Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on the electric vehicle charging infrastructure market
provides in-depth analysis of segments and sub-segments in the global as well
as regional electric vehicle charging infrastructure market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional electric vehicle charging infrastructure market over the
short term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of the global electric vehicle charging
infrastructure market. According to the report, the global electric vehicle
charging infrastructure market is projected to grow at a CAGR of 43.70% over
the forecast period of 2021-2027.
The reported study estimated the
market for Electric Vehicle Charging Station to be about USD 18.20 billion in
2021, and will reach more than 160 billion in 2027, with a Compound Annual
Growth Rate of 43.70%, over the forecast period (2021-2027). An electric
vehicle charging station is an installation that connects an EV to a source of
electricity, neighborhood EVs, plug-in hybrids, and electric cars to be
charged. Moreover, some charging stations provide advanced attributes like
cellular connectivity, smart metering, while others are normal stations.
Furthermore, the EV charging station market is fairly consolidated. The market
is led by some the companies, such as Siemens, ABB, Tesla Inc, The State Grid
Corporation of China, and many others. The EV charging station market is
propelled by The State Grid Corporation of China followed by Siemens, ABB, and
Tesla. For instance, the government of China has sanctioned the improvements of
fast charging stations by national policies.
The COVID-19 pandemic crisis led
many governments around the world to shift their focus from other activities to
healthcare facilities. Several countries imposed nationwide lockdowns, which
impacted manufacturing units around the world. Production facilities across
different sectors in many countries were shut down. This crisis affected the EV
charging station market seriously. The industry witnessed lower sales and
lesser demand during the pandemic. Consumers spent less on vehicles and related
products over the crisis period. The government restrictions along with the
shortage of labor during pandemics led to lower production. However, the
majority of automobile manufacturers and charging providers resumed limited EV
charger production, after it took time to recover from the losses incurred
during the COVID-19 pandemic.
One of the most important factors
influencing the EV charging station market is the continuous hiking cost of
petroleum-based products. EV runs on electricity which will decrease the cost
of petroleum products as well as it is environmentally friendly so it’s also
decreased the pollution. Furthermore, many governments are increasing initial
funding of charging infrastructure installation and collaborating with multiple
oil and gas companies for planning and developing charging stations. The
government aims to install a charging station every 100-130 kilometers along
the national highways and sub-stations all over the cities. For instance,
Indian Oil, which currently has 448 charging stations, plans to ramp up to 2000
in a year-end and another 8000 in further 2 years. Similarly, Ola is heavily
investing in its hyper charger network and announced it will have 100,000
charging points across the 400 cities.
Geographically, Asia Pacific is
leading the EV charging station market value as well as volume, followed by
Europe, North America, the Middle East, Africa, and Latin America. The Asia
Pacific market is driven by the large-scale growth of EV charging
infrastructure in China, increasing demand for EVs in everyday use. Europe
holds the second-largest position in the market due to some of the key players
located in this region. Countries like the UK, France, Germany, Netherlands
front runner countries for the EV charging station and EVs. North America is
projected to show prominent growth in this market. Tesla is one of the leading
key players in this region and growing rapidly during the forecast period.
Latin America the Middle East and Africa are developing their market and
improving technologies and government funding towards the EVs and EV Charging
Station.
The report on global electric
vehicle charging infrastructure market covers segments such as charger type,
connector, and application. On the basis of charger type, the sub-markets
include slow charger, and fast charger. On the basis of connector, the sub-markets
include CHAdeMO, combined charging system (CCS), and others. On the basis of
application, the sub-markets include commercial, and residential.
The report provides profiles of
the companies in the market such as AeroVironment Inc., ABB Group, BP plc
(Chargemaster), ChargePoint, Inc., Enphase Energy, Inc., Eaton Corporation plc,
General Electric Company, Leviton Manufacturing Co., Inc., Schneider Electric
SE, and Siemens AG.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the electric vehicle charging infrastructure market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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