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.
Key Drivers and Restraints of EV Charging Infrastructure Market
- Leading players in the market are constantly striving to deploy more efficient charging stations in their parking spaces and garages. This is driving the demand for private charging units of EV charging infrastructure. Additionally, rise in research and development activities to enhance the ability to store energy is an important factor that is boosting the global EV charging infrastructure market.
- Increase in environmental concerns and initiatives by various governments for environment conservation is also augmenting the global EV charging infrastructure market
The global electric vehicle charging infrastructure market size was valued at USD 14.90 billion in 2020 and is estimated to reach USD 115.47 billion by 2027, growing at a CAGR of 34.49% between 2021 and 2027.
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Fast Charger Type Segment to Hold Prominent Share of Global Market
- The global EV charging infrastructure market can be segmented based on type and region
- Based on type, the global EV charging infrastructure market can be divided into fast charger and slow charger. Fast charger is extensively used in EV charging infrastructure. Growth of the segment can be ascribed to the rise in demand for the deployment of fast chargers in commercial stations. Most of the organizations have deployed Level 2 AC or Level 1 DC fast chargers in charging stations that can fully charge an electric vehicle within four to six hours.
- The slow charger segment is anticipated to expand significantly during the forecast period, due to the introduction of initiatives by several policymakers to promote the deployment of public charging infrastructure that mostly employs slow chargers
North America Expected to Constitute Major Share of Global EV charging infrastructure Market
- In terms of region, the global EV charging infrastructure market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America dominated the global EV charging infrastructure market in 2020 primarily due to the rise in penetration of single-family homes in the region.
- Growth in adoption of EVs, specifically in California and Pacific Northwest, is also boosting the market in North America. Rise in prices of energy and increase in concerns about the adverse impact of fuel utilization on the environment are other important factors augmenting the EV charging infrastructure market in North America.
- The EV charging infrastructure market in Asia Pacific is expected to expand at a significant pace during the forecast period owing to the increase in adoption of EV charging infrastructure in emerging countries such as India and China. China, in particular, has been installing large number of charging units.