PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127428
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127428
Electric Vehicle Charging Infrastructure Market size was valued at USD 18,600.6 Million in 2021, growing at a CAGR of 31.1% from 2022 to 2028.
The market for Electric Vehicle Charging Infrastructure is being driven by the increasing focus that various governments and automakers are placing on improving the performance of charging stations. The development of bus charging Infrastructure is being prioritized by several public transportation authorities, including the Warsaw Public Transport Authority in Poland, Goteborg Energi in Sweden, and GVB in the Netherlands. These bus manufacturers include VDL Bus & Coach, AB Volvo, and Mercedes Benz. In addition, a number of government organizations are funding the construction of charging Infrastructure. As an illustration, Ekoenergetyka-Polska Sp. z o.o. won a contract for the construction of 20 fast-charging Infrastructures for the electric bus fleet for the city of Warsaw, Germany, from MIEJSKI ZAKAD KOMUNIKACJI SP. Z O.O. W KUTNIE. The City of Warsaw contributed to the cost of this project.
The utilities are offering lower tariffs for the electricity utilized by EVSE, which is propelling the market in nations like the United States and China, which are the greatest producers of electric energy. Additionally, there have been more government activities in recent years, including awarding contracts for the construction of charging infrastructure globally. Additionally, the need for electric vehicle supply equipment is rising as private companies like The Coca-Cola Company and General Motors Company place a greater emphasis on creating charging Infrastructure for the automobiles of their employees. Additionally, in order to meet the need for electric vehicle supply equipment, energy providers like Pacific Gas and Electric Company (PG&E) and San Diego Gas & Electric Company are incorporating EVSE players.
On the negative side, one of the main concerns that pose a threat to market growth is the high cost of electric vehicle charging equipment. Additionally, the introduction of hydrogen fuel vehicles is a result of the advancement of next-generation fuel cell systems and hydrogen storage technologies.
The Global Electric Vehicle Charging Infrastructure Market is segmented on the basis of charger type, connector type, application, and region.
The market is divided into two categories based on charger type: Portable chargers, slow chargers, and fast chargers. The fast EV charging segment is expected to grow with a promising growth rate over the forecast period. Additionally, technical developments like the incorporation of Near Field Communication (NFC) and Radio-Frequency Identification (RFID) in EVSE have improved the efficiency of digital payments for EV users of the infrastructure. Additionally, it has been challenging for owners of electric Vehicle Charging Infrastructure to assign customer support agents during periods of heavy traffic due to the lack of an additional workforce in industrialized nations like the U.S., the U.K., and Germany. This is a key driver of the EV charging kiosk market.
The global market for Electric Vehicle Charging Infrastructure comprises a number of both international and local producers, making it a fairly competitive sector in the world. Some of the leading strategies adopted by corporations to expand their industry share include new launches, strategic alliances, distribution networks, research spending, and mergers & acquisitions. In January 2018, AeroVironment launched TurboDX, next-gen electric vehicle equipment which provides advanced, user-friendly features to ensure a smart-charging experience.
The scope of this report covers the market by its major segments, which include as follows: