The global EV charging infrastructure market size is valued at $6.4 in 2023, according to a new report by GlobalData Plc. Growing demand for electric vehicles promoted by rising environmental awareness, government support, technological advancements, and decreasing battery costs are the major factors driving market growth. The expansion of EV charging infrastructure requires substantial investment. Governments, private companies, and stakeholders need to collaborate to ensure adequate funding for charging network expansion, especially in underserved regions.
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EV Charging Infrastructure Market FAQs
- What was the global EV charging infrastructure market size in 2023?
The global EV charging infrastructure market size will be valued at $6.4 billion in 2023.
- What is the EV charging infrastructure market growth rate?
The global EV charging infrastructure market is expected to grow at a CAGR of 18.5% over the forecast period (2023-2030).
- What are the key EV charging infrastructure market drivers?
Growing demand for electric vehicles promoted by rising environmental awareness, government support, technological advancements, and decreasing battery costs are the major factors driving the market growth.
- Which are the leading EV charging infrastructure companies globally?
The leading EV charging infrastructure companies are ABB Ltd, AeroVironment Inc, BYD Co Ltd, ChargePoint Holdings Inc, Eaton Corporation Plc, General Electric Co, Schneider Electric SE, Shell plc, Siemens AG, and Tesla Inc.
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EV Charging Infrastructure Market Dynamics
Advancements in EV charging technologies are instrumental in driving the growth of the charging infrastructure market. The evolution of faster charging solutions, such as DC fast charging, has significantly reduced charging times, making electric vehicles more convenient for daily use. Moreover, the development of smart charging systems, wireless charging technologies, and vehicle-to-grid (V2G) integration has enhanced the overall efficiency and flexibility of charging infrastructure, enabling seamless integration with the power grid, and maximizing the utilization of renewable energy sources.
While the growth of electric vehicle charging infrastructure has witnessed significant progress, several challenges need addressing for its widespread expansion. High initial infrastructure costs, range anxiety, grid capacity constraints, interoperability issues, regulatory hurdles, limited public funding, balancing charging speed and grid load, and future-proofing infrastructure are among the key challenges that must be overcome.
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EV Charging Infrastructure Market Report Highlights
- The global EV charging infrastructure market is projected to witness a CAGR of 18.5% from 2023 to 2030. A combination of factors, including environmental concerns, government policies, technological advancements, consumer demand, collaborative efforts, urbanization, and corporate sustainability goals, are influencing the growth of the electric vehicle infrastructure market.
- The South & Central America market is anticipated to grow at a CAGR of over 30% during the forecast period. Partnerships and collaborations between public and private entities support the region’s growth. Utilities, energy companies, and charging infrastructure providers are partnering with governments and local organizations to install charging stations and expand the network coverage.
- DC chargers are poised for a healthy growth over the forecast period. This growth can be attributed to the growing demand for fast chargers that reduce time spent in charging EVs lowering a major obstacle in electric vehicle adoption.
- Companies operating in the EV charging infrastructure space are investing heavily in research & development to decrease the costs associated with EV chargers in order to improve penetration in emerging economies.
- The leading EV charging infrastructure companies are ABB Ltd, AeroVironment Inc, BYD Co Ltd, ChargePoint Holdings Inc, Eaton Corporation Plc, General Electric Co, Schneider Electric SE, Shell plc, Siemens AG, and Tesla Inc.
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EV Charging Infrastructure Market Scope
GlobalData Plc has segmented the EV charging infrastructure market report by power, level, and region:
Global EV Charging Infrastructure Power Outlook (Revenue, $ Million; Volume, Units 2020-2030)
- Less than 1.8 kW
- 9 kW to 7.8 kW
- 9 kW to 25 kW
- 26 kW to 100 kW
- More than 100 kW
Global EV Charging Infrastructure Level Outlook (Revenue, $ Million; Volume, Units 2020-2030)
- Level 1 Chargers
- Level 2 Chargers
- DC Chargers
Global EV Charging Infrastructure Regional Outlook (Revenue, $ Million; Volume, Units 2020-2030)
- North America
- The US
- The Netherlands
- The UK
- Rest of Europe
- Rest of Asia Pacific
- South & Central America
- Middle East & Africa
- South Africa
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