Future of Electric Vehicle Charging Infrastructure: Automotive Vehicle Industry

Electric Vehicle Charging Infrastructure Industry Research report focuses on competitive scenario and key strategies o top key players along with industry size, share, growth revenue, geographical highlights. It also covers detailed information on segments and sub-segments of industry, SWOT analysis for the main market players.

 According to Nova one advisor, the global Electric Vehicle Charging Infrastructure Industry was valued at USD 19.30 in 2021 and it is expected to hit around USD 217.10 billion by 2030 with a CAGR of 30.9% during the forecast period 2022 to 2030.

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Key Takeaway

  • By type, U.S. electric vehicle charging infrastructure market wa valued at usd 3.1 billion in 2021.

  • Asia-Pacific region accounted highest revenue share of over 58% in 2021.

  • The commercial segment has contributed highet revenue share in 2021.

  • By application, the commercial segment was reached at US$ 17,406.4 million in 2021 and will grow at a 34.79% CAGR over the forecast period 2022to 2030.

  • The residential application segment was surpassed at US$ 2,107.5 million in 2021 and will reach at a 31.88% CAGR over the forecast period 2022 to 2030.

  • China EV charging infrastructure market size was valued at 10462.2 million in 2021 and is projected to reach US$ 69,832.9 million 2030.

  • Japan EV charging infrastructure market was valued at 442.5 million in 2021 and is predicted to reach US$ 2468.3 million 2030.

  • South Korea EV charging infrastructure market size was estimated at 245.1 million in 2021 and is expected to surpass US$ 1436.5 million 2030.

  • US EV charging infrastructure market was reached at 2,059.9 million in 2021 and expected to hit US$ 11,318.4 million 2030.

  • Germany EV charging infrastructure market was estimated at 1275.0 million in 2021 and to reach valuation US$ 6,634.4 million 2030.

  • UK EV charging infrastructure market was accounted at 858.3 million in 2021 and projected to surpass US$ 4156.8 million 2030.

  • Netherlands EV charging infrastructure market was valued at 1587.9 million in 2021 and expected to reach US$ 7541.5 million 2030.

The increased number of public and private sector measures targeted at encouraging consumers to transition to electric vehicles is largely responsible for the market's significant growth. As a result, there will be a considerable increase in the demand for electric vehicle charging infrastructure. Electric car demand has risen in tandem with a growing awareness of environmental sustainability and stringent pollution regulations implemented by a number of governments. While private companies concentrate on developing new electric vehicle chargers and charging stations, governments work with these companies to develop electric vehicle charging infrastructure. The electric car charging infrastructure industry will be propelled forward by increased demand for fuel-efficient and ecologically friendly vehicles, as well as government approval.

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U.S. Electric Vehicle Charging Infrastructure Market Growth & Trends

According to Nova one advisor, the U.S. Electric Vehicle Charging Infrastructure market size was valued at US$ 3.14 billion in 2021 and is expected to hit US$ 49.20 billion by 2030, growing at a compound annual growth rate (CAGR) of 36.18% from 2022 to 2030.The market growth can be attributed to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation. Additionally, the increasing advancement in the communication technologies, such as the availability of real-time information on all the electric vehicle charging stations for better connectivity, will help to propel the market growth.

Several electric vehicle charging station providers are focusing on launching innovative payment technologies on all of their stations across the U.S. to provide a better customer experience. For instance, in November 2020, Electrify America, an electric vehicle charging station provider, launched the Plug&Charge payment capability on all its charging stations across the U.S. The charger efficiently communicates with the vehicle to authenticate, identify, authorize and bill the customer's registered account for the charging session. The entire process allows for a seamless charging experience for the customer.

The technological progress of both electric vehicle charging software and hardware is expected to change the way electric vehicle owners use and benefit from electric vehicle charging applications. Technologies such as Smartcar API and charging networks precisely determine an electric vehicle's charge time even before the car driver plugs the car into a station. Additionally, green energy is expected to play a significant role in both public and residential electric vehicle charging spaces.

