EV Charging Infrastructure Market Size and Forecast to 2028

EV Charging Infrastructure Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Platform (Hardware and Services), Hardware (AC Charger and DC Charger), Charger Type (Public Chargers and Private Chargers), and IEC Mode (2, 3, and 4)

Publication Month: Jan 2022 | Report Code: TIPRE00004786 | No. of Pages: No. of Pages174 | Category: Automotive and Transportation | Status: Published

The EV charging infrastructure market was valued at US$ 8,805.35 million in 2021 and is projected to reach US$ 23,395.77 million by 2028; it is expected to grow at a CAGR of 15.0% from 2021 to 2028.

 An electric vehicle charging infrastructure is a network of charging stations to supply power for charging electric vehicles. The types of EV charging infrastructure includes proprietary solutions (e.g., Tesla or Chargepoint), which prohibits users from switching to a different network and hardware agnostic solutions, allowing customers to switch out their charge stations or switch to a different network vendor; for example, AmpUp, EVConnect, and Greenlots. Notably, prominent charging infrastructure providers offer advanced features, including smart metering, cellular connectivity, and network connectivity.

The growth of EV charging infrastructure can be directly attributed to the rapid growth of the EV industry and accelerated production and sales of electric vehicles. For instance, global sales of electric vehicles increased by around 160%, i.e., 2.6 million units in H1 2021 from the previous year, accounting for approximately 26% of new sales in the global automotive market. The dynamic industry of EV is marked by implementing government initiatives and policies of several countries worldwide. For instance, the national policy of the Government of China approved the development of fast-charging stations across the country. Similarly, the US government plays a pivotal role in the growth of EV charging infrastructure in the country by providing mandatory standards, funds, and tax incentives to charging infrastructure developers and EV users. However, countries in regions other than North America, Europe, and the developed part of APAC are lagging in adopting EV charging infrastructure, especially in public and commercial domains, due to lower disposable incomes, high cost of EVs, and limited presence of EV charging infrastructure companies. Moreover, the majority of the EV charging stations deployed in the infrastructure are residential chargers. The lack of uniformity of standards across different regions of the world is hindering the growth of the global EV charging infrastructure market

Based on platform, the EV charging infrastructure market is segmented into hardware and services. Based on hardware, the market is segmented into AC charger, and DC charger. Based on charger type, the market is bifurcated into public chargers and private chargers. Based on IEC mode, the EV charging infrastructure market is segmented into 2, 3, and 4.

Strategic Insights

Report CoverageDetails
Market Size Value inUS$ 8,805.35 million in 2021
Market Size Value byUS$ 23,395.77 million by 2028
Growth rateCAGR of 15.0% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages174
No. of Tables142
No. of Charts & Figures90
Historical data availableYes
Segments coveredPlatform, Hardware, Charger Type, and IEC Mode
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on EV Charging Infrastructure Market

The onset of the COVID-19 crisis in 2020 led to a slowdown in the automotive and its infrastructure activities worldwide. All the regions reported in the analysis suffered a significant downturn in workloads during the first half of 2020. However, the pandemic accelerated the need for emission-free mobility, especially in Europe, the US, and China. According to estimations by IEA, the global electric car sales rose to more than 3 million, reaching a market share of over 4%.. Notably, electric vehicle sales rose by a significant 160% in the first half of 2021 compared to 2020, representing 26% of total new sales in the global automotive market. As the sales of EV worldwide sore to exceptional heights, major global EV charging infrastructure players have been implementing smart charging solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, hassle-free, and safer mobility. For instance, during the pandemic period of 2020–2021, EV charging infrastructure companies, such as EVBox and Tritium, entered into a large number of partnerships, acquired several significant players, and have strongly focused on the research and development of smart EV charging infrastructure solutions.

