EV Charging Infrastructure Market Size, Share Forecast Report (2024-2032)
Global Electric Vehicle (EV) Charging Infrastructure Market Size, Share Analysis Report, 2024-2032

Electric Vehicle (EV) Charging Infrastructure Market Share, Size, Trends, Industry Analysis Report, By Type of Charger, By Charging Type; By Level of Charging; By Connector Type; By Installation; By End Use; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Feb-2024
  • Pages: 118
  • Format: PDF
  • Report ID: PM4509
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

  • Electric Vehicle (EV) Charging Infrastructure Market size was valued at USD 25.68 billion in 2023.
  • The market is anticipated to grow from USD 32.20 billion in 2024 to USD 200.08 billion by 2032, exhibiting a CAGR of 25.6% during the forecast period.

Market Outlook

Stringent environmental regulations are propelling the growth of the electric vehicle charging infrastructure market. Governments globally are imposing emissions reduction targets, pushing for cleaner transportation solutions. In response, businesses and municipalities are investing in robust EV charging networks to facilitate widespread electric vehicle adoption. Environmental regulations, aimed at curbing air pollution and combating climate change, drive the demand for charging infrastructure as a key component of the eco-friendly transportation ecosystem.

Electric Vehicle (EV) Charging Infrastructure Market Size

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In addition, companies operating in the market are concentrating on developing new solutions to cater to the growing market demand.

  • For instance, in September 2023, Hitachi Industrial Products, Ltd. revealed its plans to introduce a high-capacity multi-port electric vehicle (EV) charger designed to facilitate rapid charging of electric vehicles.

Advances in technology, economies of scale, and innovation have led to substantial reductions in the manufacturing and installation costs of charging stations. As the cost of EV charging infrastructure becomes more competitive, businesses and governments find it economically feasible to invest in widespread deployment. Additionally, the long-term operational savings associated with electric vehicles contribute to the attractiveness of charging infrastructure investments. This combination of economic viability and cost-effectiveness fuels the expansion of the EV charging infrastructure market, fostering a more sustainable and accessible charging network.

The research report offers a quantitative and qualitative analysis of the electric vehicle (EV) charging infrastructure market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.

Market Trends

Industry Growth Drivers

Government incentives and policies are projected to spur product demand

Government incentives and policies play a pivotal role in propelling the growth of the electric vehicle charging infrastructure market. Many governments worldwide are actively promoting sustainable transportation by offering financial incentives, tax credits, and subsidies for the installation of EV charging stations. Robust regulatory frameworks and mandates further encourage private investments in charging infrastructure. These supportive measures aim to address range anxiety, boost consumer confidence, and accelerate the transition to electric mobility. By fostering an environment conducive to infrastructure development, governments contribute significantly to the expansion of the EV charging infrastructure market, creating a sustainable and efficient ecosystem for electric vehicles.

Increasing adoption of electric vehicles is expected to drive electric vehicle charging infrastructure market growth

The burgeoning adoption of electric vehicles is catalyzing robust growth in the electric vehicle charging infrastructure market. As more consumers embrace EVs for their environmental benefits and cost savings, the demand for accessible and efficient charging solutions escalates. This surge in EV ownership propels the expansion of charging networks to meet the escalating needs of a growing user base. Governments, recognizing the pivotal role of EVs in sustainable transportation, are incentivizing and investing in charging infrastructure projects.

Industry Challenges

High initial costs associated with electric vehicle charging infrastructure are likely to impede the market growth

High initial costs pose a significant impediment to the rapid expansion of the electric vehicle charging infrastructure market. The installation of charging stations demands substantial upfront investments, encompassing equipment procurement, installation expenses, and grid connection outlays. This financial barrier hinders both private enterprises and government initiatives from scaling up the charging network. Overcoming this restraint requires innovative financing models, incentives, and collaborative efforts to drive down the initial investment burden, making EV charging infrastructure more economically viable and accelerating the transition to widespread electric vehicle adoption.