The COVID-19 pandemic had an adverse impact on the market. The lack of electric vehicle charging infrastructure is seen as a major impediment to the electric vehicle sector. However, as governments across the globe are focusing on emerging from this global pandemic with a stronger and more resilient economy, electric vehicles are expected to continue to gain significant attention. For instance, in the U.S., California is emerging with strong electric vehicle targets, which is expected to have a positive impact on the electric vehicle charging infrastructure market during the forecast period.

North America Electric Vehicles Market Growth & Trends

The North America Electric Vehicles market size was valued at US$ 13.10 billion in 2021 and is expected to hit US$ 148.20 billion by 2030, growing at a compound annual growth rate (CAGR) of 39.7% from 2022 to 2030.

Favorable initiatives to promote the adoption of electric vehicles coupled with rising crude oil prices are anticipated to drive the demand for Electric Vehicles (EVs). Electric vehicles generate power using an electric motor instead of an internal combustion engine that burns a mix of fuels and gases for power generation. The increasing advantages of electric vehicles over conventional vehicles such as zero fuel emission, better performance, and lower total cost of ownership are expected to contribute to the growing demand for electric vehicles in the coming years.

The growing preference for electric vehicles is prompting leading automotive manufacturers to launch electric vehicles. For instance, General Motors, a U.S.-based automotive company, has announced its plan to launch electric vehicles for personal use in the next few years. By 2025, the company will launch 30 EVs worldwide, and around two-third will be available in North America. The market's lucrative nature is expected to encourage more conventional vehicle manufacturers to shift into the electric vehicle space.

The outbreak of the COVID-19 pandemic has changed the overall business scenario for 2020 as well as for the next few years to come. Several industries and industry verticals have witnessed a significant setback due to the pandemic, and the automobile industry is no exception to that. The slumped business scenario has negatively impacted the production and sales of electric vehicles across North America. The electric bus sales in North America in 2020 totaled around 500 units, which was significantly lesser units recorded in 2019, registering a year-on-year decline of over 10% primarily due to the pandemic. However, with increasing government initiatives to adopt electric vehicles, the market is likely to witness significant growth over the forecast period.

In 2020, the U.S. captured around 70.9% of the electric vehicle demand in North America and is estimated to register a CAGR exceeding 30.7% from 2022 to 2030. This share is attributed to the rising demand for electric vehicles in the U.S. Moreover, new initiatives are being taken up by charging network companies, automotive manufacturers, and policymakers, and they have launched a new non-profit organization named Veloz. The new organization aims at attracting marketing, innovation, investment, and driving the regional market growth.

Charger Type Insights

The fast charger segment led the market and accounted for more than 93.7% share of the global revenue in 2021, attributed to the increasing demand for its deployment in commercial stations. Most organizations have deployed Level 1 DC fast chargers or Level 2 AC charging stations that can fully charge an EV within 4-6 hours.

Besides, automotive manufacturers are emphasizing the installation of electric vehicle charging stations for their employees as part of the efforts to raise awareness about their electric cars. For instance, the installation of 100 Level 2 EV charging stations at the parking lots of General Motors Company's Detroit facility has led to an increase in demand for the company's Chevrolet Volts electric cars from the employees.

The slow charger segment accounted for a significant share of the market in 2021 owing to the initiatives by various governments for accelerating the deployment of public charging infrastructure, which mostly employs slow chargers. Furthermore, slow chargers are mostly adopted by residential applications which are used for overnight charging.

Moreover, most of the electric vehicle manufacturers such as Volkswagen Group, BMW of America, and General Motors provide slow chargers along with the purchase of electric vehicles, which is further driving the segment growth. For instance, General Motors provides a slow charger with the purchase of its electric car model.

Connector Insights

The CHAdeMO segment dominated the market and accounted for more than a 17.5% share of the global revenue in 2021. This is primarily due to its compatibility with a majority of electric vehicles (including BMW, GM, and VW, among other models) and the convenience of handling it.

