Electric Vehicle Charging Infrastructure Market is on an Upward Growth Curve

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 248.96 billion by 2031, exhibiting a CAGR of 28.12% during the forecast period.

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Plug-in electric vehicles (EVs) rely on electric vehicle charging infrastructure, commonly known as Electric Vehicle Supply Equipment (EVSE), to recharge. This infrastructure plays a vital role in the EV ecosystem, requiring suitable foundational work and specialized electrical components at various levels of the distribution grid. The charging station is powered by an energy conversion system, which is connected to the power grid and integrated with a facility meter, network operations center, software application, and energy controller to ensure seamless operation.

Driven by sustainability goals and environmental considerations, the electric vehicle sector has seen consistent growth, particularly in recent years. The increasing need for electric mobility has been spurred by concerns over rising carbon dioxide emissions and other harmful pollutants generated by traditional transportation methods. Consequently, consumers are transitioning from internal combustion engine vehicles to electric alternatives, further accelerating the demand for EVs and, in turn, driving the need for expanded electric vehicle charging infrastructure across both residential and commercial spaces.

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-
The growing demand for access to electric vehicle (EV) charging stations, driven by heightened focus on green energy and reducing carbon emissions, is a key factor expected to support market revenue growth over the forecast period. The installation of charging stations at businesses and high-traffic locations is likely to enhance accessibility, thereby increasing consumer adoption of electric vehicles. A robust and easily accessible network of charging infrastructure is essential to expedite the transition to electric mobility.

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Challenges:
A significant challenge to the growth of the EV charging infrastructure market is the lack of standardized protocols for backend communication networks, which hinders the effective integration of charging stations into existing energy infrastructure. This limitation restricts access to advanced grid-edge technologies and is expected to somewhat constrain market revenue growth. Other factors expected to impede market expansion include high initial capital costs, a shortage of network management systems for electric charging stations, and concerns surrounding the safety of the infrastructure supporting electric vehicle charging.

Regional Trends:
The electric vehicle charging infrastructure market in the Asia Pacific region is anticipated to capture a substantial market share and register a high compound annual growth rate (CAGR) in the near future, primarily due to China's rapid development of EV charging infrastructure. Additionally, increasing consumer demand for affordable electric vehicles is expected to bolster market revenue in the region. Governments in countries such as South Korea and Japan are also planning significant expansions of EV charging infrastructure in the coming years. Furthermore, Europe holds a notable share of the market, with several European nations committing to boosting their electric vehicle fleets and reducing carbon emissions. The UK government's Automated and Electric Vehicles (AEV) Act, introduced in July 2018, provides greater authority to ensure the swift implementation of electric vehicle charging infrastructure on highways and at fueling stations.

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.

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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

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This release was published on openPR.