CAGR: 31.2%Current Market Size: USD 25.56 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
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:
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:
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:
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:
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.
Global EV Charging Infrastructure Market - Country Analysis:
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’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'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.
Latest Development:
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 |
|
By Connector |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global EV Charging Infrastructure Market by Charger Type:
Global EV Charging Infrastructure Market by Connector Type:
Global EV Charging Infrastructure Market by Application:
Global EV Charging Infrastructure Market by Region:
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.
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.
Rising adoption of electronic vehicles and increasing power stations.
Asia Pacific region will witness more growth in the global EV charging infrastructure market.
Political Factors- Strong governmental institutions and processes are to blame for the growth and evolution of the EV charging infrastructure business. Government stability also makes it easier for comparable companies to expand locally and internationally. Governmental strength and stability allow the market to maintain business ties with other nations efficiently and with little difficulty. Government stability also draws capital from significant industrial players, which fosters the growth of the infrastructure and improves a country's standing abroad. Strong government stability can also help an industry flourish because it will improve the sector's overall competitiveness and market performance. On how international policy is produced, other entities including non-governmental organisations, activist movements, and protest and pressure groups play a crucial role.
Economical Factors- The market for EV charging infrastructure is growing and evolving as a result of sound political institutions and processes. The local and global expansion of comparable enterprises is also made easier by political stability. Because of the strength and stability of the governing structures, the market is able to maintain its business ties with other nations efficiently and with little difficulty. Major industrial actors invest when governments are stable, which fosters infrastructural growth and improves a country's reputation abroad. Strong government stability can also promote industry growth by enhancing market performance and the sector's overall competitiveness. The decisions that are made regarding international policy are heavily influenced by other parties, including non-governmental organisations, activist movements, and protest and pressure groups.
Social Factor- Culture, societal roles and customs, gender roles, acceptance of an entrepreneurial spirit, demography, and leisure activities are just a few examples of social factors. Other social factors include customs, attitudes toward specific goods and services, health and safety beliefs, and health and customs. The EV charging infrastructure sector will profit from a highly educated populace for a variety of reasons. The availability of knowledgeable, competent, and intellectual people has increased as a result of growing educational standards. Consumers will also become more aware of their shopping and consumption habits. The industry will profit from its distinctive competitive positioning and location as they concentrate on promoting good consumption. More knowledgeable consumers will value quality and be aware of the claims and advantages offered by the product.
Technological Factors- A strong technological foundation supports study of each individual country. The technical foundation of the world is robust. Technological advancement and invention are occurring swiftly. The markets for EV charging infrastructure are gradually adopting new technologies and innovations to boost production and efficiency. The markets for EV charging infrastructure are competitive and forward-thinking due to the accelerating rate of innovation across all industries. Additionally, the upgraded technological infrastructure attracts foreign direct investment, which fosters future growth and advancement. Thus, the EV charging infrastructure market enjoys a considerable technological competitive edge. In order to improve its operations and business cycles, the organisation continues to benefit from these advancements and engage in innovation processes.
Environmental Factors- Environmental sustainability and recycling are receiving more and more attention. Customers are becoming more and more insistent that products be recycled rather than thrown away. All around the world, there exist tight regulations for the management and control of rubbish. In order to follow rules, uphold checks, and prevent any future issues, the EV charging infrastructure market should join organisations and register with waste management authorities. Currently, a lot of industrial players have a controlled and designated method for handling garbage and getting rid of trash in an environmentally responsible way. The usage of some EV charging infrastructure, however, creates health concerns, which is a major obstacle to the market's expansion.
Legal Factors- Employment, antitrust, health and safety, and consumer protection legislation are only a few of these. These factors could affect a business' operations, costs, and product demand. To avoid a market or organisation abruptly collapsing, single-use assembly is subject to additional laws and legislation that must be followed. The health and safety of workers while they are at work are subject to stringent regulations. Reputable organisations frequently audit businesses to verify the usage of safety nets, drills, and other preventative measures. All facets of an employee's physical, mental, and emotional health are considered to be part of their safety and well-being. Businesses are required by national regulations to create legally enforceable employment contracts. Various reputable governmental organisations have approved of these treaties.
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