The global EV charging infrastructure market size is anticipated to reach USD 125.39 billion by 2030, expanding at a CAGR of 25.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the electric vehicle charging infrastructure (EVCI) market is attributed to a growing consumer base adopting electric vehicles. This shift is fueled by eco-friendly choices, rising fuel expenses, government incentives, and reduced ownership costs throughout the vehicle's lifespan.
EV Charging Infrastructure Market Report Highlights
· In terms of charger type, the fast charger segment dominated the market in 2023. The rising preference for EVs among consumers seeking more convenient and efficient vehicle charging methods is propelling the growth of this segment
· In terms of connector, the CHAdeMO segment is expected to grow at a significant CAGR during the forecast period. The CHAdeMO connector’s capacity to provide a DC fast charging solution, enabling swift EV battery recharge, acts as a significant contributor to segment growth
· In terms of level of charging, the level 2 segment dominated the market in 2023. The growth of level 2 charging networks, especially in urban areas and along major U.S. highways, significantly drives segment expansion. With increasing electric vehicle adoption, numerous municipalities and businesses are investing in level 2 charging infrastructure to retain and attract EV drivers
· In terms of connectivity, the non-connected charging stations segment led the market in 2023. The growing adoption of stand-alone chargers by small businesses, private individuals, and municipalities is a major factor contributing to segment growth
· In terms of application, the commercial segment held a major revenue share in 2023. Increasing number of EV charging stations in commercial spaces and rising government funding and initiatives for installing publicly accessible EV charging stations are major factors behind segment growth
· The Asia Pacific region dominated the market in 2023. Stringent vehicle emission standards and a strong emphasis on electric vehicle research and development act as key drivers propelling regional market growth for electric vehicle (EV) charging infrastructure
· In September 2022, Schneider Electric launched the EVlink Home Smart Charger to power EVs at home. The charger includes innovative features to make at-home charging simpler to install and more cost-effective to use. Such initiatives are increasing the adoption of electric vehicle charging infrastructures
For More Details or Sample Copy please visit link @: Electric Vehicle (EV) Charging Infrastructure Market Report
An increasing interest in electric vehicles is amplifying the need for sufficient charging infrastructure, driving market growth. Several electric vehicle manufacturers, including Kia Motors, Volvo, Ford, and Mercedes-Benz, are partnering with charging infrastructure providers to ensure convenient access to charging stations. As an example, in November 2020, ChargePoint, Inc. announced its collaboration with Volvo Car USA LLC to deliver a smooth charging experience for Volvo drivers. ChargePoint, Inc. supports Volvo owners with Home Flex home chargers, allowing them to conveniently charge their cars at home.
Moreover, Ecotap BV, Delta Electronics, and Enel X, among others, are focusing on the development of solar-powered electric vehicle charging stations. For instance, within the Honda SmartCharge program, Enel X is engaged in developing a charging station powered by solar energy in Hawaii, the U.S., through collaboration with the Hawaiian Electric Company, Inc.
Several companies are working to enhance electric vehicle supply equipment (EVSE) to improve convenience for long-distance travel. Manufacturers such as Tesla, Inc. and Nissan are focusing on ensuring compatibility of their electric vehicles with public charging networks. For instance, in February 2023, in a move to bolster EV adoption in the U.S., the White House collaborated with Tesla Inc. to increase the availability of EV charging infrastructure across the U.S. As part of the collaboration, Tesla Inc. has pledged to make at least 7,500 of its chargers available to all types of EVs by the end of 2024.
The significant growth is majorly owing to the rising initiatives undertaken by both private as well as public sectors to encourage the population to switch to electric vehicles. These initiatives have stimulated the purchase of EVs and have concurrently raised consumer awareness about the advantages of such vehicles. Therefore, the demand for EV charging infrastructure is anticipated to grow significantly.
For instance, in the U.S., the Washington State Department of Transportation has collaborated with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH), which includes 57 EV charging stations across Washington and Oregon. Moreover, multiple governments are collaboratively developing intercontinental networks of highway charging stations.
The rising demand for EVs is owing to the increasing awareness of environmental sustainability and the strict emissions regulations enforced by governments. As private companies are focusing on innovating electric vehicle chargers and charging stations, governments are partnering with these firms to deploy EV charging infrastructure. In addition, technologies, such as near-field communication (NFC) and Radio Frequency Identification (RFID), have enabled the installation of interactive, self-operated, and kiosk-based charging stations within highway charging stations. Numerous private organizations are investing in the development of electric vehicle charging stations along highways. All these factors are propelling the demand for highway EV charging stations.
Gain deeper insights on the market and receive your free copy with TOC now @: https://www.grandviewresearch.com/industry-analysis/electric-vehicle-charger-and-charging-station-market/request/rs15
We segmented the global EV charging infrastructure market on the basis of charger type, connector, level of charging, connectivity, application, and region.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
As EVs become more reasonable in all cases, with cutting edge battery innovation getting less expensive and government motivators and guidelines increase, they are probably going to turn into the standard for everybody, paying little heed to the financial foundation.
Putting resources into the foundation that obliges EVs, at that point, will probably make your business more market-strong and give it more extensive intrigue later on.
Giving charging offices may, hence, give you an upper hand as far as opening up new crowds or becoming existing ones throughout the long term.
On the off chance that introducing a charger is basically free, contingent upon where your business is based, and charging and keeping up EVs is consistently less expensive than petroleum alternatives.
Sustainable power sources are not really, as is regularly accepted, more questionable than petroleum derivatives, truth be told, at times, they have been appeared to really fortify framework flexibility.
All things considered, you can never preclude potential deficiencies.
For the EV charging industry, RikaRica provides a strong and versatile cloud-based platform.
For the EV Charging Industry, we provide a central administration system, an analytics platform, and a user-facing mobile application.
Using IoT and Big Data, RikaRica can transform raw data into useful business information.
In addition to providing high-value timely and relevant data to end-users, these analytics enable station operators to get significant insights that help them to optimise numerous aspects of routine operations.Continue Reading
An EV monitoring solution helps to manage all your vehicles and chargers under a single dashboard.
It also Keeps your vehicles healthy.
It provides valuable insights in real-time that helps to optimize your transport operations: Energy managementLive fault notificationsOperations reportsSmart charging and much more To know more in detail about the electric vehicle telematics system and role of IoT in it, read this detailed article on the IoT based electric vehicle monitoring solution.
