Electric Vehicle Charging Infrastructure Market Is Likely to Experience a Tremendous Growth in Near Future

Electric Vehicle Charging Infrastructure Industry Overview

The global electric vehicle charging infrastructure market size is expected to reach USD 217.06 billion by 2030, growing at a CAGR of 30.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. Various electric vehicle manufacturers such as Volvo, Kia Motors, Mercedes-Benz, and Ford are collaborating with the charging infrastructure providers for easy availability of charging stations.

 

Electric Vehicle Charging Infrastructure Market Segmentation

Grand View Research has segmented the global electric vehicle charging infrastructure market based on charger type, connector, application, and region:

 

Based on the Charger Type Insights, the market is segmented into Slow and Fast.

  • The fast charger segment led the market and accounted for more than 93.0% share of the global revenue in 2021, attributed to the increasing demand for its deployment in commercial stations. Most organizations have deployed Level 1 DC fast chargers or Level 2 AC charging stations that can fully charge an EV within 4-6 hours.
  • The slow charger segment accounted for a significant share of the market in 2021 owing to the initiatives by various governments for accelerating the deployment of public charging infrastructure, which mostly employs slow chargers. Furthermore, slow chargers are mostly adopted by residential applications which are used for overnight charging.

 

Based on the Connector Insights, the market is segmented into CHAdeMO, (CCS) and Others.

  • The Carbon Capture And Storage (CCS) segment is expected to grow at the highest CAGR over the forecast period owing to increased preference by major automobile manufacturers for the adoption of CCS connectors in their EVs. For instance, in July 2019, Tesla announced the introduction of a CCS connector to support Model 3, with expected near future compatibility with Model S and Model X in Europe.
  • The CHAdeMO segment dominated the market and accounted for more than a 17% share of the global revenue in 2021. This is primarily due to its compatibility with a majority of electric vehicles (including BMW, GM, and VW, among other models) and the convenience of handling it.

 

Based on the Application Insights, the market is segmented into Commercial and Residential.

  • The commercial segment accounted for a revenue share of 84% in 2021 owing to the initiatives and allocation of funding by the governments and automobile manufacturers for expanding public EVCI infrastructure. The development of supporting infrastructure in public places is necessary as overnight charging or charging at homes would not be sufficient for long-distance travel.
  • Vehicle charger manufacturers are focusing on developing residential and commercial electric vehicles (EV) chargers to ensure higher availability and increased vehicle range. OEMs are collaborating with EV manufacturers, charging network operators, corporates, and utility service providers to deploy fast-charging stations to expand their geographical presence and to enable cost-effective deployment of the EV charging network.

 

Electric Vehicle Charging Infrastructure Regional Outlook

  • North America
  • Europe
  • Asia Pacific

 

Key Companies Profile & Market Share Insights

The market players are continuously working on new product developments and upgrades of their existing product portfolio. For strategic growth, these players prefer collaborations with other EV manufacturers.

Some prominent players in the global electric vehicle charging infrastructure market include

  • AeroVironment, Inc.
  • ABB
  • BP Chargemaster
  • ChargePoint, Inc.
  • ClipperCreek, Inc.
  • Eaton Corp.
  • General Electric Company
  • Leviton Manufacturing Co., Inc.
  • SemaConnect, Inc.
  • Schneider Electric
  • Siemens AG
  • Tesla, Inc.
  • Webasto SE

 

Order a free sample PDF of the Electric Vehicle Charging Infrastructure Market Intelligence Study, published by Grand View Research.

 

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