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EV Charging Infrastructure Market Size By Charger Type (Slow Charger and Fast Charger), By Connector (Combined Charging Systems, CHAdeMO, and Others), By Application (Residential and Commercial), Regions, Segmentation, and Projection till 2030

CAGR: 31.2%Current Market Size: USD 25.56 BillionFastest Growing Region: Europe

Largest Market: APACProjection Time: 2023-2030Base Year: 2022

Global EV Charging Infrastructure Market- Market Overview:

The global EV charging infrastructure market is expected to grow from USD 25.56 billion in 2022 to USD 224.4 billion by 2030, at a CAGR of 31.2% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising awareness among consumers about the benefits of using EVs on the environment.

The term "electric vehicle" refers to a vehicle with an electric motor that draws its power from a battery and can be recharged externally. Instead of using fossil fuels such as petrol or diesel, electric vehicles charge their batteries with electricity. Electric vehicles are more efficient, which means that charging an electric vehicle is more economical than filling a petrol or diesel car. In the global EV charging infrastructure market, some key factors include growing awareness about creating sustainable environmental conditions, urbanization, and industrialization. Technology is continuing to advance and electric cars are growing in popularity, so the charging infrastructure is expected to evolve as well. The use of green energy will also play a crucial role in charging electric vehicles at home as well as in the public sector since electric vehicle consumers are concerned about carbon dioxide emissions. To solve these challenges, manufacturers are rapidly updating the charging mechanisms utilized by electric vehicle charging infrastructures. A public charging infrastructure would also make it possible to charge electric vehicles at ultra-fast speeds that are essential for long-distance trips, but electric vehicle chargers that are available for residential spaces can also have significant growth potential as they offer a cheaper and more convenient method of charging than commercial charging stations.

Sample Request: - Global EV Charging Infrastructure Market

Market Dynamics:

Drivers:                          

  • Rising adoption of electronic vehicles

Electric mobility adoption and sales are rapidly expanding as well as legislation, incentives, and policies encouraging EV usage. Some of the primary factors driving the EV charging infrastructure market trend are exemptions from registration plate lotteries, admission to limited traffic areas, and so forth. Further, the market is expanding due to collaboration among vehicle manufacturers, OEMs, and charging system developers.

Restraints:                                             

  • Driving range of electric vehicles is less

The driving range of electric cars is shorter than that of conventional cars. Electric cars can be convenient for short-distance travel, but not so convenient for long-distance travel. Long-distance travellers are concerned about finding charging stations in the middle of their journey, which isn’t always accessible.

Opportunities:

  • Increasing power stations

Electric vehicle purchasers all over the world depend on the availability of public electric vehicle charging stations. Public charging access to fast charging is one of the most important criteria when purchasing an electric vehicle. Public charging stations will grow in revenue due to the increasing number of EV users, which means the installation of public charging stations is on the rise.

Challenges:

  • High Cost

The global EV charging infrastructure market is witnessing immense growth. But there will be challenges in the electric vehicle charging stations market during the Projection period due to the high initial cost of EVs compared to ICE vehicles and stringent rules for installing charging stations for electric vehicles. All these factors are hampering the growth of the market.

Segmentation Analysis:

The global EV charging infrastructure market has been segmented based on charger type, connector type, application, and region.

By Charger Type

The charger type segment includes slow chargers and fast chargers. The fast charger segment led the largest share of the global EV charging infrastructure market with a market share of around 41% in 2022. There is a large market share for fast chargers in the electric vehicle charging infrastructure market, which is due to the fact that it takes less than an hour to charge an electric car with a battery pack of approximately 30 kWh up to 80 percent using a Fast Charger (50 kW). In comparison with traditional AC charging stations, DC fast chargers charge passenger electric vehicles up to 80 percent in 15 to 45 minutes, so you can charge your car on the go quick and easily.

By Connector Type

The connector type segment includes combined charging systems, CHAdeMO, and others. The combined charging system segment led the largest share of the global EV charging infrastructure market with a market share of around 41% in 2022. The 'combined' connector uses a slow-charging Type 2 connector as a base. It adds two extra DC power lines, which can be charged at higher voltages than the standard connector. As a result, the combined charging system (CCS) charging socket uses shared communications pins to combine AC and DC inlets. Therefore, it occupies less space than a DC socket with an AC socket that is compatible with CHAdeMO or GB/T.

By Application

The application segment includes residential and commercial. The residential segment led the largest share of the global EV charging infrastructure market with a market share of around 59% in 2022. In 2021, the commercial segment held the largest market share, and global demand for electric vehicle charging infrastructure is increasing, but charging infrastructure has not kept pace with electric vehicle sales. People in multi-unit buildings and those who rent their homes will have greater demand for public charging stations as the cost of these vehicles falls and they reach new markets.

 Global EV Charging Infrastructure Market- Sales Analysis.

The sale of global EV charging infrastructure expanded at a CAGR of 30% from 2016 to 2022

Technological advances in electric vehicle charging software and hardware will change how EV owners use and benefit from electric vehicle charging apps. Charge networks and Smartcar API, for example, allow electric vehicles to be charged precisely even before the driver plugs them into a charging station.

Since transportation is a major source of carbon emissions, electric vehicles are becoming essential, which is driving the demand for electric vehicle charging infrastructure in residential and commercial settings.

