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electric vehicle charging infrastructure market

Electric Vehicle Charging Infrastructure/ Stations Market [By Connector Protocol (CHAdeMO, Combined Charging System); By Charger Type (Slow Charger, Fast Charger); By Charging Method (AC Charging, DC Charging); By Application (Commercial, Home); By Regions]: Market Size & Forecast, 2018 – 2026

Published: Dec 2017
Pages: 85
Format: PDF
Report ID: PM1029
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Report Summary

The worldwide market size for Electric Vehicle Charging Infrastructure Market is estimated to be USD 2,118 million in 2017 and is estimated to grow at a CAGR of 40.8% during the forecast period. Growing market and demand for the Electric Vehicles (EV) across the globe is the major driving factor for this market. This demand for the electric vehicles is due to the increasing fuel costs, high maintenance cost and concerns towards the environments. Governments in most of the countries are also subsidizing the EVs by providing tax benefits and other schemes, which has pushed the market for EVs. Due to the increasing adoption of these vehicles, the need for charging infrastructure is increasing like the fuel stations. Many vehicle manufacturers, cab aggregators, taxi service providers as well as government organizations are investing in these charging stations, thus increasing the market. Typically, with the electric vehicles, it was considered that the charging is supposed to be carried out at the residence of the person who owns these vehicles, however the scenario is changing dynamically. There has been a significant increase in the public charging stations in the cities and on the highways. This growth is also majorly due to the increasing concern of switching to sustainable power source. The utilization of renewable power source to control EV charging stations for suppressing the demand of power grid controlled networks is being witnessed recently. Charging stations controlled by solar boards is one such advancement in the market. The lowering cost of solar boards and grid panels and their hassle-free installations on business structures and shopping centers are driving the market. This has fueled the market significantly for electric vehicle charging stations and is estimated to reach over USD 56.95 billion by 2026.

The development of these stations is also driven by the government initiatives and motivation for EV charging infrastructure/stations advancements. The adoption of electric vehicles has increased in both developed and developing countries because of the expanding government support such as subsidies, tax benefits, buyer awareness and due to the environmental norms. Government from many countries has also announced to discontinue the diesel vehicles in coming years followed by the petrol and gas vehicles. These governments would only allow electric vehicles on the roads. Such regulations would push the market for EV, thus giving a good momentum to the EV charging stations market.

North America Electric Vehicle Charging Stations / Infrastructure Market Share By Connector Protocol,  2017 - 2026

North America Electric Vehicle Charging Stations / Infrastructure Market

Segment Analysis

The global EV charging station market is segmented on the basis of connector protocol, charger type, charging method and by application. The connecter type segment is further bifurcated into CHAdeMO connectors and combined charging system. CHAdeMO connectors are fit for conveying 62.5 kW of DC power as specified by Japan Electric Vehicle Standard. There is also a global association, “CHAdeMO Association” for setting up global industry standards for charging stations and was initiated by Fuji Heavy Industries Ltd., Mitsubishi Group, Tokyo Electric Power Company, Inc., Nissan Motors, and Toyota Motors. The combined charging system connectors are mixes of J1772 attachment and two substantial pins that are essentially used for DC. They provide utilization of a solitary channel for AC and DC charging, empowering adaptability in the EVs.

DC chargers can change high-voltage AC to DC, for capacity in electric vehicles and are fit for charging an EV in around half an hour. They are additionally partitioned into three connectors: CHAdeMO, Combined Charging System, and others which includes Tesla Supercharger and GB/T China.

SAMPLE TABLE
North America Electric Vehicle Charging Stations/ Infrastructure Market, By Connector Type, 2017 - 2026
(USD Million)

North America Electric Vehicle Charging Stations/ Infrastructure Market 2017 - 2026

With the increasing number of EVs and with the help of governments, the development of commercial or public charging stations is presumed to be higher than the home application segment. In addition, automobile manufacturers are foreseen to make overwhelming investments for the growth of these public infrastructure. Governments are focusing on advancing the quantity of freely accessible chargers to support EV deals.              

The fast charger segment comprised of a maximum share of the overall industry in 2017. These are quick chargers that are up to 43 kW, for example Tesla’s Superchargers and can possibly charge an EV battery, up to 75%, in half an hour. These chargers are projected to grow faster in the EV stations market as compared to their counterparts as they decrease the battery energizing time.

The market is also segmented into two charging methods which includes Alternating Current (AC) and Direct Current (DC) charging infrastructure. The AC current is commonly supplied to households which can be used for charging the electric vehicles. These chargers utilize AC current, which is generally accessible at home, to charge an electric vehicle. These chargers can be additionally bifurcated into three levels viz. Level1 that has ranges till 3.7 kW, Level2 that ranges till 22 kW, and AC fast chargers that ranges upto43 kW. Each of them can respectively charge an electric vehicle in 7-8 hrs., 2-4 hrs., and 30-40 minutes.

Japan accounted for more number of EV charging outlets than the fuel filling stations in 2017. This development is upheld by government arrangements and automobile manufacturers push to support EV foundation. For example, many major car manufacturers such as Honda Motor Corp., Toyota Motors, Nissan Motors, and Mitsubishi Motors shaped another organization named Nippon Charge Service to support the establishment of EV chargers. South Korea has reportedly invested over USD 175 million for development of EV infrastructure. The Asia Pacific region had the highest market share and represented half of the revenue generated in 2017. In the previous couple of years, China has seen development in both electric vehicles and their charging framework.

Competitive Landscape

Major industry players include ChargePoint, Inc., Schneider Electric SE., Tesla Motors, Inc., Delphi Automotive LLP, Garmin International, Inc, EFKON AG, Siemens AG, SemaConnect, Inc., Chargemaster Plc, Eaton Corporation, and Leviton Manufacturing Co., Inc among others. The players of this market are continuously moving in the direction of new advancements of their current item portfolio. For vital development, these players lean toward joint efforts, with different players of electric vehicle makers.  

Key Take-Away