Upsurging demand for electric vehicles coupled with increasing environmental concern across the world to drive global electric vehicle charging infrastructure market.
According to TechSci Research report “Electric Vehicle Charging Infrastructure Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, Global electric vehicle charging infrastructure market is anticipated to grow at a CAGR of 31.40% in value terms, in the next five years to reach USD37.85 billion by 2026. Increasing adoption of electric vehicles as these are eco-friendly and emit less greenhouse emissions in addition to incentives offered for the purchase of electric vehicle are driving its sales, which in turn is elevating the demand for electric vehicle charging infrastructure through 2026. Besides, increasing proliferation of e-commerce and presence of players such as Walmart, Flipkart, Alibaba, among others are contributing to the increased demand of logistics transportation. Compact electric vehicles are increasingly being used for this purpose, thereby, fueling the electric vehicle and electric vehicle charging infrastructure market through 2026.
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The demand for connected electric car services is witnessing a major increase attributing to the rising need for basic vehicle connectivity applications, such as real-time updates, navigation, and in-car infotainment. Moreover, increase in demand for connectivity solutions in electric cars, need for enhanced driving experience and introduction of Internet of Things (IoT) in the automotive industry are the key factors that contribute towards the adoption of connected electric cars. The increasing adoption of connected electric cars is anticipated to drive growth of the electric vehicle charging infrastructure market.
Global electric vehicle charging infrastructure market can be segmented based on vehicle type, type, charging mode, installed location, connector type, and type of charging, company and region. In terms of vehicle type, two-wheeler led the market with share of over 68% in 2020 and the dominance of the segment is projected to continue through 2026. Fluctuating prices of petrol and due to large share of two wheelers, the charging stations are also more for two wheelers than four wheelers. In the forecast period, two-wheeler charging infrastructure is expected to dominate over four-wheeler, but the four-wheeler segment is expected to show a good year-on-year growth.
In terms of type of charging, global electric vehicle charging infrastructure market is segmented into slow and fast. Fast charger is the fastest growing type of electric vehicle chargers, and the segment accounted for 31.27% market share in the year 2020 and is expected to reach 33.10% market share by 2026, growing with a CAGR of 30.39% in the forecast years. Fast chargers are anticipated to grow at a robust pace owing to their ability to charge vehicle in lesser time frame compared to its counterpart. Moreover, electric vehicle charging infrastructure manufacturers are investing heavily in research and development to develop efficient fast electric vehicle chargers.
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Some of the major players operating globally in electric vehicle charging infrastructure market are Charge Point, Inc. EV Box B.V., ABB Ltd., Tesla,Inc., Webasto Group, Siemens AG, Schneider Electric SE, Eaton Corporation plc, Royal Dutch Shell Plc, TGOOD Global Ltd. The market for electric vehicle charging infrastructure is consolidated with five players accounting for share of over 45% in 2020. Among these, TGOOD Global Ltd. has the largest presence around the world with 38 thousand installed charging stations as of 2020. Players operating in the market are focusing on introducing innovative charging infrastructure that works with all the electric vehicle and increasing number of charging stations around the globe.
“Asia-Pacific is the largest electric vehicle charging infrastructure market across the globe, accounting for 63.76% market share in the year 2020, owing to increasing electric vehicle population, backed by expanding base of consumers and rising per capita income in the region. Asia-Pacific electric vehicle charging infrastructure market is forecast to grow at a CAGR of 27.07% in the next five years. Inside Asia-Pacific, China is one of the largest markets for the electric vehicle charging infrastructure in the region, accounting for 89.50% market share in 2020. In 2020, the government announced to spend approximately USD1.4 trillion on a digital infrastructure public spending program, which is anticipated to push the electric vehicle charging infrastructure market in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Electric Vehicle Charging Infrastructure Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, and Commercial vehicle), By Type (AC and DC), By Charging Mode (Plug-in and Wireless), By Installed Location (Residential and Commercial), By Connector Type (UK 3-Pin, Industrial Commando, Type 1, Type 2, CHAdeMO, CCS and Tesla’s Proprietary Supercharger Connectors), By Type of Charging (Slow and Fast), By Region, By Company”, has evaluated the future growth potential of global electric vehicle charging infrastructure market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global electric vehicle charging infrastructure market.
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