Electric Vehicle Charging Infrastructure Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electric vehicle charging infrastructure market size has grown exponentially in recent years. It will grow from $23.73 billion in 2023 to $31.74 billion in 2024 at a compound annual growth rate (CAGR) of 33.8%. The growth in the historic period can be attributed to environmental concerns, government incentives, reduced operating costs, energy independence, corporate initiatives, public awareness and acceptance.
The electric vehicle charging infrastructure market size is expected to see exponential growth in the next few years. It will grow to $90.15 billion in 2028 at a compound annual growth rate (CAGR) of 29.8. The growth in the forecast period can be attributed to growing EV market share, charging technology innovation, expansion of fast-charging networks, stakeholder collaboration, urban planning policies. Major trends in the forecast period include expansion of fast charging networks, integration with renewable energy sources, smart charging solutions and technology integration, focus on urban and workplace charging, battery technology advancements.
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Scope Of Electric Vehicle Charging Infrastructure Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Charging Infrastructure Market Overview
Market Drivers –
The rising sales of electric vehicles are expected to propel the growth of the electric vehicle charging infrastructure market in the future. An electric vehicle refers to a vehicle that is powered by electricity stored in batteries or obtained from an external source, such as charging stations, rather than relying on internal combustion engines. The rising sales of electric vehicles can be attributed to increasing environmental awareness, government incentives, advancements in battery technology, decreasing costs of production, and a growing emphasis on sustainable transportation alternatives. Electric vehicles utilize charging infrastructure to replenish the battery energy, enabling convenient and efficient access to power for extended driving ranges. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric care total sales had more than tripled in three years, from around 4% in 2020 to 14% in 2022. Further, over 2.3 million electric cars were sold in the first quarter of 2022, about 25% more than in the same period last year. And it is expected to see 14 million sales by the end of 2023, representing 35% year-on-year. Therefore, the rising sales of electric vehicles are driving the growth of the electric vehicle charging infrastructure market.
Market Trends –
Major companies operating in the electric vehicle charging infrastructure market are focusing on developing advanced solutions, such as electric vehicle charging fleet solutions, to address the growing demand for efficient and sustainable charging networks. The solution optimizes and manages charging infrastructure for electric fleets, enhancing efficiency and reducing downtime. For instance, in January 2022, AmpUp, a US-based electric vehicle charging provider, launched AmpUp Fleet Manager, the latest solution for managing electric vehicle (EV) charging fleets. This innovative platform caters to fleets of all sizes and is easily scalable to accommodate clients with a few electric vehicles or hundreds. AmpUp Fleet Manager has cutting-edge features to optimize vehicle and maintenance efficiency. These include a patented driver access and reservation feature, adaptive load management, charger prioritization, vehicle telematics, charge scheduling, vehicle-to-grid (V2G) integration, and customized optimizations for energy and operations.
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
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Regional Insights –
Asia-Pacific was the largest region in the electric vehicle charging infrastructure market in 2023. 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.
Key Companies –
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
Table of Contents
- Executive Summary
- Electric Vehicle Charging Infrastructure Market Report Structure
- Electric Vehicle Charging Infrastructure Market Trends And Strategies
- Electric Vehicle Charging Infrastructure Market – Macro Economic Scenario
- Electric Vehicle Charging Infrastructure Market Size And Growth
…..
- Electric Vehicle Charging Infrastructure Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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