Electric Vehicle Charging Infrastructure Market Projected to grow CAGR of 33.4%
Global Electric Vehicle Charging Infrastructure market size is projected to grow from USD 5640 million in 2020 to USD 18,589.0 million by 2027, at a CAGR of 33.4%.
Increased adoption of electric vehicles due to their eco-friendlier nature compared to fossil fuel powered vehicles, rising concerns about carbon emissions, and a focus on reducing dependence on fossil petroleum and gas are expected to drive revenue growth in the Electric Vehicle Charging Infrastructure market. Other factors predicted to provide enormous development potential for the EV charging infrastructure market by 2026 are customers’ attitudes toward carbon footprint reduction and increased investments in EV charging station infrastructure. The increased cost of fast-charging infrastructure and installation, on the other hand, may limit the growth of the EV charging infrastructure market in the coming years.
The key players profiled in Electric Vehicle Charging Infrastructure market analysis include ABB, Eaton, ChargePoint, Inc., ClipperCreek, Inc., GENERAL ELECTRICE, Honeywell International Inc, Rittal GmbH & Co. KG, Pod Point, Leviton Manufacturing Co., Inc.,Tesla.
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Electric Vehicle Charging Infrastructure Market Segmentation Analysis
Based on the Charging Infrastructure, the market is segmented into CCS, Chademo, Normal Charge, Others. During the forecast period, the normal charge segment is expected to lead in terms of revenue. Normal charging, which uses AC charging equipment to charge electric vehicles at a lower cost than supercharging, is used to charge electric vehicles at a lower cost than supercharging.
Based on the Provider, the market is segmented into Charging Point Operator, E-Mobility Service Provider, and Charging Hubs. E-Mobility Service Provider segment has largest market share. E-mobility service providers provide optimized monetization, allowing a network’s profitability to increase, but also improved freedom of choice and electric fleet management.
Based on the Level of Charging, the market is segmented into Level 1 (120 V), Level 2 (240 V), Level 3 (200 – 600 V). Level 2 segment has largest market share during the forecast period.
Based on the Application, the market is segmented into Private, Public. Public segment has largest market share during the forecast period.
COVID-19 Impact on the Electric Vehicle Charging Infrastructure Market
The original outbreak of COVID 19 had moved the entire ecosystem to a standstill, halting the development and sale of new automobiles all over the world. OEMs had to wait for the lockdowns to be released before they could resume production, which had a negative impact on their operations. As a result, automakers had to modify their manufacturing volumes. Many countries have enforced a complete lockdown for more than two months as a result of the COVID-19 pandemic, which has had an impact on the production of electric vehicle charging stations.
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. North America is expected to have the largest revenue share. Some of the primary drivers driving the market in the North American area are strict car pollution rules and a focus on EV R&D.
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