Global Electric Vehicle Charging Infrastructure Market Size By Charger Type (Fast, Slow), By Charging Type (DC, AC), By Connector Type (CHAdeMO, CCS), By End-User (Residential, Commercial), By Geographic Scope And Forecast
Report ID: 26319|No. of Pages: 202
Global Electric Vehicle Charging Infrastructure Market Size By Charger Type (Fast, Slow), By Charging Type (DC, AC), By Connector Type (CHAdeMO, CCS), By End-User (Residential, Commercial), By Geographic Scope And Forecast
Electric Vehicle Charging Infrastructure Market Size And Forecast
Electric Vehicle Charging Infrastructure Market size was valued at USD 5.75 Billion in 2023 and is projected to reach USD 54.27 Billion by 2031, growing at a CAGR of 21.76% from 2024 to 2031.
- Electric Vehicle Charging Infrastructure (EVCI) refers to the essential structures, machinery, and equipment needed to recharge electric cars (EVs). This contains various charging stations, such as normal battery chargers, quick chargers, and battery swap stations. The infrastructure is critical for simplifying the transition from traditional internal combustion engine vehicles to electric vehicles by providing easy access to charging stations in public places, workplaces, and residences.
- Furthermore, EVCI’s key applications include enabling long-distance travel for EVs by strategically placing charging stations along highways, promoting urban mobility through public and private charging solutions, and integrating with renewable energy sources to improve transportation system sustainability.
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Global Electric Vehicle Charging Infrastructure Market Dynamics
The key market dynamics that are shaping the Electric Vehicle Charging Infrastructure Market include:
Key Market Drivers
- Government Incentives and Regulations: Governments worldwide are putting laws and incentives in place to encourage the use of electric vehicles and the construction of charging infrastructure. For example, the U.S. Department of Energy states that there were over 100,000 public charging ports in the United States by 2021. Also, the US government has set a target of constructing a national network of 500,000 EV chargers by 2030 as part of the Infrastructure Investment and Jobs Act, which includes USD 7.5 Billion in funding for EV charging infrastructure.
- Growing Electric Vehicle Adoption: The growing popularity of electric vehicles is fueling the demand for charging infrastructure. According to the International Energy Agency (IEA), worldwide electric vehicle sales more than quadrupled to 6.6 million in 2021, accounting for nearly 9% of the global automotive industry. This rapid increase in EV use needs the construction of charging infrastructure to accommodate these vehicles.
- Corporate Sustainability Initiatives: Many businesses are launching environmental measures, such as the use of electric vehicles and the provision of charging infrastructure. According to the US Department of Energy’s National Renewable Energy Laboratory (NREL), workplace charging can boost an employee’s likelihood of driving an electric vehicle by 20 times. According to NREL data, the number of workplace charging stations in the United States has increased significantly, from 400 in 2013 to more than 9,000 by 2019.
Key Challenges:
- High Capital Costs: The high costs involved with charging station construction provide a significant hurdle to the electric vehicle charging infrastructure (EVCI) market. Building fast-charging stations necessitates significant investment in equipment and technology, discouraging private investors and companies from entering this market. Additionally, continuous operational expenditures, such as maintenance and electricity supply, further strain financial resources, making it difficult to achieve profitability, particularly in low-traffic locations.
- Interoperability and Standardization: Interoperability and standardization of various charging mechanisms provide an obstacle. With so many EV models and charging technologies available, guaranteeing interoperability between electric vehicles and charging stations is critical. The lack of global standards confuses consumers and prevents widespread adoption of EVs. This problem hampers infrastructure design and leads to inefficiency because different regions use different standards that do not communicate properly with one another.
Key Trends:
- Rapid Growth of Fast-charging Stations: Customers want faster charging options to reduce range anxiety as the use of electric vehicles grows. Fast chargers, particularly Level 3 chargers, are gaining popularity because they can significantly reduce charging times—often offering a full charge in under 30 minutes. This trend is being fueled by investments from both private enterprises and government programs focused on extending fast-charging networks in urban and highway locations.
