What Has Been the Progress and Growth of the Electric Vehicle Charging Infrastructure Market in Recent Years?
The electric vehicle charging infrastructure market has seen considerable growth due to a variety of factors.
• There has been a tremendous increase in the size of the electric vehicle charging infrastructure market in the past few years. It is projected to expand from a market value of $31.74 billion in 2024 to $42.43 billion in 2025, with a compound annual growth rate (CAGR) of 33.7%.
Factors such as environmental awareness, governmental incentives, lower operating costs, energy self-sufficiency, corporate endeavors, public consciousness and acceptance have all contributed to growth during the historical period.
What Can Be Expected from the Electric Vehicle Charging Infrastructure Market Size?
The electric vehicle charging infrastructure market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of electric vehicle charging infrastructure is expected to witness extraordinary growth in the upcoming years. The market is set to expand to $115.35 billion by 2029, forecasting a compound annual growth rate (CAGR) of 28.4%.
Factors contributing to the growth during this period include higher EV market penetration, innovation in charging technology, the growth of fast-charging networks, collaborative efforts amongst stakeholders, and city planning policies. The major anticipated trends during the forecast period are the growth of fast charging networks, integration of renewable energy, intelligent charging solutions and technology integration, emphasis on urban and workplace charging, and advancements in battery technology.
What Are the Critical Driver Fuelling The Electric Vehicle Charging Infrastructure Market's Growth?
Expectations for the electric vehicle charging infrastructure market growth are being fuelled by the surge in electric vehicle sales. An electric vehicle, which utilizes electricity either stored in batteries or sourced externally such as from charging stations instead of depending on internal combustion engines, has been enjoying escalating sales. Factors contributing to this trend include growing environmental consciousness, government incentives, breakthroughs in battery technology, lower production costs, and an increased focus on eco-friendly transport alternatives. Charging infrastructures are crucial for electric vehicles as they help resupply the vehicle batteries' energy, ensuring easy and efficient energy supply for longer driving distances. For example, the International Energy Agency, an independent intergovernmental institution headquartered in France, reported in July 2023 a more than threefold increase in electric car sales in three years, rising from roughly 4% in 2020 to 14% in 2022. Additionally, over 2.3 million electric cars were purchased in the initial quarter of 2022, an approximate 25% increase compared to the same period in the previous year. It is further projected that by the conclusion of 2023, there will be 14 million sales, marking a 35% YoY increase. Consequently, the burgeoning sales of electric vehicles are spurring the expansion of the electric vehicle charging infrastructure market.
How Is The Electric Vehicle Charging Infrastructure Market segmented?
The electric vehicle charging infrastructure market covered in this report is segmented –
1) By Charger Type: Slow Charger, Fast Charger
2) By Charging Type: Alternative Current Charging, Direct Current Charging
3) By Connector Type: CHAdeMO, Combined Charging System (CCS), Other Connector Types
4) By Charging Level: Level 1, Level 2, Level 3
5) By Application: Residential, Commercial, Other Applications
Subsegments:
1) By Slow Charger: Level 1 Charger (120V AC), Level 2 Charger (240V AC) – Residential Applications
2) By Fast Charger: Level 2 Charger (240V AC) – Commercial Applications, DC Fast Charger (DCFC), Ultra-Fast Charger (350+ kW), Supercharger (Tesla-Specific Fast Charging)
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What New Trends Are Influencing The Electric Vehicle Charging Infrastructure Market?
Leading firms in the electric vehicle charging infrastructure segment are striving to create innovative solutions like electric vehicle charging fleet solutions, to cater to the expanding demand for dependable and eco-friendly charging networks. These solutions ensure proficient management and optimization of charging infrastructure for electric fleets, thus boosting efficiency and minimizing inactive time. For instance, AmpUp, an electric vehicle charging service based in the US, unveiled its AmpUp Fleet Manager in January 2022. This pioneering platform is designed for managing electric vehicle (EV) charging fleets for any size and can be effortlessly scaled to serve clients with a small or large number of electric vehicles. AmpUp Fleet Manager comes equipped with advanced functionalities to enhance vehicle and maintenance efficiency, such as a patented feature for driver access and reservations, customizable optimizations for energy and operations, vehicle telematics, charger prioritization, schedule of charge, and integration of vehicle-to-grid (V2G).
Who Are the Key Players In The Electric Vehicle Charging Infrastructure Market?
Major companies operating in the electric vehicle charging infrastructure market are:
• Shell plc
• PG and E Corp.
• Engie SA
• Pod Point Ltd.
• Tesla Motors Inc.
• Siemens AG
• General Electric Company
• BYD Company
• RWE AG
• Schneider Electric SE
• ABB Group
• Eaton Corporation
• Infineon Technologies AG
• Delta Electronics Inc.
• Delphi Automotive LLP
• TGOOD Global Ltd.
• Leviton Manufacturing Co. Inc.
• Alfen NV
• AeroVironment Inc.
• Phihong USA Corp.
• Efacec Electric Mobility
• LS Power Development LLC
• Polarium Energy Solutions AB
• ChargePoint Inc.
• Blink Charging
• EVgo
• SemaConnect Inc.
• BP Chargemaster Inc.
• ClipperCreek Inc.
• Greenlots
What Is The Most Dominant Region In The Electric Vehicle Charging Infrastructure Market?
Asia-Pacific was the largest region in the electric vehicle charging infrastructure market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle charging infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
