Electric Vehicle Charging Infrastructure Market Growth Scenario, Operation Landscape, Trends And Competitive Analysis 2021 to 2030

According to Vision Research Reports, 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.

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.

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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.

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. Most of the organizations have deployed Level 1 DC fast chargers or Level 2 AC charging stations that can fully charge an EV within 4 to 6 hours. Besides, automotive manufacturers are focusing on the installation of EV 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 Volt electric cars from the employees.

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. Furthermore, slow chargers are mostly adopted by residential applications, which are used for overnight charging. Moreover, most of the EV manufacturers, such as Volkswagen Group, BMW of America, and General Motors, provide slow chargers along with the purchase of EVs, which is further driving the segment growth.

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. Furthermore, it offers flexibility in designing EVs, 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 the Japan Electric Vehicle Standard (JEVS).

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. Furthermore, the development of supporting infrastructure at public places is necessary as overnight charging or charging at homes would not be sufficient for long-distance travel. Furthermore, several public transport agencies are partnering with automotive manufacturers for the installation of charging stations for electric buses. 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 EV 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 now focusing on the development of 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 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.

Asia Pacific led the global market in 2020 and accounted for a revenue share of more than 58%. Countries, such as China, Japan, and South Korea, are the hub of EVs and are 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 the target for supporting 5 million EVs, on-road, by 2020. South Korea announced an investment of around USD 180.3 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.

Key Players

• 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

Market Segmentation

• Charger Type Outlook 
  • Slow Charger
  • Fast Charger
• Connector Outlook
  • CHAdeMO
  • Combined Charging System (CCS)
  • Others
• Application Outlook
  • Commercial
  • Residential
• Regional Outlook 
  • North America
    • U.S.
    • Canada
  • Europe
    • The Netherlands
    • U.K.
    • France
    • Norway
    • Germany
  • Asia Pacific
    • China
    • Japan
    • South Korea

The Electric Vehicle Charging Infrastructure market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Electric Vehicle Charging Infrastructure market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Electric Vehicle Charging Infrastructure market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Vehicle Charging Infrastructure market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Vehicle Charging Infrastructure market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Electric Vehicle Charging Infrastructure capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Electric Vehicle Charging Infrastructure by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Vehicle Charging Infrastructure market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Vehicle Charging Infrastructure market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Vehicle Charging Infrastructure market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Electric Vehicle Charging Infrastructure industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Electric Vehicle Charging Infrastructure market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Vehicle Charging Infrastructure market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Vehicle Charging Infrastructure market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Vehicle Charging Infrastructure market. These factors have benefited the growth of the global market for Electric Vehicle Charging Infrastructure. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Vehicle Charging Infrastructure. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Electric Vehicle Charging Infrastructure are as follows:

• Historic Year: 2017-2020
• Base Year: 2021
• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

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This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.

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