- Integration of Smart Technology: Mobile apps for locating charging stations, real-time availability updates, and payment mechanisms all improve consumer convenience. Furthermore, the use of smart grid technologies improves energy management, allowing charging stations to function more efficiently during off-peak hours. This technical advancement not only enhances the user experience but also promotes grid stability and renewable energy integration.
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Global Electric Vehicle Charging Infrastructure Market Regional Analysis
Here is a more detailed regional analysis of the Electric Vehicle Charging Infrastructure Market:
North America:
- According to Verified Market Research, North America is estimated to exhibit substantial growth within the market during the forecast period. North America, particularly the United States, is experiencing substantial growth in electric vehicle usage, pushing up the need for charging infrastructure. According to the US Department of Energy, the number of electric vehicles on US highways increased from approximately 16,000 in 2011 to more than 2 million by 2022. The Edison Electric Institute (EEI) predicts that the number of EVs on US roadways will reach 26.4 million by 2030, necessitating a massive expansion of charging infrastructure to accommodate this development.
- Furthermore, major enterprises and utilities in North America are making significant investments in EV charging infrastructure. For example, the Edison Electric Institute claims that electric companies have committed more than USD 3 Billion to EV initiatives, with an additional USD 1 Billion seeking approval by 2021. These strategies involve establishing charging stations, providing customer rebates, and setting power pricing specifically intended for EV charging. Also, the U.S. Department of Energy’s Alternative Fuels Data Center forecasts that by 2023, there will be over 50,000 public EV charging stations with over 130,000 charging ports across the country, demonstrating significant private sector investment in charging infrastructure.
Asia Pacific:
- The Asia Pacific region is estimated to dominate the market during the forecast period. The Asia-Pacific region, especially China, is experiencing a tremendous increase in electric vehicle adoption. According to the International Energy Agency (IEA), China accounted for half of the increase in worldwide electric vehicle sales in 2021. According to the China Association of Automobile Manufacturers (CAAM), new energy vehicle (NEV) sales in China reached 6.89 million units in 2022, up 93.4% from the previous year. This rapid increase in EV usage is driving up demand for charging infrastructure in the region.
- Furthermore, the Asia Pacific region is rapidly urbanizing, with various smart city efforts incorporating EV charging as a crucial component. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), Asia and the Pacific’s urban population was approximately 2.3 billion in 2019 and is expected to grow to 3.5 billion by 2050. This urbanization trend is boosting the demand for sustainable mobility alternatives such as electric vehicles (EVs) and charging infrastructure. For example, Singapore’s Land Transport Authority (LTA) has announced intentions to deploy 60,000 charging outlets nationally by 2030, up from approximately 1,600 public charging sites in 2020.
Global Electric Vehicle Charging Infrastructure Market: Segmentation Analysis
The Electric Vehicle Charging Infrastructure Market is segmented on the basis of Charger Type, Charging Type, Connector Type, and End-User.
Electric Vehicle Charging Infrastructure Market, By Charger Type
- Fast Charger
- Slow Charger
Based on Charger Type, the market is segmented into Fast Charger and Slow Charger. The fast charger segment is estimated to dominate the Electric Vehicle Charging Infrastructure Market due to the growing need for rapid charging solutions that reduce range anxiety among electric vehicle owners. Fast chargers significantly shorten charging periods, making them necessary for both urban and long-distance travel. Government initiatives and expenditures in public fast-charging infrastructure help to accelerate the growth of this segment by encouraging more people to drive electric vehicles.
Electric Vehicle Charging Infrastructure Market, By Charging Type
- DC
- AC
Based on Charging Type, the market is divided into DC and AC. The DC charging segment is estimated to dominate the market during the forecast period due to its rapid charging capabilities and growing demand for fast charging options. DC fast chargers significantly decrease charging times, frequently delivering a full charge in less than 30 minutes, which is critical for users seeking convenience and efficiency. This segment accounted for more than 72% of worldwide revenue in 2022 and is driven by rising electric vehicle adoption and government initiatives to develop public charging networks.
