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Electric Vehicle Charging Infrastructure Market Know the Scope and Trends
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.
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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.
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 emphasis on sustainable energy solutions and the reduction of carbon emissions is significantly driving the demand for electric vehicle (EV) charging stations. This trend is expected to contribute to notable market revenue growth over the forecast period. Enhancing the accessibility of charging infrastructure at commercial establishments and high-traffic public areas can facilitate broader EV adoption among consumers.
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Challenges:
One of the primary challenges impeding the seamless integration of EV charging stations into existing energy infrastructure is the absence of standardized backend communication protocols. This lack of standardization restricts the deployment of advanced grid-edge technologies and limits overall system efficiency.
Regional Trends:
The Asia Pacific region is projected to capture a significant share of the EV charging infrastructure market, with strong revenue growth anticipated in the near term. This growth is driven by rapid infrastructure development in countries such as China, alongside increasing consumer demand for affordable, daily-use electric vehicles. Governments in nations like South Korea and Japan have also announced strategic plans to expand national charging networks to support wider EV adoption.
In Europe, the market has demonstrated substantial progress, supported by commitments from several countries to scale up electric vehicle usage and lower greenhouse gas emissions.
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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