The global EV charging infrastructure market accounted for a value of USD 2.5 billion in 2019. EV charging infrastructure market is projected to register growth at a CAGR of 34.7% during forecast period.
COVID-19 has impacted all the businesses over the globe. The supply chain of raw materials and finished products is disrupted due to travel restriction. The manufacturing facilities have to shut down or halt its productions. There is a decline in sales of vehicles in 2020. The market for electric vehicles charging infrastructure is likely to witness growth from 2021.
For more details, visit: Global EV Charging Infrastructure Market By Type (Normal Charging Type-2, Others), By Charging Level , By Application, By Installation Type, Electric Bus Charging Type, By Charging Station Type, By Region–Forecast & Opportunities to 2026
The awareness about rising pollution is growing among consumers and people are looking for alternative which can be used to reduce carbon emission. Electric vehicle is a great solution to combat the rising level of pollution due to carbon emission. This drives growth in EV infrastructure market during forecast period.
On the basis of type, the EV charging infrastructure market is segmented into combined charging system (CCS), CHADEMO, normal charging, tesla supercharger and type-2. The combined charging system connectors segment is estimated to be fastest growing market during forecast period. The CCS connector is preferred by major manufacturers across the globe and this is likely to drive growth in CCS connectors segment during forecast period.
On the basis of charging level, the EV charging infrastructure market is segmented into Level 1 (120V), Level 2 (208V- 240V) and Level 3 (upto 600V). The level 3 (upto 600V) charging segment is estimated register growth at highest CAGR during forecast period. The demand and adoption is higher for level 3 (upto 600V) charging in market. This drives growth in this segment during forecast period.
On the basis of application, the EV charging infrastructure market is segmented into private and public application. The private segment is estimated to hold largest market share during forecast period. The private organizations are investing to construct charging stations across many regions. They are constructing efficient charging stations and to provide better facility of charging electric vehicles across many regions. The adoption of electric vehicles is increasing which drives growth in EV charging infrastructure market during forecast period.
On the basis of installation type, the EV charging infrastructure market is segmented into portable charger and fixed charger. The portable charger segment is expected to be fastest growing segment during forecast period. The portable chargers are very convenient for drivers as they can carry this type of charger with them and can charge their EVs whenever needed. Fixed stationary chargers are considered to be expensive whereas portable chargers are less costly. Initially, portable chargers are used for charging vehicles for short journeys but there is a lot of technological advancements are expected which could charge vehicles for longer journey in coming years.
North America region is estimated to be fastest growing segment during forecast period. The growing technological advancement and innovation are key factors driving growth of EV charging infrastructure in North America region. The EV charging infrastructure is developing immensely and the adoption of electric vehicle is also increasing in this region. This drives growth in EV charging infrastructure in North America region during forecast period.
The key market players in EV charging infrastructure market are ABB, Eaton, Tesla, Leviton Manufacturing, Pod Point, Rittal GmbH & Co., Honeywell International, General Electronic, BYD Auto, Schneider Electric, Bosch, Siemens and Clipper Creek Inc.
- What are the expected industry trends over the next three to five years?
- Which of the EV charging infrastructure type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?