Increasing adoption of EVs due to rising carbon emissions and demand for green energy are some key factors driving global electric vehicle charging infrastructure market growth
According to the most recent analysis by Emergen Research, the global market for electric car charging infrastructure has a value of USD 5.64 billion in 2020 and is projected to grow at a rate of 38.6 percent during the forecast period. As carbon emissions continue to rise and stricter regulations are being implemented, an increase in the adoption of Electric Vehicles (EVs) is anticipated to fuel market revenue growth. Rising levels of carbon emissions and other harmful pollutants produced by transportation fleets are motivating an increase in the usage of plug-in electric vehicles. As a result, there is an increase in demand for electric vehicle charging stations in both public and private spaces.
Additionally, a number of businesses are attempting to improve Electric Vehicle Supply Equipment (EVSE) to make it easier for long-distance travel. Manufacturers of electric vehicles like Tesla, Inc. and Nissan are concentrating on making their vehicles compatible with public charging infrastructure.
The way EV owners use and profit from electric car charging applications is anticipated to alter as a result of technology advancements in both electric vehicle charging hardware and software. Even before the driver plugs an electric vehicle into a charging station, technologies like the Smartcar API and charging networks accurately predict how long it will take to fully charge the vehicle.
Green energy is also anticipated to be a major factor in both public and private electric vehicle charging stations. Carbon emissions are the main issue for EV owners. Companies are quickly developing their electric vehicle charging networks’ charging technologies to solve these worries.
In order to incorporate chargers into the current infrastructure, EVCI makers are working with the automobile rental business. For instance, Eaton announced in January 2020 its collaboration with Green Motion, a provider of automobile rental services, to offer integrated chargers within buildings with energy storage. The rise is being further fueled by investments made in the development of Car2X technology for charging infrastructure by numerous automakers, including the Volkswagen Group, BMW Group, and General Motors, among others.
Further Key Highlights from the report:
- Since E-mobility service providers offer optimal monetization, which increases network profitability, freedom of choice, and improved electric fleet management, segment revenue is anticipated to grow at a remarkably strong CAGR during the projection period.
- ABB Ltd. purchased Shanghai Chargedot New Energy Technology Co., Ltd. in August 2021. The acquisition aims to strengthen ABB’s ties with significant Chinese electric car producers and diversify the company’s e-Mobility portfolio with service and hardware tailored to regional needs.
- Over the course of the projected period, Asia Pacific is anticipated to represent a greater revenue share than other regional markets. It is anticipated that rising consumer demand for regularly used, reasonably priced electric vehicles will accelerate market revenue growth in this region.
- Some major companies in the market include Chargepoint, Inc., Tesla Inc., Chargemaster Limited (BP Pulse), ABB Ltd, Electrify America LLC, EV Connect, Inc., Greenlots, SemaConnect, Inc., ClipperCreek, Inc., and Siemens AG.
Emergen Research has segmented the global electric vehicle charging infrastructure on the basis of provider, charging infrastructure, charging level, vehicle type, installation type, application, and region:
Provider Outlook (Revenue, USD Billion; 2017–2030)
- Charging Point Operator
- E-Mobility Service Provider
- Charging Hubs
Charging Infrastructure Outlook (Volume, Million Units, Revenue, USD Billion; 2017–2030)
- CCS
- Chademo
- Normal Charge
- Tesla Super Charger
- Type-2 (IEC 62196)
Charging Level Outlook (Volume, Million Units, Revenue, USD Billion; 2017–2030)
- Level 1 (120 V)
- Level 2 ( 240 V)
- Level 3 (200V -600V)
Vehicle Type Outlook (Volume, Million Units, Revenue, USD Billion; 2017–2030)
- Electric Bike
- Plug-in Hybrid PEV
- EV Passenger Cars
- Heavy Delivery Vans
- Others
Installation Type Outlook (Volume, Million Units, Revenue, USD Billion; 2017–2030)
- Portable Charger
- Fixed Charger
Application Outlook (Volume, Million Units, Revenue, USD Billion; 2017–2030)
- Public
- Private