Furthermore, it offers flexibility in designing electric vehicles, as it requires only a single port for recharging; whereas, CHAdeMO connectors require two charging ports due to their incapability to support AC charging. Additionally, the present CHAdeMO connectors are capable of delivering 62.5 kW of DC and are specified by Japan Electric Vehicle Standard (JEVS).

The CCS segment is expected to grow at the highest CAGR over the forecast period owing to increased preference by major automobile manufacturers for the adoption of CCS connectors in their EVs. For instance, in July 2019, Tesla announced the introduction of a CCS connector to support Model 3, with expected near future compatibility with Model S and Model X in Europe.

Furthermore, CCS connectors are available in two types, usually denoted as CCS Type1, and CCS Type 2. CCS Type 1 connectors are extensively utilized in the U.S. while CCS Type 2 are utilized in Europe. Moreover, the support from major auto manufacturers and OEMs, including Daimler AG, Ford Motor Company, General Motor Company, and Volkswagen Group, is expected to drive the demand for the CCS segment over the forecast period.

Application Insights

The commercial segment accounted for a revenue share of 84.9% in 2021 owing to the initiatives and allocation of funding by the governments and automobile manufacturers for expanding public EVCI infrastructure. The development of supporting infrastructure in public places is necessary as overnight charging or charging at homes would not be sufficient for long-distance travel.

Several public transport agencies are partnering with automotive manufacturers for the installation of charging stations for electric buses which are further driving the growth. For instance, TRAFIKSELSKABET MOVIA signed an agreement with Siemens for the installation of electric bus charging stations with a top-down pantograph for electric buses operated by 45 municipalities, including the City of Copenhagen and Region Zealand.

Various manufacturers of chargers such as Efacec; EVE Australia Pty Ltd.; and Tesla, Inc. are partnering with contractors that are developing residential complexes. For instance, in October 2020, the Pend Oreille Public Utility District announced the launch of a new EV charging pilot system with SemaConnect Inc. This charging station will enable visitors of PUD's Newport Administration Building to charge their electric cars for free.

Vehicle charger manufacturers are focusing on developing residential and commercial EV chargers to ensure higher availability and increased vehicle range. OEMs are collaborating with EV manufacturers, charging network operators, corporates, and utility service providers to deploy fast-charging stations to expand their geographical presence and to enable cost-effective deployment of the EV charging network.

Regional Insights

Asia Pacific dominated the market and accounted for more than a 59.7% share of the global revenue in 2021. Countries such as China, Japan, and South Korea are the hub of electric vehicles that heavily investing in the development of charging infrastructure. For instance, in October 2015, the Chinese Government announced its intention to invest in the deployment of EV infrastructure to accomplish its target of supporting 5 million EVs, on-road, by 2020.

Besides, South Korea announced an investment of around USD 180.9 million for expanding the EV charging infrastructure across the nation as its endeavor to promote eco-friendly vehicles in the transportation sector. Moreover, Japan's electric charging station surpassed the number of petrol stations with more than 40,000 charging outlets in 2020

Various European countries have set ambitious targets for curbing carbon emissions and electric car stock commitments by 2020. For instance, in July 2018, the U.K. government passed the Automated and Electric Vehicles (AEV) Act. It provides the government with new powers to ensure the rapid development of EVCI on motorways and fuel stations.

In October 2014, Germany established the German National Platform for Electric Mobility, an advisory body of the German Government, to analyze the development of electric mobility and the development of publicly accessible electric vehicle charging infrastructure. Other European countries, such as France, the U.K., Germany, and Belgium, are also focusing on developing the EV charging and support infrastructure to enable EV interoperability throughout the region.

Some of the prominent players in the Electric Vehicle Charging Infrastructure market include:  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

Segments Covered in the Report

By Charger Type

  • Slow Charger

  • Fast Charger

By Connector Type

  • CHAdeMO

  • Combined Charging System (CCS)

  • Others

By Application

  • Commercial

  • Residential

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

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