP Chargemaster
• ChargePoint, Inc.
• ClipperCreek, Inc.
• Eaton Corp.
• Electrify America LLC.
• EV Connect
• EVGO Services LLC.
• General Electric Company
• Greenlots
• Leviton Manufacturing Co., Inc.
• Opconnect, Inc
• Schneider Electric
• SemaConnect, Inc.
• Siemens AG
• Tesla, Inc.
• Webasto SE

Market Dynamics:
Drivers-
Rapidly increasing demand for access to charging stations as a result of increased attention being paid to green energy and lowering carbon emissions is a major driver anticipated supporting market revenue growth over the forecast period. Accessibility may be improved, and the use of electric vehicle adoption among consumers increased with the installation of charging stations at businesses and popular locations. To hasten the transition to electric mobility, a comprehensive and easily accessible charging infrastructure network is necessary. Another factor anticipated to fuel market growth over the forecast period is the implementation of government efforts to support the development of charging infrastructure networks as part of a strategy to decarbonize the transportation sector globally.

Challenges:
The inability to integrate charging stations into energy infrastructure effectively is severely hampered by the lack of standardized rules for backend communication networks, which also restricts access to cutting-edge grid-edge technologies. This is a major factor that is anticipated to limit the growth of the market's revenue to some extent over the forecast period. Other constraints that are anticipated to restrain market expansion include high upfront costs, a lack of network management systems for electric charging stations, and concerns about the safety of the infrastructure used to support electric car charging.

Regional Trends:
The Asia Pacific electric vehicle charging infrastructure market is predicted to register a significant market share in revenue and is projected to grow at a high CAGR shortly because China is developing its infrastructure for charging electric vehicles quickly. In addition, increased consumer demand for affordable electric vehicles for daily use is anticipated to support market revenue growth in the region going forward. The governments of nations like South Korea and Japan have also made plans to significantly increase the electric vehicle charging infrastructure number in their respective nations in the near future. Besides, the European region had a substantial share in the market. A lot of European nations have committed to increasing their electric vehicle stock and reducing their carbon emissions. The Automated and Electric Vehicles (AEV) Act, which the UK government enacted in July 2018, gives governments more power to ensure that EVCI is quickly implemented on highways and at fueling stations.

Unlock Your GTM Strategy: https://www.insightaceanalytic.com/customisation/1657

Recent Developments:
• In December 2022, by the end of 2023, 1,000 rapid charging zones will be established throughout India thanks to a partnership between Exponent Energy and Park+, a top automobile owner app.
In December 2021, to enable the charging stations, the US government enacted a law worth $1 trillion for infrastructure while also setting aside $5 billion to expand the country's charging infrastructure.

Segmentation of Electric Vehicle Charging Infrastructure Market-
By Charger Type
• Slow Charger
• Fast Charger
By Connector
• CHAdeMO
• Combined Charging System (CCS)
• Others
By Application
• Commercial
• Residential
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com

This release was published on openPR.