Westford, June 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Electric Vehicle (EV) Charging Infrastructure Market will attain a value of USD 121.09 Billion by 2031, with a CAGR of 25.5% during the forecast period (2024-2031). Electric Vehicles have significantly gained attraction in the past years mainly due to their maximum energy efficiency and comparatively low maintenance needs. Declining battery cost and higher availability of charging infrastructure is making the adoption of such vehicles more affordable and accessible, thus propelling the market growth. There are numerous ongoing researches in charging infrastructure to make it more resilient. Also, businesses are making investments in private charging for their customers and employees.
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Tables - 142
Figures – 78
Electric Vehicle Charging Infrastructure Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $39.44 Billion |
| Estimated Value by 2031 | $121.09 Billion |
| Growth Rate | Poised to grow at a CAGR of 25.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Charger Type, Charging Mode, Installation Type, Connector, Level of Charging, Connectivity, Operation, Deployment, and Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of charging stations in public areas |
| Key Market Opportunities | Widespread acceptance of Electric Vehicles will demand more charging stations |
| Key Market Drivers | Increasing advancements in battery technology |
Growing Investments in DC Fast-Charging (DCFC) Infrastructure to Drive the Market
By Charging Type, the Fast Charging segment is projected to lead over the coming years owing to the more benefits of DCFCs as compared to the Level 1 and Level 2 charging stations, growing investments by the government in fast charging infrastructure, and services like refund on the purchase of DCFC stations. Also, various companies like EVgo, Tesla, Electrify America and more have adopted Level 3 fact chargers that can potentially charge electric vehicle in nearly 30 minutes - 4 hours.
Inclination of Automakers towards Adopting CCS Connectors in EVs to Boost the Market
By Connector Type, the CCS Combined Charging System (CCS) segment is projected to hold maximum market share due to growing preference by auto makers for the employment of CCS connectors in electric vehicles. Furthermore, the CCS connectors are of two types, CCS type 1 and CCS type 2, of which the CCS type 1 are more prominent in the United States and CCS type 2 are widely used in the Europe. Nonetheless, the others segment comprises of GB/T connectors and more, which is more common in Asia Pacific. Association between Electra EV and Servotech Power Systems Ltd has indicated key moment in improvement of the EV market in India and other countries by employing GB/T to CCS2 fast charging.
Government Initiatives along with Advancements of EVs to Support Asia-Pacific Countries to Lead the Market
Asia Pacific is anticipated to lead in the coming years owing to mature electric vehicle market and the existence of top heavy-duty EV charging infrastructure makers like China. The demand for heavy-duty EVs charging stations is increasing due to government support for E-buses and initiatives by Japan, India, and China to promote advancement of heavy-duty EVs. North America and Europe are projected to be the leading regions over the forecast period due to considerable growth of DC charging stations, mainly in the United States. Moreover, Germany will also be focusing on home EV charging facilities in the near future.
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Electric Vehicle Charging Infrastructure Market Insight
Drivers:
- Declining Electric Vehicles Prices
- Supportive Government Policies for the use of EVs
- Increased Sales of Electric Vehicles
Restraints:
- Costly building and maintenance of charging stations
- Lack of standardized charging practices
- Low availability of charging infrastructure in remote and rural places
Prominent Players in Electric Vehicle Charging Infrastructure Market
The following are the Top Electric Vehicle Charging Infrastructure Companies
- Tesla Inc.
- ChargePoint, Inc.
- EVgo Services LLC.
- Allego
- Scheinder Electric
- Blink Charging Co.
- Robert Bosch GmbH
- Toshiba Corporation
- Infineon Technologies AG
- Qualcomm Technologies Inc.
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Key Questions Answered in Global Electric Vehicle Charging Infrastructure Market Report
- What is the expected market value of Electric Vehicle Charging Infrastructure as per SkyQuest?
- Which region will hold the largest market share in the global Electric Vehicle Charging Infrastructure Market?
- Which is the key driver of the Electric Vehicle Charging Infrastructure Market?
This report provides the following insights:
- Analysis of key drivers (increased sustainability and cut emissions, increased adoption of V2G EV charging stations, advancements in the EV infrastructure), restraints (lack of vehicle-grid interoperability, strict government rules for locating of EV charging stations), opportunities (growing demand for cleaner transportation, increased sales of EVs, growth of charging networks for a larger consumer base), and challenges (significant initial costs related with EV charging infrastructure, high prices of chargers, tasks like feasibility analysis, project management, and consultancy, invite extra costs) influencing the growth of Electric Vehicle Charging Infrastructure Market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the ELECTRIC VEHICLE CHARGING INFRASTRUCTURE market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the ELECTRIC VEHICLE CHARGING INFRASTRUCTURE market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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