Electric Vehicle Charging Infrastructure Market to Hit US$ 150.2 Bn by 2030

The electric vehicle charging infrastructure market size is predicted to hit around US$ 150.20 billion by 2030 and is growing at a CAGR of 33.10% from 2021 to 2030.

According to report, the global electric vehicle charging infrastructure market size was valued at US$ 15.10 billion in 2020. Asia Pacific led the global market in 2020 and accounted for a revenue share of more than 58%.


The electric vehicle charging infrastructure market growth driven by an increase in the number of public and private sector efforts aimed at encouraging people to switch to electric vehicles. As a result, the need for electric vehicles charging infrastructure is likely to rise significantly. The demand for electric vehicles has risen in accordance with the growing awareness of environmental sustainability and strict emission restrictions imposed by numerous governments. While private firms focus on manufacturing novel electric vehicle chargers and building charging stations, governments are continuously striving with these companies to provide electric vehicle charging infrastructure. All these factors are boosting the demand for charging infrastructure in the market.

Increased demand for fuel-efficient and environmentally friendly vehicles, combined with government support, will drive the electric vehicle charging infrastructure market forward. Consumers in developing countries are already feeling the pinch of rising fuel prices. Electric vehicles will be powered by electricity, which is expected to lower their operating costs. To drive the growth of the electric vehicle charging infrastructure market, the government's continued support, as well as the growing number of electric vehicle users and the lower initial cost of current electric vehicles charging technology, will be required, as will high R&D to further reduce charging time.

The COVID-19 pandemic has spread throughout the world, posing a threat to the electric charging infrastructure market. The global expansion of COVID-19 had an influence on almost every industry. The lockdowns were enacted by governments in numerous countries, requiring citizens to stay at home and reducing physical connection between people. Many companies have permitted their staff to work from home in order to maintain work continuity during the COVID-19 pandemic, which is expected to stymie the market. The growing usage of remote working routines is expected to stifle the automobile industry's expansion, hindering the growth of electric vehicle charging infrastructure market.

Ask here for more information@ https://www.visionresearchreports.com/report/sample/37217

Regional Snapshots

The fastest growing market for electric vehicle charging infrastructure is Asia-Pacific. The presence of massive production bases in countries such as China, Japan, and India, as well as improved government subsidies, are mainly responsible for the rapid expansion. In developing regions, the development of plug-in automobiles is considered as a symbolic step toward fulfilling national aspirations for more ecologically friendly transportation. The government of Asia-Pacific countries has proposed an investment plan to assist public infrastructure.

Market Dynamics

Driver

Surge in number of electric vehicles charging stations


The rapidly evolving electric vehicle market is propelling innovation in electric vehicle technology and infrastructure. Electric vehicles provide numerous benefits, including lower fuel consumption and emissions from vehicle engines, which boosts their global demand. This, in turn, is expected to increase the demand for electric vehicle charging infrastructure, fueling the market growth. The charging stations are being rapidly developed as part of government initiative programs, and electric vehicle manufacturers are collaborating on the development of charging stations in parking lots. To increase electric vehicle sales, electric vehicle manufacturers are focusing on the installation of charging stations for electric vehicles similar to petrol pumps. Thus, the surge in number of electric vehicles charging stations is propelling the growth of electric vehicle charging infrastructure market.

Restraint

High maintenance costs


Electric vehicles are typically more expensive than gasoline vehicles. This is due to the additional components installed in these vehicles. Because some parts of these vehicles wear out faster than petrol vehicles due to a lack of lubrication in most of these vehicles, these vehicles require much more regular maintenance over time and thus cost more in the long run. Furthermore, the parts must be replaced on a regular basis, as opposed to petrol vehicles, which typically have a longer life for such parts. As a result, only people who drive a lot every month prefer electric vehicles. Also, as maintenance costs for electric vehicles are high, the cost for maintaining charging infrastructure is also high. It requires good amount of funds and time to maintain charging stations. Therefore, lots of capital is required for operation and maintenance of electric vehicle charging infrastructure. Thus, the high maintenance costs is restricting the growth of the electric vehicle infrastructure market.

Opportunities

Government initiatives for the growth of electric vehicle charging stations


The market for electric vehicle charging infrastructure is expected to expand over time as government bodies in various countries increase their support by various policies and subsidies. Many countries, including the U.S., the UK, and China, have recognized the need to switch to electric vehicles in order to reduce the increasing pollution caused by automobiles. These countries have taken initiatives to improve the charging network across their states to make it easier for people to switch to electric vehicles, and they have promoted this segment through incentives, tax breaks, and preferential policies. China, the U.S., and a few European countries have subsidized the installation of electric vehicle charging stations in residential complexes, semi-public areas, and private homes, among other places. Thus, the continuous government initiatives for the growth of electric vehicle charging stations are providing lucrative opportunities for the growth of electric vehicle charging infrastructure market.

Challenges

Increase in demand for LPG and CNG vehicles


The factors such as rising demand for low-emission commuting and government subsidies and tax breaks for compressed natural gas (CNG) and liquified petroleum gas (LPG) vehicles have compelled manufacturers to provide CNG and LPG vehicles globally. Increased government investments in developing CNG and LPG infrastructure, as well as buyer incentives, will provide opportunities for original equipment manufacturers (OEMs) to diversify their revenue streams and geographical presence. Furthermore, as countries around the world have become more concerned about reducing emissions, the demand for low-emission fuel vehicles such as CNG and LPG vehicles is expected to rise. As a result, the increase in demand for LPG and CNG vehicles is expected to hinder the growth of electric vehicle infrastructure market.

Report Highlights

The fast charger type segment led the market and accounted for more than 93.0% share of the global revenue in 2020. The growth was attributed to the high demand for the deployment of fast chargers in commercial stations.

The slow charger segment is estimated to register the fastest CAGR from 2021 to 2030 owing to the initiatives by various governments for accelerating the deployment of public charging infrastructure, which mostly employs the slow chargers.

The CHAdeMO connector segment accounted for a significant market share of more than 17% in 2020. This is primarily due to its compatibility with a majority of EVs (including BMW, GM, and VW, among other models) and convenience of handling it.

The commercial segment accounted for the largest revenue share of over 84% in 2020 owing to the initiatives and allocation of funding by the governments and automobile manufactures for expanding the public EVCI infrastructure.

Key Players

Some of the key players operating in the market are AeroVironment, Inc., ABB, BP Chargemaster, ChargePoint, Inc., ClipperCreek, Inc., Eaton Corp., General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Siemens AG, Tesla, Inc., Webasto SE.

Buy This Report Study@ https://www.visionresearchreports.com/report/cart/37217

Tel: +1 9197 992 333

Email : sales@visionresearchreports.com

Featured Product

U.S. BATTERY RENEWABLE ENERGY SERIES DEEP CYCLE BATTERIES

U.S. BATTERY RENEWABLE ENERGY SERIES DEEP CYCLE BATTERIES

Our RE Series batteries are designed to provide the highest peak capacity, longest cycle life, and greatest reliability for use in industrial or residential renewable energy applications. Renewable Energy Series batteries utilize the company's exclusive XC2™ formulation and Diamond Plate Technology® to create the industry's most efficient battery plates, delivering greater watt-hours per liter and watt-hours per kilogram than any other flooded lead-acid battery in the market. Our Deep Cycle batteries are engineered to work with solar panels as well as other renewable energy applications.