Report Segmentation

The electric vehicle charging infrastructure market analysis is primarily segmented based on the type of charger, charging type, level of charging, end use, and region.

By Type of Charger

By Charging Type

By Level of Charging

By Connector Type

By Installation

By End Use

By Region

  • Fast Charger
  • Slow Charger
  • DC
  • AC
  • Level 1
  • Level 2
  • Level 3
  • CHAdeMO
  • CCS
  • Others

 

  • Fixed
  • Portable
  • Residential
  • Commercial
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Type of Charger Analysis

Fast charger segment accounted for a significant market share in 2023

The fast charger segment accounted for a significant market share in 2023. Boasting formidable charging power, these chargers minimize EV battery replenishment times, crucial for efficient long-distance travel. The substantial reduction in charging durations compared to standard chargers aligns with the surging demand for swift and hassle-free EV experiences. Strategically positioned in diverse locales, fast chargers cater to short-term urban needs and long-distance travel along major routes. Standardized connectors like CHAdeMO and CCS enhance compatibility. Operating at elevated voltage levels, professional installation ensures safety. Despite higher costs, their proliferation enhances accessibility, integral to developing extensive charging networks.

By Charging Type Analysis

The demand for DC charging type is expected to increase during the forecast period

The demand for DC charging type is expected to increase during the forecast period. The surge in demand for DC electric vehicle charging infrastructure is propelled by its ability to deliver significantly faster charging times, making it appealing for drivers seeking rapid EV battery replenishment. DC fast chargers strategically positioned along highways support long-distance travel, alleviating concerns about range anxiety. In urban environments, the convenience of rapid charging enhances the appeal of electric vehicles. Government support, regulations, and financial incentives drive the expansion of charging networks, contributing to the widespread deployment of DC charging stations.

By Level of Charging Analysis

Level 2 segment held a significant market revenue share in 2023

The level 2 segment held a significant revenue share in 2023. Level 2 electric vehicle charging infrastructure is pivotal for electric mobility. Operating at 240 volts, it exceeds Level 1 chargers, offering faster charging for residential and commercial use. Versatile applications include home and workplace charging, public stations, and destination spots. Standardized connectors like SAE J1772 and Type 2 ensure compatibility. The professional installation addresses the higher power capacity and potential electrical upgrades. Charging stations, featuring smart capabilities and user-friendly interfaces, are produced by various manufacturers. Cost-effective compared to DC fast chargers, Level 2 infrastructure fosters widespread deployment, enhancing accessibility and network development.

By End Use Analysis

Commercial segment held a significant market revenue share in 2023

The commercial segment held a significant revenue share in 2023. Fleet charging solutions cater to businesses with scalable and efficient charging, allowing simultaneous charging of multiple vehicles. Customized stations integrate with fleet management systems for optimized schedules. High-power charging supports rapid turnarounds for high-demand fleets. Multi-location deployment ensures accessibility across depots and office complexes. Integration with energy management systems optimizes charging during low-cost periods. Robust payment solutions streamline financial transactions, and scalability ensures adaptability as fleets grow. Partnerships enhance deployment, while comprehensive maintenance and support services minimize downtime. Regulatory compliance is prioritized for responsible and sustainable operations.

Regional Insights

Asia-Pacific region dominated the global market in 2023

In 2023, the Asia-Pacific region dominated the global market. Asia-Pacific's electric vehicle charging infrastructure market is dynamic and evolving. China leads globally with a diverse charging network and multiple standards. Japan boasts a mature system, driven by major automakers. South Korea sees increased investment, while India is in the initial stages of government initiatives. Singapore focuses on growing charging stations, leveraging public-private partnerships. Other Southeast Asian countries are gradually investing to support EV adoption. Collaborative efforts between public and private entities, coupled with supportive policies, shape the region's goal of creating a robust charging network to accommodate the rising number of electric vehicles on the road.

Over the projected period, the Europe region is likely to experience significant growth. Europe's electric vehicle charging infrastructure sector is rapidly expanding, driven by heightened consumer interest and government support. Governments across the continent are implementing robust policies, offering financial incentives to accelerate charging station development. Efforts towards interoperability involve standardizing connectors and communication protocols for seamless user experiences.