Furthermore, the systems supporting EV charging infrastructure reduces the operational costs and environmental impact for agencies and government departments compared to present ICE vehicle scenario, thereby amplifying the growth prospects of major global players. For instance, the US government released an EV Charging Action Plan to lay down steps for the federal agencies to support the development and deployments of chargers in American communities across the country. Therefore, there has been no major impact of the COVID-19 pandemic on the EV charging infrastructure market, and it is witnessing steady progressive growth in major parts of the world. 

Lucrative Regions for EV Charging Infrastructure Market

Lucrative Regions for EV Charging Infrastructure Market

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Market Insights– EV Charging Infrastructure Market
Surge in Global Production and Sales of Electric Vehicles

The rising concern of the transportation sector's impact on the environment has led to an unprecedented global requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low carbon technology in the transportation sector. The rising concerns for the adverse impact of transportation-related emissions and shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the globe, especially in strong economies, such as the US, China, and the European Union. The global share of new passenger EVs has risen at an average of nearly 50% per year since 2015. In 2021, the sales of electric vehicles surged by 160% in these top three markets. Notably, China has the largest fleet of electric vehicles globally, with 4.5 million electric cars, and Europe witnessed the largest annual increase to reach a total of 3.2 million electric passenger vehicles.

Additionally, the ever-rising demand for electric vehicles is fueled through huge investments made by automotive giants in the research, development, and production of electric vehicles.. Furthermore, with the fall in prices of EVs and the availability of a greater number of models, electric vehicle production is set for exponential growth in an increasing number of countries, subject to their overall economic growth and policy support from the government. 

Platform-Based Insights

Based on platform, the EV charging infrastructure market is segmented into hardware and services. The hardware segment led the EV charging infrastructure market. Electric vehicle charger, power grid, facility meter, energy controller network operating center, and other related components make up the EV charging station hardware. The hardware components have been designed and manufactured to control high voltage electricity. Cable glands, conduit, and clamps are also included in the EV station, ensuring seamless assembly and keeping wires and cables clean to decrease the chance of overheating damage. For weather resistance and to limit radiated emissions, gasketing is used to ensure dust and watertight seals. The hardware segment is expected to grow significantly over the projection period, owing to the rising global demand for electric vehicles, which will lead to the opening of additional EV charging stations. 

Hardware-Based Insights

Based on hardware, the EV charging infrastructure market is segmented into AC charger and DC charger. The AC charger segment is further sub-segmented into Level 1 charger (120 V) and Level 2 charger (240 V). The AC charger segment led the EV charging infrastructure market. For electric automobiles, AC charging is the most prevalent charging technique. When an electric vehicle is plugged into a standard charging station, the electricity is transformed inside the vehicle and transferred to the car battery. AC chargers demand between 16 A (3.7 kWh) to 63 A (43 kWh) of current. This charging option is best for parking locations where the vehicle will be parked for at least 20 minutes. These are the most commonly seen chargers because of their cheaper costs (manufacturing, installation, and operation). Also, charging at AC chargers is usually much cheaper because of the lower costs, making them more popular for general day-to-day charging. 

Charger Type-Based Insights

Based on charger type, the EV charging infrastructure market is segmented into public chargers and private chargers. The private chargers segment led the EV charging infrastructure market. One of the primary elements driving the private charging segment market is people's growing concern about zero carbon emissions. Furthermore, owners of electric vehicles prefer to place charging stations in their garages and parking lots, which is expected to fuel the worldwide private charging segment. Furthermore, year-on-year increases in electric vehicle sales in shared mobility services and the development of better road infrastructure are driving the demand for emission-free transportation such as electric cars and electric two-wheelers, which, in turn, is driving the sales of private charging infrastructure units.

