The Electric Vehicle Charging Infrastructure Market size is expected to be worth around US$ 150.20 billion by 2030, according to a new report by Vision Research Reports.

The global Electric Vehicle Charging Infrastructure market size was valued at US$ 15.10 billion in 2020 and is anticipated to grow at a CAGR of 33.10% during forecast period 2021 to 2030.

Growth Factors

The significant market growth is primarily due to the rising number of initiatives undertaken by both public as well as private sectors to encourage the population to switch to EVs. As a result, the demand for EV charging infrastructure is expected to grow significantly. For instance, in the U.S., the Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) that consists of 57 EV charging stations across Oregon and Washington. Similarly, many other governments are jointly developing intra-continental networks of highway charging stations.

The rising levels of carbon emissions and other harmful gases stemming from transportation have triggered the necessity of adopting EVs. As a result, the demand for an EV charging infrastructure among commercial and residential applications is rising. The technological progress of both EV charging software and hardware is expected to change the way EV owners use and benefit from EV charging applications. Technologies, such as Smartcar API and charging networks, precisely determine an EV's charge time even before the car driver plugs the car into a station.

Report Highlights

The fast charger type segment led the market and accounted for more than 93.0% share of the global revenue in 2020. The growth was attributed to the high demand for the deployment of fast chargers in commercial stations. Most of the organizations have deployed Level 1 DC fast chargers or Level 2 AC charging stations that can fully charge an EV within 4 to 6 hours. Besides, automotive manufacturers are focusing on the installation of EV charging stations for their employees as part of the efforts to raise awareness about their electric cars. For instance, the installation of 100 Level 2 EV charging stations at the parking lots of General Motors Company's Detroit facility has led to an increase in demand for the company's Chevrolet Volt electric cars from the employees.

The slow charger segment is estimated to register the fastest CAGR from 2021 to 2030 owing to the initiatives by various governments for accelerating the deployment of public charging infrastructure, which mostly employs the slow chargers. Furthermore, slow chargers are mostly adopted by residential applications, which are used for overnight charging. Moreover, most of the EV manufacturers, such as Volkswagen Group, BMW of America, and General Motors, provide slow chargers along with the purchase of EVs, which is further driving the segment growth.

Ask here for Sample Copy of Report@ https://www.visionresearchreports.com/report/sample/37217

The CHAdeMO connector segment accounted for a significant market share of more than 17% in 2020. This is primarily due to its compatibility with a majority of EVs (including BMW, GM, and VW, among other models) and convenience of handling it. Furthermore, it offers flexibility in designing EVs, as it requires only a single port for recharging; whereas, CHAdeMO connectors require two charging ports due to their incapability to support AC charging. Additionally, the present CHAdeMO connectors are capable of delivering 62.5 kW of DC and are specified by the Japan Electric Vehicle Standard (JEVS).

The commercial segment accounted for the largest revenue share of over 84% in 2020 owing to the initiatives and allocation of funding by the governments and automobile manufactures for expanding the public EVCI infrastructure. Furthermore, the development of supporting infrastructure at public places is necessary as overnight charging or charging at homes would not be sufficient for long-distance travel. Furthermore, several public transport agencies are partnering with automotive manufacturers for the installation of charging stations for electric buses. For instance, TRAFIKSELSKABET MOVIA signed an agreement with Siemens for the installation of electric bus charging stations with a top-down pantograph for electric buses operated by 45 municipalities, including the City of Copenhagen and Region Zealand.

Various manufacturers of EV chargers, such as Efacec; EVE Australia Pty Ltd.; and Tesla, Inc., are partnering with contractors that are developing residential complexes. For instance, in October 2020, the Pend Oreille Public Utility District announced the launch of a new EV charging pilot system with SemaConnect Inc. This charging station will enable visitors of PUD's Newport Administration Building to charge their electric cars for free. Vehicle charger manufacturers are now focusing on the development of residential and commercial 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.

Asia Pacific led the global market in 2020 and accounted for a revenue share of more than 58%. Countries, such as China, Japan, and South Korea, are the hub of EVs and are heavily investing in the development of charging infrastructure. For instance, in October 2015, the Chinese Government announced its intention to invest in the deployment of EV infrastructure to accomplish the target for supporting 5 million EVs, on-road, by 2020. South Korea announced an investment of around USD 180.3 million for expanding the EV charging infrastructure across the nation as its endeavor to promote eco-friendly vehicles in the transportation sector. Moreover, Japan's electric charging station surpassed the number of petrol stations with more than 40,000 charging outlets in 2020.

Key Players

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