ev charging infrastructure Market

The EV charging infrastructure market was valued at US$ 8,805.35 million in 2021 and is projected to reach US$ 23,395.77 million by 2028; it is expected to grow at a CAGR of 15.0% from 2021 to 2028.

The electric vehicle industry is expanding rapidly worldwide, particularly in China and the US, which has led to an escalation in demand for electric vehicle charging solutions. The electric vehicle charging market is a dynamic industry with a broad range of applications. The growth of electric vehicle charging stations is supported by government initiatives in many countries. China's central government has approved the installation of fast-charging stations through national regulations. Similarly, the US government is playing a crucial role by introducing mandatory regulations and providing funding for the introduction of electric vehicle charging stations. However, in some countries or regions, there is a lack of commercial charging stations, which forces consumers to rely on charging options at their workplaces or homes.

The Asia Pacific region is anticipated to experience significant growth in the electric vehicle market, driven by large-scale construction of EV charging infrastructure in China, increasing demand for affordable EVs for everyday use, and government initiatives to promote electric vehicles. China's fast-growing economy is expected to lead to the adoption of advanced technologies to promote electrification during the forecast period. China has already invested around US$2.4 billion in the development of its charging infrastructure until 2020. In the future, Japan and South Korea have also announced plans to rise the number of electric vehicles charging stations in their countries significantly.

During the projected period, North America is anticipated to dominate the electric vehicle market in terms of growth. The market in North America is expected to expand due to stringent government regulations on vehicle emissions, a high rate of acceptance for new technologies, and substantial investments in product innovation.

The COVID-19 pandemic caused a slowdown in automotive and infrastructure activities globally in 2020. All regions analyzed experienced a significant decrease in workload during the first half of 2020. However, the pandemic accelerated the need for emission-free mobility, particularly in developed regions. According to the International Energy Agency (IEA), global electric car sales exceeded 3 million, reaching a market share of over 4%. Notably, in the first half of 2021, electric vehicle sales increased by a significant 160% compared to 2020, accounting for 26% of total new sales in the global automotive market. As electric vehicle sales continue to soar globally, major players in the global EV charging infrastructure market have been developing smart charging solutions in various countries to create a supportive ecosystem for future-ready, connected, hassle-free, and safer mobility. For instance, during the pandemic period of 2020-2021, EV charging infrastructure companies such as EVBox and Tritium formed partnerships, acquired several significant players, and focused heavily on research and development of smart EV charging infrastructure solutions.

In addition, the systems that support EV charging infrastructure offer several benefits, including reduced operational costs and environmental impact for agencies and government departments, compared to the current scenario with ICE vehicles. This factor has further strengthened the growth prospects of major global players in the market. For example, the US government has released an EV Charging Action Plan outlining steps for federal agencies to support the development and deployment of chargers in American communities throughout the country. As a result, the COVID-19 pandemic has not had a significant impact on the EV charging infrastructure market, and it is continuing to experience steady growth in major parts of the world.

The global EV charging infrastructure market size has been determined through a combination of primary and secondary research. Extensive secondary research has been conducted using internal and external sources to collect qualitative & quantitative information related to the market. This process aims to provide an overview and forecast for the EV charging infrastructure market across all segments. Additionally, multiple interviews have been conducted with industry participants and commentators to validate the data and gain further analytical insights into the topic. The participants in this process include industry experts as well as external consultants specializing in the EV charging infrastructure market.