Electric Vehicle Charging Infrastructure Market, By Connector Type
- CHAdeMO
- CCS
- Others
Based on Connector Type, the market is segmented into CHAdeMO, CCS, and Others. The combined charging system (CCS) segment is estimated to lead this segment in the forecast period due to CCS’s adaptability, as it allows both AC and DC charging, allowing for the rapid charging capabilities that consumers are increasingly demanding. CCS’s widespread adoption in North America and Europe, combined with its capacity to produce high power outputs of up to 350 kW, make it the preferred choice for fast charging stations, consolidating its market leadership.
Electric Vehicle Charging Infrastructure Market, By End-User
- Residential
- Commercial
Based on End-User, the market is segmented into Residential and Commercial. The commercial segment is estimated to dominate the market during the forecasted period. This domination is fueled by the proliferation of charging stations in public and commercial areas like shopping malls, workplaces, and roads. Governments and private companies are making significant investments in extending commercial charging networks to handle the growing number of electric vehicles. The availability of charging choices in high-traffic areas considerably increases customer trust and adoption rates, making commercial infrastructure critical to the EV ecosystem.
Key Players
The “Electric Vehicle Charging Infrastructure Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ABB Ltd, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Tesla, Inc., ChargePoint Holdings, Inc., EVBox Group, ENEL X, BP plc, and Shell plc.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Electric Vehicle Charging Infrastructure Market Recent Developments
- In November 2023, Lotus launched a patented electric vehicle charging system, including a high-speed 450 kW DC charger, a power cabinet, and a modular unit that can charge up to four vehicles simultaneously.
- In February 2023, ChargePoint Holdings Inc. and Fisker Inc. announced an agreement to enhance the driving experience for Fisker Ocean drivers. The cooperation seeks to provide convenient and smooth charging facilities for Fisker Ocean drivers.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | ABB Ltd, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Tesla, Inc., ChargePoint Holdings, Inc., EVBox Group, ENEL X, BP plc, and Shell plc. |
| SEGMENTS COVERED | By Type, By Charging Type, By Connector Type, By End-User, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET, BY COMPONENT
5.1 Overview
5.2 Fast Charger
5.3 Slow Charger
6 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET, BY CHARGING TYPE
6.1 Overview
6.2 DC
6.3 AC
7 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET, BY CONNECTOR TYPE
7.1 Overview
7.2 CHAdeMO
7.3 CCS
7.4 Others
8 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET, BY END-USER
8.1 Overview
8.2 Residential
8.3 Commercial
9 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET, BY GEOGRAPHY
9.1 Overview
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 U.K.
9.3.3 France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Rest of the World
9.5.1 Middle East & Africa
9.5.2 Latin America
10 GLOBAL ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET COMPETITIVE LANDSCAPE
10.1 Overview
10.2 Company Market ranking
10.3 Key Development Strategies
11 COMPANY PROFILES
11.1 ABB Ltd
11.1.1 Overview
11.1.2 Financial Performance
11.1.3 Product Outlook
11.1.4 Key Developments
11.2 Siemens AG
11.2.1 Overview
11.2.2 Financial Performance
11.2.3 Product Outlook
11.2.4 Key Developments
11.3 Eaton Corporation PLC
11.3.1 Overview
11.3.2 Financial Performance
11.3.3 Product Outlook
11.3.4 Key Developments
11.4 Schneider Electric SE
11.4.1 Overview
11.4.2 Financial Performance
11.4.3 Product Outlook
11.4.4 Key Developments
11.5 Tesla, Inc
11.5.1 Overview
11.5.2 Financial Performance
11.5.3 Product Outlook
11.5.4 Key Developments
11.6 ChargePoint Holdings, Inc.
11.6.1 Overview
11.6.2 Financial Performance
11.6.3 Product Outlook
11.6.4 Key Developments
11.7 EVBox Group
11.7.1 Overview
11.7.2 Financial Performance
11.7.3 Product Outlook
11.7.4 Key Developments
11.8 ENEL X
11.8.1 Overview
11.8.2 Financial Performance
11.8.3 Product Outlook
11.8.4 Key Developments
11.9 BP plc
11.9.1 Overview
11.9.2 Financial Performance
11.9.3 Product Outlook
11.9.4 Key Developments
11.10 Shell plc.
11.10.1 Overview
11.10.2 Financial Performance
11.10.3 Product Outlook
11.10.4 Key Developments
12 APPENDIX
12.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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