Published Date : 20 Jun 2022
The global electric vehicle charging infrastructure market size was estimated at US$ 19.51 billion in 2021 and it is projected to reach around US$ 115.47 billion by 2027 with a registered CAGR of 34.49% from 2021 to 2027.
The increased number of public and private sector measures targeted at encouraging consumers to transition to electric vehicles is largely responsible for the market's significant growth. As a result, there will be a considerable increase in the demand for electric vehicle charging infrastructure. Electric car demand has risen in tandem with a growing awareness of environmental sustainability and stringent pollution regulations implemented by a number of governments. While private companies concentrate on developing new electric vehicle chargers and charging stations, governments work with these companies to develop electric vehicle charging infrastructure. The electric car charging infrastructure industry will be propelled forward by increased demand for fuel-efficient and ecologically friendly vehicles, as well as government approval.
What are the key trends in the electric vehicle charging infrastructure market?
The demand for electric vehicle charging infrastructure is growing due to the rising adoption of electric vehicles globally. According to International Energy Agency (IEA), electric vehicle sales exceeded 2.1 million globally in 2019, surpassing 2018’s record year to bring the total stock to 7.2 million. Electric vehicles represented for 2.6% of global electric vehicle sales and around 1% of global vehicle supply in 2019, representing a 40% rise year over year. In addition, due to rising environmental concerns and issues regarding carbon and greenhouse gases emissions are also creating lucrative opportunities for the growth of global electric vehicle charging infrastructure market. The demand for electric vehicles is also increasing for residential and commercial purpose. The technological developments are also resulting into the growing demand for electric vehicle charging infrastructure in the global market.
The government of developed and developing regions is also taking constant efforts for the growth of electric vehicle industry. This factor is directly impacting the growth and expansion of global electric vehicle charging infrastructure market. The governments are also taking initiatives and are heavily investing in infrastructural projects. Moreover, major market players are trying to install electric vehicle charging stations similar to fuel or gasoline stations. The electric vehicle charging equipment with new and advance features are also being deployed as a part of electric vehicle charging infrastructure. Thus, due to growing government activities, the electric vehicle charging infrastructure are developed and designed all across the globe with more efficiency and effectively.
Scope of the Report
|Market Size in 2021
|USD 19.51 Billion
|Revenue Forecast by 2027
|USD 115.47 Billion
|34.49% from 2021 to 2027
|Asia Pacific Market Share in 2020
|Commercial Segmnet Market Share in 2020
|ABB, BP Chargemaster, ChargePoint, Inc., ClipperCreek, Inc., Eaton Corp., General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Siemens AG, Tesla, Inc., Webasto SE
What are the challenges in the electric vehicle charging infrastructure market?
There are many factors that are hindering the growth of global electric vehicle charging infrastructure market. Those factors are operating costs and capital costs. The electric vehicle chargers or charging equipment as well as any necessary changes to the local power infrastructure, civil works, and land are all included in the capital costs for a charger. The charging hardware makes up the majority of the capital cost. The charging station labor is relatively inexpensive. They are usually self-serve and require less maintenance than fuel or gas pumps. The charging points are connected to a local electrical grid, on the other hand, are subject to capacity changes, which are intended to offset the expense of utility modifications required to support them. In addition, lack of resources for development of electric vehicle charging station also hinders the growth of global electric vehicle charging infrastructure market. The market players are collaborating with government agencies for the expansion of electric vehicle charging station industry. But these efforts are not enough for the growth and development of electric vehicle charging infrastructure in the global market.
Which regions are driving theelectric vehicle charging infrastructure trend?
Among all the regions, the Asia-Pacific is contributing greatly towards the growth of global electric vehicle charging infrastructure market. The nations such as Japan, India, China, and South Korea are fastest developing countries with strong government norms for adoption of electric vehicles on a large scale. The government of these nations is taking initiatives for the adoption of electric vehicles by providing subsidies and tax rebates. This strategy attracts original equipment manufacturers to manufacture electric vehicles with rapid growth rate. Thus, this factor is providing positive outlook for the development of electric vehicle charging infrastructure market in Asia-Pacific region.
The other regions such as Europe and North America regions hold substantial share in the global electric vehicle charging infrastructure market. European region has the existence of major market players operating in the electric vehicle charging infrastructure market. This region is adopting electric vehicles and hybrid vehicles on a large scale. Moreover, the government is also providing tax incentives for it. That’s the reason, the market for electric vehicle charging infrastructure is growing in Europe region. The market for electric vehicle charging infrastructure is growing in North America region due to growing government regulations and norms against vehicle emissions and the adoption of technological advancements. In addition, growing number of original equipment manufacturers in the region are creating lucrative prospects for the electric vehicle charging infrastructure market growth.
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