Several factors contribute to the significant growth of the market, including public as well as private initiatives to encourage the population to switch to electric vehicles. Consequently, the demand for electric vehicle charging infrastructure is expected to grow significantly as a result of these initiatives. They have promoted the sale of electric vehicles and increased consumers' awareness of the benefits of using electric vehicles.

Thus, owing to the aforementioned factors, the global EV charging infrastructure market is expected to grow at a CAGR of 31.2% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the global EV charging infrastructure market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the global EV charging infrastructure market and held a 38% share of the market revenue in 2022.

  • The Asia Pacific region witnessed a major share. As a result of Japan, China, and South Korea being the most prominent APAC countries responsible for the growth of the global EV charging infrastructure market, the Asian Pacific region has dominated the global electric vehicle charging infrastructure market. Moreover, due to government interest and investment in the electric vehicle industry, many local authorities are buying commercial vehicles for intercity transportation, thus increasing the demand for charging stations.
  • Europe is anticipated to experience significant growth during the predicted period. Among the major factors contributing to the region's growth will be government initiatives to support the e-vehicle industry and innovations in charging infrastructure models. The EU has set a goal to install 1 million charging stations for electric vehicles by 2024, and this goal will increase to 3 million by 2029. In addition to this, other European countries are also working to reduce carbon emissions by using electric cars more frequently.

Global EV Charging Infrastructure Market - Country Analysis:

  • Germany

Germany's EV charging infrastructure market size was valued at USD 2.28 billion in 2022 and is expected to reach USD 20.13 billion by 2030, at a CAGR of 31.3% from 2023 to 2030.

Due to a growing awareness of environmental sustainability and stricter emission limits imposed by several governments, demand for electric vehicles has been on the rise. In addition to developing innovative electric vehicle chargers and charging stations, governments are working with EV manufacturing companies to develop electric vehicle charging Infrastructure in collaboration with them.

  • China

China’s EV charging infrastructure market size was valued at USD 2.5 billion in 2022 and is expected to reach USD 22.35 billion by 2030, at a CAGR of 31.5% from 2023 to 2030.

Increasing consumer demand for battery-powered electric vehicles is driving market growth. Since electric vehicles are cost-effective and environmentally friendly, many customers are purchasing them for personal use. As a result, the market for electric vehicle charging infrastructure is growing.

  • India

India's EV charging infrastructure market size was valued at USD 1.9 billion in 2022 and is expected to reach USD 16.8 billion by 2030, at a CAGR of 31.4% from 2023 to 2030.

By 2030, the Government of India plans to electrify 70% of commercial vehicles, 40% of buses, 30% of private cars, and 80% of two-wheelers and three-wheelers. With such initiatives, the demand for charging stations will also rise, which will benefit the market.

Key Industry Players Analysis:  

To increase their market position in the global EV charging infrastructure market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

  • Eaton Corp.
  • Siemens AG
  • ABB
  • Tesla, Inc.
  • Webasto SE
  • Leviton Manufacturing Co., Inc.
  • SemaConnect, Inc.
  • AeroVironment, Inc.
  • BP Chargemaster
  • General Electric Company
  • Schneider Electric
  • ClipperCreek, Inc.

Latest Development:

  • In January 2022, A new EV charging fleet solution, AmpUp Fleet Manager, has been launched by AmpUp for small to large fleets.
  • In October 2020, it has been announced by SAE International that it released the first global standard that specifies the ground-system requirements for wireless charging of electric vehicles (EV).

Report Metrics

Report Attribute 

Details

Study Period

2022-2030

Base year

2022

CAGR (%)

31.2%

Market Size

25.56 billion in 2022

Projection period

2023-2030

Projection unit

Value (USD)

Segments covered

By Charger Type, By Connector, By Application, and By Region.

Report Scope

Revenue Projection, competitive landscape, company ranking, growth factors, and trends

Companies covered

Eaton Corp., Siemens AG, ABB, Tesla, Inc., Webasto SE,

Leviton Manufacturing Co., Inc., SemaConnect, Inc., AeroVironment, Inc., BP Chargemaster, General Electric Company, Schneider Electric, and ClipperCreek, Inc.

By Charger Type

  • Slow Charger
  • Fast Charger   

By Connector

  • Combined Charging Systems
  • CHAdeMO
  • Others   

By Application

  • Residential
  • Commercial   

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global EV Charging Infrastructure Market by Charger Type:

  • Slow Charger
  • Fast Charger

Global EV Charging Infrastructure Market by Connector Type:

  • Combined Charging Systems
  • CHAdeMO
  • Others

Global EV Charging Infrastructure Market by Application:

  • Residential
  • Commercial

Global EV Charging Infrastructure Market by Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What will be the expected market size of the global EV charging infrastructure market in 2030?

Global EV charging infrastructure market is expected to reach USD 224.4 billion by 2030, at a CAGR of 31.2% from 2023 to 2030.

Which are the leading market players active in the global EV charging infrastructure market?

Leading players in the global EV charging infrastructure market are Eaton Corp., Siemens AG, ABB, Tesla, Inc., Webasto SE, Leviton Manufacturing Co., Inc., SemaConnect, Inc., AeroVironment, Inc., BP Chargemaster, General Electric Company, Schneider Electric, ClipperCreek, Inc. among others.

What are the driving factors of the global EV charging infrastructure market?

Rising adoption of electronic vehicles and increasing power stations.

Which region will witness more growth in the global EV charging infrastructure market?

Asia Pacific region will witness more growth in the global EV charging infrastructure market.