Electric Vehicle EV Charging Infrastructure Market Trends

Electric Vehicle (EV) Charging Infrastructure Market Overview

Electric Vehicle Charging Infrastructure Market Size was valued at USD 84.47 Million in 2022. The Global Electric Vehicle Charging Infrastructure industry is projected to grow from USD 97.15 Million in 2023 to USD 343.91 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 15.1% during the forecast period (2023 - 2032). The EV Charging Infrastructure Market is expected to grow significantly over the forecast period due to several factors. The growth of the EV Charging Infrastructure Market is expected to be driven by key factors such as government support and incentives towards the EV transition and rising fuel prices and environmental concerns.

Figure1: EV Charging Infrastructure Market, 2018 - 2032 (USD Million)

Electric Vehicle (EV) Charging Infrastructure Market Opportunity

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  Rising Fuel Prices and Environmental Concerns

  
  

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.

The demand for electric trucks and vans is increasing as a result. However, a lack of adequate charging infrastructure can limit the adoption of electric fleets. Companies and governments are investing heavily in building a network of public and private charging stations to support more widespread electrification. For instance, in the UK, the total number of EV charging stations has increased by 1,915 stations since January 2022, an increase of 7%. In this expansion, 338 more rapid chargers were added, showing an expansion of 7%, according to GovUK, 2022. This expansion was carried out throughout the region to make EV charging stations accessible in remote areas. The charging infrastructure will help alleviate range and availability concerns as it expands. More widespread availability of EV Charging solutions can further accelerate the adoption of electric vehicles for commercial applications.

Electric Vehicle (EV) Charging Infrastructure Market Offering Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Offering Insights

Based on Offering, the 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. This is done by connecting the EV to a charging station or charger. A charging station, also known as an EV charging station or Electric Vehicle Supply Equipment (EVSE) supplies electricity to charge EVs. There are different types of EV chargers, including level 1 chargers, level 2 chargers, and DC fast chargers.

Figure2: EV Charging Infrastructure Market, by Offering, 2022 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Electric Vehicle (EV) Charging Infrastructure Market Vehicle Portability Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Portability Model Insights

Based on Portability, the Electric Vehicle 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 Electric Vehicle Charging Infrastructure 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. A charging gun is a crucial component of an Electric Vehicle (EV) charging system, typically used with an EV charging station to transfer power from the power grid to the EV.Several stationary EV charging guns are in the market, each designed for a specific type of EV and charging system. Some charging guns are compatible with all types of electric vehicles, while others are designed for use with specific models and brands. Stationary electric vehicle charging guns may also have additional features such as LED indicators, built-in safety devices, and the ability to monitor and control the charging process remotely.

Electric Vehicle (EV) Charging Infrastructure Market Charging Point Type Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Charging Point Type Insights

Based on the Charging Point Type, the EV Charging Infrastructure Market segmentation includes AC Charger and DC Charger. By Charging Point Type, AC Charger segment hold the majority Electric Vehicle Charging Infrastructure 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. AC charging stations are generally slower than DC charging stations and typically provide between 3 and 22 kilowatts (kW) of charging power.

Electric Vehicle (EV) Charging Infrastructure Market Mounting Type Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Mounting Type Insights

Based on the Mounting Type, the EV Charging Infrastructure Market segmentation includes Wall Mounted Charger and Pedestal Mounted Charger. By Mounting Type, Pedestal Mounted Charger segment hold the majority Electric Vehicle Charging Infrastructure 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. For most outdoor applications, that makes them more convenient particularly in high-volume charging scenarios like industrial EV fleet management and commercial charging stations.

Electric Vehicle (EV) Charging Infrastructure Market Standard Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Standard Insights

Based on the Standard, the 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 Electric Vehicle Charging Infrastructure 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. With larger conductor cross-sections for the cable assembly according to existing standards, the MCS system also enables faster charging times and increased customer flexibility. This makes it an essential component in the push towards sustainable transportation.

