Electric Vehicle Charging Infrastructure Market Records Growth of USD 80.46 billion from 2023 to 2028, Major Innovations and Key Vendor Offerings - Technavio
NEW YORK, Feb. 1, 2024 -- The global electric vehicle charging infrastructure market size is estimated to increase by USD 80.46 billion from 2023-2028. The market's growth momentum will progressing at a CAGR of 30.75%. A few prominent vendors that offer electric vehicle charging infrastructure in the market are ABB Ltd., AeroVironment Inc., Alfen NV, BYD Co. Ltd., ChargePoint Holdings Inc., Eaton Corp. Plc, General Electric Co., Infineon Technologies AG, LS Power Development LLC, PG and E Corp., Phihong USA Corp., Polarium Energy Solutions AB, Schneider Electric SE, Shell plc, Shenzhen ATESS Power, Siemens AG, Tesla Inc., The Mobility House GmbH, TotalEnergies SE, and Webasto SE and others.
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- Shell plc: The company offers broad ranging electric charging solutions like charging points, chargers, and electric fluids
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Technavio has segmented the market based on Method (Fast charger and Slow charger), Type (AC and DC), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The fast charger segment is poised for significant growth. Fast chargers, employing direct current (DC), bypass an EV's onboard charger, enabling rapid charging in under 20 minutes. With manufacturers prioritizing fast-charging infrastructure to address range anxiety among EV owners, this segment anticipates high growth during the forecast period.
By geography, the global market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric vehicle charging infrastructure market.
- APAC will contribute 63% to the growth during the forecast period.
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Government initiatives supporting EV charging station installation are pivotal in driving market growth. With high demand for EVs globally, governments worldwide are incentivizing environmentally friendly transportation, offering subsidies and schemes like India's FAME India initiative. Such efforts to expand charging infrastructure, exemplified by India's plan for 2,636 stations, fuel market expansion in the forecast period.
Powering EV charging stations through renewable energy emerge as the latest trend fueling the growth, however, factors such as the lack of standardized charging networks and adequate electricity may hamper the growth.
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What are the key data covered in this Electric Vehicle Charging Infrastructure Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Electric Vehicle Charging Infrastructure Market between 2024 and 2028
- Precise estimation of the Electric Vehicle Charging Infrastructure Market size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of this industry across APAC, North America, Europe, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of the market vendors
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The Electric Vehicle (EV) Charging Infrastructure industry experiences growth driven by increasing EV adoption and government initiatives worldwide. Key elements include diverse charging technologies like fast charging and level 2 charging, operated by charging infrastructure providers and manufacturers. The market encompasses deployment, management, and integration of charging stations, with a focus on standards, grid integration, and smart solutions, reflecting ongoing expansion and investment in EV charging infrastructure.
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