EV Charging Infrastructure: Introduction
Growth in awareness about creating sustainable environmental conditions, rise in urbanization and industrialization, and introduction of new energy efficiency standards are some of the key factors driving the global EV charging infrastructure market. The market is expected develop further during the forecast period led by the rise in research and development activities for producing more efficient and reliable units. The charging infrastructure is anticipated to evolve owing to the development of technology and the growing popularity of electric vehicles.
Key Drivers and Restraints of EV Charging Infrastructure Market
- Leading players in the market are constantly striving to deploy more efficient charging stations in their parking spaces and garages. This is driving the demand for private charging units of EV charging infrastructure. Additionally, rise in research and development activities to enhance the ability to store energy is an important factor that is boosting the global EV charging infrastructure market.
- Increase in environmental concerns and initiatives by various governments for environment conservation is also augmenting the global EV charging infrastructure market
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COVID-19 Impact Analysis
Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, most of the EV automakers such as BMW AG, Daimler AG, Kia Motors Corp, Tesla Motors, and Nissan Motor Co. have had to shut down their production facilities. Disruption in operation of production facilities has hampered the demand for EV charging infrastructure.
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Fast Charger Type Segment to Hold Prominent Share of Global Market
- The global EV charging infrastructure market can be segmented based on type and region
- Based on type, the global EV charging infrastructure market can be divided into fast charger and slow charger. Fast charger is extensively used in EV charging infrastructure. Growth of the segment can be ascribed to the rise in demand for the deployment of fast chargers in commercial stations. Most of the organizations have deployed Level 2 AC or Level 1 DC fast chargers in charging stations that can fully charge an electric vehicle within four to six hours.
- The slow charger segment is anticipated to expand significantly during the forecast period, due to the introduction of initiatives by several policymakers to promote the deployment of public charging infrastructure that mostly employs slow chargers
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North America Expected to Constitute Major Share of Global EV charging infrastructure Market
- In terms of region, the global EV charging infrastructure market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America dominated the global EV charging infrastructure market in 2024 primarily due to the rise in penetration of single-family homes in the region. Growth in adoption of EVs, specifically in California and Pacific Northwest, is also boosting the market in North America. Rise in prices of energy and increase in concerns about the adverse impact of fuel utilization on the environment are other important factors augmenting the EV charging infrastructure market in North America.
- The EV charging infrastructure market in Asia Pacific is expected to expand at a significant pace during the forecast period owing to the increase in adoption of EV charging infrastructure in emerging countries such as India and China. China, in particular, has been installing large number of charging units.
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Key Players Operating in Global Market
Leading companies operating in the global EV charging infrastructure market include:
- ChargePoint, Inc.
- Eaton Corp.
- General Electric Company
- Schneider Electric
- Siemens AG
- Tesla, Inc.
- BP Chargemaster
- ABB
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