EV Charging Infrastructure Market is predicted to reach USD 201786.1 Million at a CAGR of 22.1% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global EV Charging Infrastructure Market”.

The EV Charging Infrastructure market is estimated to register a CAGR of 22.1% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global EV Charging Infrastructure market - ABB, Siemens AG, ChargePoint, Inc., EVgo Services LLC, Schneider Electric, Blink Charging Co., CyberSwitching, ABM Industries Incorporated, PHIHONG USA CORP. (PHIHONG TECHNOLOGY CO) and Electrify America.

EV Charging Infrastructure Highlights

The global EV Charging Infrastructure market is accounted to register a CAGR of 22.1% during the forecast period and is estimated to reach USD 201786.1 Million by 2032.

Government support and incentives are crucial in driving the EV Charging Infrastructure Market's transition to electric vehicles (EVs). These incentives can include tax credits, grants, subsidies for installing charging infrastructure, and financial support for fleet operators to adopt EVs. For instance, In December 2023, The UK government awarded £4.8 million to four projects to develop bi-directional charging technologies. The applications come from small companies already working on solutions, including fleet use cases and private applications. Government policies promoting clean energy and sustainability often encourage the transition to electric fleets through regulations and initiatives favoring EV adoption. By providing financial and regulatory support, governments can significantly reduce the barriers to entry for fleet operators, accelerating the adoption of EVs and the corresponding need for charging infrastructure. This, in turn, creates opportunities for companies in the EV Charging Infrastructure Market to expand their services and solutions to meet the growing demand for EV charging infrastructure.

Rising fuel prices and environmental concerns drive the demand for commercial electric vehicles and infrastructure in the EV Charging market. As fuel costs continue to increase, commercial fleet operators are looking to reduce operating expenses through electrification. Electric vehicles allow businesses to avoid volatile fuel prices and lower their total cost of ownership over time. Additionally, many countries and local governments are implementing policies to curb greenhouse gas emissions from the transportation sector. This is putting pressure on fleet owners to transition to electric vehicles.

Access full report @ https://www.marketresearchfuture.com/reports/electric-vehicle-ev-charging-infrastructure-market-16207

Segment Analysis

The global EV Charging Infrastructure market has been segmented based on Offering, Portability, Charging Point Type, Mounting Type, Standard, Charging Level, Phase, Application and Region.

Based on Offering, the global EV Charging Infrastructure market segmentation includes EV Charging Solutions and Services. The EV Charging Solutions segment held the majority share in 2022, contributing around ~78.8% to the market revenue. Electric Vehicle (EV) charging refers to the process of replenishing the energy in the battery of an electric vehicle.

Based on Portability, the global EV Charging Infrastructure market segmentation includes Stationary EV Chargers and Portable/Mobile EV Charger. The Stationary EV Chargers segment held the majority share in 2022 contributing around ~88% to the market revenue. A stationary electric vehicle charging gun is a device used to charge an electric vehicle from an external power source. It consists of a charging cable with a plug on one end that connects to an electric vehicle and a plug on the other that connects to a charging station or socket.

Based on the Charging Point Type, the global EV Charging Infrastructure market segmentation includes AC Charger and DC Charger. By Charging Point Type, AC Charger segment hold the majority market share in 2022 contributing 55% of the market share. AC charging stations, also known as AC charging stations, are a type of electric vehicle (EV) charging infrastructure that uses the standard electrical grid. These convert alternating current from the grid into the direct current required by electric vehicle batteries through an integrated charger.

Based on the Mounting Type, the global EV Charging Infrastructure market segmentation includes Wall Mounted Charger and Pedestal Mounted Charger. By Mounting Type, Pedestal Mounted Charger segment hold the majority market share in 2022 contributing 73% of the market share. Pedestal-style chargers can be approached from either side, and each stand can support up to two chargers.

Based on the Standard, the global EV Charging Infrastructure market segmentation includes Megawatt Charging System (MCS), Combined Charging System (CCS) and Others. By Standard, others segment holds the majority market share in 2022 contributing 58% of the market share. Megawatt Charging System (MCS),  allows for quick and user-friendly charging, enabling drivers to charge their electric heavy-duty vehicles manually without the need for supporting machines or robots.

Based on the Charging Level, the global EV Charging Infrastructure market segmentation includes Level 1, Level 2 and Level 3. By Charging Level, Level 2 segment hold the majority market share in 2022 contributing 53% of the market share. Level 1 charging of an electric vehicle (EV) refers to connecting the electric vehicle to a regular household power outlet. Typically, 120-volt AC power is used and the vehicle speed is set to low. This charging option is suitable for overnight charging or when faster charging options are not available.

Based on the Application, the global EV Charging Infrastructure market segmentation includes Residential, Workplace, Retail, Hospitality, Fleets, Roadside Station, and Others. By Application, Residential segment hold the majority market share in 2022 contributing 55% of the market share. Commercial EV charging refers to the infrastructure and services provided to charge electric vehicles (EVs) in commercial settings. It involves installing charging stations at various locations, such as parking lots, shopping centres, office buildings, and public spaces, to cater to the growing demand for EV charging. These charging stations typically offer faster charging speeds and multiple connectors to accommodate different types of EVs.

Based on the Phase, the global EV Charging Infrastructure market segmentation includes Single Phase and three phase. By Phase, Single Phase segment hold the majority market share in 2022 contributing 73% of the market share. Single-phase power is a two-wire alternating current (AC) power system, where one wire is the "hot" or active wire, and the other wire is the neutral wire. This type of power is typically used in homes, small offices, and small businesses.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. Asia Pacific accounted for ~ 76.4% EV Charging Infrastructure market in 2022. Asia Pacific is likely to be the largest contributor to the EV charging services market. This includes countries such as China, Japan, India, South Korea, Thailand, Taiwan, Malaysia, Vietnam and Rest of Asia-Pacific. The electric vehicle charging services market in Asia Pacific has grown significantly in recent years and is expected to continue to grow rapidly. Several start-ups and established players have entered the market to meet this demand. As supportive government policies and initiatives drive the uptake of electric vehicles across the region, demand for public charging infrastructure is rapidly increasing.

North America is one of the fastest growing markets for EV Charging Infastructure in the world. Leading providers such as ChargePoint, EVgo, Blink, and Electrify America have established extensive networks of charging stations across the region. These networks offer setting options, including level 2 (AC) and faster DC chargers, enabling EV owners to charge their vehicles conveniently during daily commutes and longer journeys.

Key Findings of the Study

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  The global EV Charging Infrastructure market is expected to reach USD 201786.1 Million by 2032, at a CAGR of 22.1% during the forecast period.

  
  


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  The Asia Pacific region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in Asia Pacific, making it the primary contributor to the market share.

  
  


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  Based on Offering, the EV Charging Solutions segment was attributed to holding the largest market in 2022, with an approximate market share of 78.8 %.

  
  


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  ABB, Siemens AG, ChargePoint, Inc., EVgo Services LLC, Schneider Electric, Blink Charging Co., CyberSwitching, ABM Industries Incorporated, PHIHONG USA CORP. (PHIHONG TECHNOLOGY CO) and Electrify America are the key market players.