The global Electric Vehicle Charging Infrastructure market size is expected to be worth around US$ 111.76 billion by 2028, according to a new report by Vision Research Reports.
The global Electric Vehicle Charging Infrastructure market size was valued at US$ 11.75 billion in 2020 and is anticipated to grow at a CAGR of 32.01% during forecast period 2021 to 2028.
The increasing focus of global economies on developing supporting infrastructure for accelerating the adoption of (EVs) is contributing to the growth. Various government agencies are entering into partnerships with each other to develop highway electric charging stations. For instance, in 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, several governments are jointly developing intra-continental networks of highway charging stations.
Various OEMs such as Delta Electronics, Inc.; Enel X; and Ecotap BV; among others; are focusing on the development of solar-powered electric vehicle charging stations. For instance, under the Honda SmartCharge program, Enel X is currently working on the development of solar-powered charging station in Hawaii (U.S.) in partnership with the Hawaiian Electric Company, Inc. Furthermore, various companies are working on upgrading Electric Vehicle Supply Equipment (EVSE) to make them more convenient for long-distance travel. Some of the manufacturers such as Tesla, Inc. and Nissan are focusing on providing compatibility for their electric vehicles for public charging networks. For instance, Nissan in November 2019, announced that buyers of new Nissan LEAF and Nissan LEAF would be able to charge their vehicles across EVgo’s charging network that comprises 750 public charging stations.
Based on the charger type, the market has been segmented into a slow charger and fast charger. The fast charger segment held the dominant market share in 2019, owing to the increasing demand for its deployment in commercial stations. The fast charger segment includes rapid AC chargers (up to 43 kW), DC chargers, and Tesla Superchargers.
The slow charger segment accounted for a significant market share in 2019, owing to the initiatives by various governments for accelerating the deployment of public charging infrastructure, which mostly employs the slow chargers. There has been a significant rise in demand for vehicles equipped with onboard charging stations that use AC voltage.
Based on the connector, the market has been segmented into CHArge de MOve (CHAdeMO), Combined Charging System (CCS), and others. The CHAdeMO segment accounted for a significantly higher market share in 2019, owing to easy integration with smart grid infrastructure and bi-directional charging capability of CHAdeMO connectors. The present CHAdeMO connectors are capable of delivering 62.5 kW of DC and are specified by Japan Electric Vehicle Standard (JEVS).
The CCS segment is expected to expand at the highest CAGR over the forecast period owing to increased preference by major automobile manufactures on the adoption of CCS connectors in their electric vehicles. For instance, in July 2019, Tesla announced the introduction of a CCS connector to support Model 3, with expected near future compatibility with Model S and Model X in Europe.
The commercial segment accounted for a significantly high market share in 2019 owing to the initiatives and allocation of funding by the governments and automobile manufacture for expanding public EVCI infrastructure. The growing emphasis of several companies, including BMW of North America; Tesla, Inc.; Volkswagen Group of America, Inc.; ChargePoint, Inc.; and Efacec on the installation charging stations across various destinations, such as shopping malls, movie theatres, playgrounds, stadiums, airports, and hotels is anticipated to drive the product adoption in the commercial segment.
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.
Governments in various countries such as China, Japan, and South Korea are heavily investing in the development of charging infrastructure that bodes well for the market growth in Asia Pacific. For instance, in October 2015, the Chinese Government announced its intention to invest in the deployment of EV infrastructure to accomplish their target for supporting 5 million EVs, on-road, by 2020. Besides, in 2017, the Singapore government launched an EV car-sharing program. Under this initiative, BlueSG (Singapore), a subsidiary of Bollore Group, will install 2,000 EV chargers in 500 charging stations across Singapore. Moreover, various automakers are collaborating to develop a charging infrastructure that bodes well for growth.
Various European countries have set ambitious targets for curbing carbon emission and electric car stock commitments by 2020. For instance, in July 2018, the U.K. government passed the Automated and Electric Vehicles (AEV) Act. It provides the government with new powers to ensure the rapid development of EVCI on motorways and fuel stations.
AeroVironment Inc.; ABB; BP Chargemaster; ChargePoint, Inc.; ClipperCreek; Eaton; General Electric; Leviton Manufacturing Co., Inc.; SemaConnect, Inc., Schneider Electric; Siemens; Tesla, Inc.; and Webasto.
Charger Type Outlook
The Electric Vehicle Charging Infrastructure market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electric Vehicle Charging Infrastructure market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electric Vehicle Charging Infrastructure market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Vehicle Charging Infrastructure market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Vehicle Charging Infrastructure market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electric Vehicle Charging Infrastructure capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electric Vehicle Charging Infrastructure by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Vehicle Charging Infrastructure market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Vehicle Charging Infrastructure market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Vehicle Charging Infrastructure market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electric Vehicle Charging Infrastructure industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Electric Vehicle Charging Infrastructure market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Vehicle Charging Infrastructure market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Vehicle Charging Infrastructure market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Vehicle Charging Infrastructure market. These factors have benefited the growth of the global market for Electric Vehicle Charging Infrastructure. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Vehicle Charging Infrastructure. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Electric Vehicle Charging Infrastructure are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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