Charging points are strategically deployed in both urban and rural areas, addressing range anxiety and supporting long-distance travel. Ongoing technology advancements include higher capacities, wireless options, and smart charging solutions. Collaborations among governments, industries, and technology firms aim to expedite the creation of a comprehensive and interconnected EV charging network.

Key Market Players & Competitive Insights

The electric vehicle charging infrastructure market displays a wide range of participants, and the influx of numerous newcomers is anticipated to intensify rivalry. Established frontrunners in the market continually upgrade their technologies to sustain a competitive edge, with a key emphasis on efficiency, reliability, and safety. These organizations prioritize strategic initiatives such as forming partnerships, enhancing products, and engaging in collaborative ventures to outperform their peers. Their objective is to secure a significant electric vehicle charging infrastructure market share.

Some of the major players operating in the global electric vehicle charging infrastructure market include:

  • ABB
  • Blink Charging
  • BP Chargemaster
  • BTC Power
  • ChargePoint
  • ClipperCreek
  • Delta Electronics, Inc.
  • Eaton Corporation
  • General Electric Company
  • Leviton Manufacturing Co., Inc.
  • Schneider Electric
  • SemaConnect
  • Siemens
  • Tesla
  • Webasto SE

Recent Developments

  • In January 2024, Snap-E Cabs and Jio-bp jointly introduced an electric vehicle charging hub in Kolkata, featuring 150 charging stations. The hub will be operational under the Jio-bp brand, a collaborative venture between Reliance Industries Ltd and British Petroleum.
  • In December 2023, Bharat Petroleum Corporation Limited and Tata Passenger Electric Mobility Ltd. entered into a Memorandum of Understanding to work together in the development of public charging stations throughout India. This partnership will make use of BPCL's extensive network of fuel stations and TPEM's knowledge of electric vehicles on Indian roads to establish charging points at sites frequently accessed by Tata EV owners. Furthermore, BPCL will collect data on charger utilization to enhance the overall customer experience.
  • In November 2023, Lotus introduced its proprietary electric vehicle charging offerings, encompassing a high-speed 450 kW DC charger, a power cabinet, and a modular unit designed for simultaneous charging of up to four vehicles.

Report Coverage

The electric vehicle charging infrastructure market report emphasizes on key regions across the globe to provide a better understanding of the product to the users. Also, the report provides market insights into recent developments, and trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers an in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.

The report provides a detailed analysis of the market while focusing on various key aspects such as competitive analysis, type of chargers, charging types, levels of charging, end uses, and their futuristic growth opportunities.

Electric Vehicle (EV) Charging Infrastructure Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 32.20 billion

Revenue Forecast in 2032

USD 200.08 billion

CAGR

25.6% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

  • By Type of Charger
  • By Charging Type
  • By Level of Charging
  • By End Use
  • By Region

Regional scope

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Competitive Landscape

  • Electric Vehicle Charging Infrastructure Market Share Analysis (2023)
  • Company Profiles/Industry participants profiling includes company overview, financial information, product/service benchmarking, and recent developments

Report Format

  • PDF + Excel

Customization

Report customization as per your requirements with respect to countries, region, and segmentation.

Delve into the intricacies of electric vehicle (EV) charging infrastructure in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.

 

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FAQ's

The global Electric Vehicle (EV) Charging Infrastructure market size is expected to reach USD 200.08 billion by 2032

ABB, Blink Charging, BP Chargemaster, Eaton Corporation, General Electric Company, Schneider Electric are the top market players in the market

Asia-Pacific region contribute notably towards the global Point of Electric Vehicle (EV) Charging Infrastructure Market

Electric Vehicle (EV) Charging Infrastructure Market CAGR of 25.6% during the forecast period.

The Point of Electric Vehicle (EV) Charging Infrastructure Market report covering key segments aretype of charger, charging type, level of charging, end use, and region