The market for EV charging infrastructure is expected to grow from US$ 19.6 billion in 2021 to US$ 125.66 billion by 2027 with a CAGR of over 30.4% during the forecast period from 2021 to 2027.
Global EV Charging Infrastructure Market, 2020 – 2027 (USD Million)
The government’s initiatives
Governments of different countries are encouraging electric vehicles by enacting policies such as refunds, subsidies, quotas for vehicle manufacturers, and tax breaks. The federal government of the United States offers EV buyers a tax credit ranging from $2,500 to $7,500 per vehicle, depending on battery size. The tax credit is granted to each manufacturer for the first 200,000 vehicles sold before it is phased out. Similarly, in 2018, the Chinese government revised its EV subsidies, tying carmaker fuel economy credits to NEV output targets. Subsidies for cars with a range of more than 150 kilometers on the Chinese test cycle, which is based on the New European Driving Cycle, are currently available (NEDC). To receive the maximum subsidy, a NEDC range of 400 km is required. Battery performance criteria have also been tightened: to qualify for a subsidy, batteries must have an energy density of at least 105 Wh/kg, and at least 140 Wh/kg to qualify for the entire subsidy. Local governments are allowed to provide additional subsidies of up to 50% of the national amount.
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Asia Pacific is expected to grow at the highest CAGR during the forecast period
During the forecast period, the Asia Pacific EV charging infrastructure market is expected to expand at the fastest CAGR. China, Japan, India, South Korea, and Australia are among the major countries driving the market in this region. China has the dominant position in the market in 2021 and is anticipated to maintain its dominance throughout the forecast period. The Chinese government supports electric vehicles through a range of measures such as subsidies, refunds, quotas for vehicle makers, and tax breaks. Subsidies were provided directly to manufacturers depending on car registrations and sales. These subsidies enticed several firms to invest in EV manufacture.
Global EV Charging Infrastructure Market key Players:
AeroVironment Inc., ABB, BP Chargemaster, ChargePoint, Inc., ClipperCreek, Eaton, General Electric, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Siemens, Tesla, Inc are some of the key players operating in the global EV charging infrastructure market. These companies offer a wide range of products and services for the electric vehicle charging station industry, and they invest heavily in R&D to develop new ones. For example: ABB announced a new AC Wallbox in September 2018 for low-cost EV charging for businesses and consumers. Siemens agreed to supply electric vehicle chargers to Ebuses in Denmark in April 2018. In December 2017, Chargepoint introduced Vallet view, a tool that allows customers to monitor real-time charging progress.
Market Segmentation
Global EV Charging Infrastructure Market by Charging Level, 2015 – 2027
- Level 1
- Level 2
- Level 3
Global EV Charging Infrastructure Market by Charging Point Type, 2015 – 2027
- Normal Charging
- Super Charging
- Inductive Charging
Global EV Charging Infrastructure Market by Installation Type, 2015 – 2027
- Portable Charger
- Fixed Charger
Global EV Charging Infrastructure Market by Charging Type, 2015 – 2027
- CCS
- CHADEMO
- Normal Charge
- Super Charger
- Type 2 (IEC 621196)
Global EV Charging Infrastructure Market by Application Type, 2015 – 2027
- Private
- Public
Global EV Charging Infrastructure Market by Company
- AeroVironment Inc.
- ABB
- BP Chargemaster
- ChargePoint, Inc.
- ClipperCreek
- Eaton
- General Electric
- Leviton Manufacturing Co., Inc.
- SemaConnect, Inc.
- Schneider Electric
- Siemens
- Tesla, Inc
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