IEC Mode-Based Insights

Based on IEC mode, the EV charging infrastructure market is segmented into 2, 3, and 4. The 3 segment led the EV charging infrastructure market. This mode combines the EV onboard charger with a dedicated EVSE. The charging station's AC current is delivered to the onboard circuits to charge the battery. Various control and protection functions are used to ensure public safety, including validating the protective earth connection and the connection between the EVSE and the EV. Furthermore, this mode can adjust the charging current to the cable assembly's maximum current capability. With a 250 V one-phase or 480 V three-phase network, this charging mode can deliver up to 250 A. It also features an operational mode similar to mode 2 but limits the maximum current to less than 32 A in both 1-phase and 3-phase scenarios. 

Players operating in the market are mainly focused on the development of advanced and efficient products.

 
  • In January 2021, Tritium completed its business combination with Decarbonization Plus Acquisition Corporation II (DCRN) to enable the public listing of Tritium DCFC Limited (Tritium). The company's ordinary shares and warrants are expected to commence trading on the NASDAQ under the ticker symbols “DCFC” and “DCFCW,” respectively, from January 14, 2022. The public listing of the company further strengthens the market position of Tritium as a global leader in DC fast chargers for EVs.
 
  • In April 2021, Blink Charging and SG Blocks, Inc. signed a collaboration agreement to deploy Blink’s EV charging equipment and network via SG Blocks’ modular designs. The development is expected to help the two companies in maximizing opportunities and profit in the sustainable transportation technology segment.

Frequently Asked Questions

The rising concern of the transportation sector's impact on the environment has led to an unprecedented global requirement of decarbonizing transportation to meet climate goals and limit global warming, thereby increasing the adoption of low carbon technology in the transportation sector. The rising concerns for the adverse impact of transportation-related emissions and shift of consumer behavior toward zero-emission vehicles have resulted in a significant increase in the adoption of light-duty passenger vehicles across the globe, especially in strong economies, such as the US, China, and the European Union. The global share of new passenger EVs has risen at an average of nearly 50% per year since 2015. In 2021, the sales of electric vehicles surged by 160% in these top three markets. Notably, China has the largest fleet of electric vehicles globally, with 4.5 million electric cars, and Europe witnessed the largest annual increase to reach a total of 3.2 million electric passenger vehicles.
Presently, EV charging stations are more common in private residences. However, the rising consumer demand has led to an active adoption of on-site commercial charging as a standard building feature. China, the EU-27 plus the UK, and the US, are expected to implement charging in residential and commercial buildings to scale up the EV charging infrastructure in the near future, which requires upgrading buildings' electrical infrastructure to satisfy the rising demand for EV charging. Additionally, EV charging at scale is subject to the careful planning of a building's electrical distribution system, along with the local electric-grid infrastructure. To enhance the accessibility and affordability of electric chargers, a large number of building developers, urban planners, and electrical-equipment suppliers are actively integrating the EV charging infrastructure into standard building design plans.
Based on platform, the global EV charging infrastructure market is segmented into hardware, and services. The EV charging infrastructure market was dominated by the hardware segment in 2020.
Asia Pacific dominated the EV charging infrastructure market in 2020 with a share of 45.2% and is expected to continue its dominance by 2028. Europe is the second-largest contributor to the global EV charging infrastructure market in 2020, followed by North America.
The major companies in EV charging infrastructure market are Tritium; Blink Charging Co; ChargePoint, Inc.; BP p.l.c.; EVBox; EVgo Inc.; Tesla, Inc.; Webasto Group; RWE AG; and Delta Electronics, Inc.
The IEC Mode in EV charging infrastructure includes 2, 3, and 4. In terms of market share, the market was dominated by the 3 segment in 2020.

The List of Companies - EV Charging Infrastructure Market

  1. De’Longhi Appliances S.r.l.
  2. The Whirlpool Corporation
  3. Koninklijke Philips N.V.
  4. Breville
  5. SMEG S.p.A.
  6. Hobart
  7. Ankarsrum Kitchen AB
  8. Wonderchef Home Appliances Pvt. Ltd.
  9. Kenwood Limited
  10. Hamilton Beach Brands, Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global EV charging infrastructure market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global EV charging infrastructure market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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