Electric Vehicle Charging Infrastructure Market Size Worth USD 147.94 Billion in 2030
The global electric vehicle charging infrastructure market size reached USD 5.64 Billion in 2020 and is expected to register a significantly robust revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Some key factors driving market revenue growth include increasing government focus on improving charging infrastructure in respective countries to make it simpler for individuals to turn to electric vehicles, yet they have subsidized, tax rebated, and passed favorable policies.
Increasing government initiatives to
improve electric vehicle charging infrastructure as well as rising demand for
residential charging stations and commercial infrastructure to charge plug-in
electric vehicles are major factors driving market revenue growth. Certain
countries such as the United States and China have
recognized the need to go electric in order to reduce increasing vehicle
emissions. Government of these countries have taken efforts to improve charging
infrastructure to add a level of convenience for consumers to shift from fossil
fuel-powered fuels to electric vehicles, yet have access to subsidized, tax
rebated, and passed favorable policies.
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The expense of deploying electric
charging facilities in homes/residences and semi-public areas has been
subsidized by China, the United States, and various European
countries. Since overnight charging at home charging stations and individual
residences or homes will not be sufficient for long-distance travel, and
improvements in charging infrastructure in commercial areas is leading to
increased usage of electric vehicles. In addition, public charging
infrastructure is expected to facilitate ultra-fast charging, which is
necessary for long-distance driving. Electric vehicle charging stations for
private locations offer significant growth prospects as compared to public
charging facilities as these provide a cheaper and more reliable option of
charging electric cars, which is expected to boost revenue growth of the
market.
Restraints:
Lack of plug type standardization and high fast-charger setup costs are two major factors that are expected to restrain market revenue growth over the forecast period. High initial cost of Level 3 fast chargers and superchargers is a major factor expected to restrain market revenue growth. Preference for electric vehicle chargers that permit full recharge in the shortest timespan possible is relatively high; whereas, level 1 and level 2 chargers could take from 6 to 16 hours to fully charge. As a result, there is relatively high demand for fast-chargers that can charge electric vehicles in less than 30 minutes. The initial cost of such chargers is high. This acts as a hurdle to those considering making the shift to electric vehicles, as long duration charging can compromise most people's schedules.
Global electric vehicle charging infrastructure market revenue is expected to register a CAGR of 38.6%, and market size to increase from USD 5.64 Billion in 2020 to USD 147.94 Billion in 2030. Increased expenditure by governments around the world for developing charging infrastructure, as well as purchasing subsidies, are opening up major opportunities for OEMs to increase their revenue stream and expand global footprint, which is also expected to fuel revenue growth of the global electric vehicle charging infrastructure market.
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COVID-19 Impact Analysis:
- The virus outbreak and social distancing norms and restrictions
severely disrupted the overall business landscape and operations
worldwide.
- COVID-19 pandemic and lockdowns have resulted in several countries
shutting down airports, ports, and commercial and domestic transportation.
This had impacted manufacturing activities and operations globally and
took a toll on the economy of various countries.
- Sudden and drastic downturn in economic activity caused a slowdown
in manufacturing, production, agriculture, fisheries, dairy, and other
sectors and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the
demand-side owing to reduced disposable income, depleting savings, and
increased concerns and uncertainties.
- Emergence of variants of the virus and rise in infection rates
during the initial waves and subsequent lockdowns has severely impacted
operations and disrupted supply chains.
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Rising price of petroleum products is propelling global electric vehicle charging infrastructure market growth. Rising cost of petrol is already a major impact on consumers in developing countries. Electric vehicles can lower the operational costs of such vehicles. Manufacturers are expected to develop electric vehicles with improved battery life and a longer range. Some other factors boosting market growth is decreasing cost of electric vehicles due to battery cost reductions, which is expected to result in rising demand for electric vehicles and electric vehicle charging infrastructure going ahead.
Electric vehicle charging infrastructure market in Europe is expected to register a significantly rapid revenue growth rate over the forecast period. Various countries in Europe have announced carbon-reduction targets and pledged to increase electric vehicle stocks. Presence of major automotive manufacturing companies is creating a significantly robust potential in the market for implementation of electric vehicle charging infrastructure. Some of the factors creating opportunities are increased government limits on carbon emissions and levels of pollution, as well as rising adoption of electric cars, which requires installation of charging infrastructure for daily operation.
Some major companies operating 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
- In July 2020, ABB Ltd. began building on a new facility in San
Giovanni Valdarno, Italy, that will function as a worldwide Center of
Excellence and manufacturing location for electric vehicle charging
infrastructure. The 16,000-square-meter facility is planned to operate by
the end of 2021. ABB's USD 30.0 million investment in the new
facility shows the company's continuing focus on advancing technology in
this rapidly growing industry.
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Segments Covered in Report
For the purpose of this report, Emergen
Research has segmented the global electric vehicle charging
infrastructure market 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 Provide
- Charging Hubs
- Charging Infrastructure Outlook (Volume, Million Units, Revenue,
USD Billion; 2017–2030)
- CCS
- Chademo
- Normal Charge
- Tesla Super Charge
- 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 Van
- Others
- Installation Type Outlook (Volume, Million Units, Revenue, USD
Billion; 2017–2030)
- Portable Charge
- Fixed Charger
- Application Outlook (Volume, Million Units, Revenue, USD Billion;
2017–2030)
- Public
- Private
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- Regional Outlook (Volume, Million Units, Revenue, USD Billion;
2017–2030)
- North America
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. BENELUX
g. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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