The global electric vehicle charging infrastructure market size is anticipated to touch USD 111.75 billion by the end of 2027, according to a new report by Million Insights. The market is projected to grow at with 32.0% CAGR from 2020 to 2027. Growing focus on developing infrastructure for electric vehicles is projected to drive the growth of the market. Different government bodies are collaborating with others to develop electric charging station across highways. For example, the Department of Transpiration of Washington State collaborated with Oregon’s Department of Transportation for construction of 57 electric vehicles charger across Washington and Oregon.
Key original equipment manufacturers such as Enel X, Ecotap BV and Delta Electronics, Inc. among others are developing solar-powered charging stations. For example, Enel X is working with Hawaii (U.S) to develop a solar-powered electric charging station. Further, many companies are upgrading their Electric Vehicle Supply Equipment (EVSE) to ease long-distance travel.
Electric vehicles are recharged at several locations like at residence, private charging station and at commercial set-ups. However, residential charging doesn’t provide sufficient backup and consumers often face problems during a long-distance trip. Owing to this, a large number of the consumer base is discouraged to adopt EVs, thus, adversely affecting the market growth. However, to overcome these problems, companies are focusing on setting up charging facilities at shopping centers, commercial building, restaurants and airports.
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Further key findings from the report suggest:
• Fast charger segment is likely to grow at the fastest pace over the forecast duration.
• Combined Charging System (CCS) connectors are estimated to grow fastest over the forecast duration.
• Commercial category is anticipated to grow considerably owing to the growing deployment of charging facilities at airports, shopping malls, public parking and highways.
• Asia Pacific is projected to be the fastest-growing market owing to the growing number of electric vehicles in countries such as China, Japan and South Korea.
• Major players in the EV charging infrastructure market are BP Chargemaster, ClipperCreek, ChargePoint, Inc., Tesla, Inc., Webasto, and Siemens among others.
Million Insights has segmented the global electric vehicle charging infrastructure market based on charger type, connector, application, and region:
Electric Vehicle Charging Infrastructure Charger Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
• Slow Charger
• Fast Charger
Electric Vehicle Charging Infrastructure Connector Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Electric Vehicle Charging Infrastructure Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Electric Vehicle Charging Infrastructure Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South Korea