Electric Vehicle (EV) Charging Infrastructure Market Charging Level Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Charging Level Insights

Based on the Charging Level, the 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. Level 2 charging, on the other hand, uses a special 240-volt AC power source that is commonly found at charging stations and in homes. This level charges faster than Level 1, allowing electric vehicles to charge faster and more efficiently.

Electric Vehicle (EV) Charging Infrastructure Market Application Segment Insights:

Electric Vehicle (EV) Charging Infrastructure Application Insights

Based on the Application, the EV Charging Infrastructure Market segmentation includes Residential, Workplace, Retail, Hospitality, Fleets, Roadside Station, and Others. By Application, Residential segment hold the majority Electric Vehicle Charging Infrastructure 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. Commercial EV charging supports the transition to sustainable transportation by providing convenient and reliable charging options for businesses, organizations, and individuals. It promotes the adoption of EVs, reduces carbon emissions, and helps build a greener and more sustainable future.

Electric Vehicle (EV) Charging Infrastructure Market Phase Segment Insights

Electric Vehicle (EV) Charging Infrastructure Phase Insights

Based on the Phase, the 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 Electric Vehicle Charging Infrastructure 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. Single-phase power can deliver up to 240 volts, but it is limited in terms of the amount of power it can deliver.

Three-phase power, on the other hand, is a three-wire alternating current (AC) power system, where there are three hot wires, and one neutral wire. This type of power is typically used in industrial and commercial settings, where high power demands are required. Three-phase power can deliver up to 480 volts and can deliver more power than single-phase power.

Electric Vehicle (EV) Charging Infrastructure Regional Insights

By Region, the study provides Electric Vehicle Charging Infrastructure 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 Electric Vehicle Charging Infrastructure market 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. Moreover, mobile applications and online platforms have been developed to allow EV drivers to locate nearby charging stations, check availability, and even make reservations. These platforms often provide real-time information on setting rates, compatibility, and user reviews, offering EV owners enhanced convenience and peace of mind.

Europe has seen significant growth in EV charging in recent years to support the rising adoption of electric vehicles. Major players offering public charging networks across European countries include Shell, Ionity, Fastned, Virta, and NewMotion. Virta, in particular, has over 19 patent families and operates one of Europe's most prominent public fast-charging networks through partnerships with municipalities, parking operators, fleets, and other businesses. EV drivers can access widespread public charging coverage through apps and RFID/payment cards provided by these service providers. The growth of fast charging stations capable of 80 kW or higher output has also enabled long-distance EV travel. Harmonization of payment and technical standards has further improved the EV driver experience across Europe.

Figure3: EV Charging Infrastructure Market Size By Region 2022&2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

As electric vehicle adoption increases across South America, EV charging infrastructure is expanding to accommodate growing demand. Brazil currently has the most developed charging network, with over 10,000 public chargers available nationwide as of 2022. Other countries like Argentina, Chile, Colombia, and Peru are also working to establish public fast-charging corridors along major highways and transportation routes.

Electric Vehicle (EV) Charging Infrastructure Key Market Players & Competitive Insights

With a strong presence across different verticals and geographies, the EV Charging Infrastructure market is highly competitive and dominated by established, pure-play vendors. Over 30 vendors cater to this Electric Vehicle Charging Infrastructure market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The EV Charging Infrastructure market is highly competitive, with many vendors offering similar products and services.

The major players in the Electric Vehicle Charging Infrastructure market include 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., and Others.

Evgo's main strategic priority is to continue expanding its public fast charging network throughout the United States. The company aims to substantially increase the number of fast chargers it installs in the coming years through various construction projects and partnerships. Moreover, Evgo is actively working on deploying more fast chargers in locations such as multi-family housing complexes and places where fleet vehicles are located. In addition to this, Evgo is also developing innovative technologies and payment solutions, like plug and charge, to enhance the charging experience for drivers and make it seamless. Collaborations with automakers, fleet operators, and government entities are crucial elements of Evgo's growth strategy. The ultimate objective is to establish the most comprehensive and convenient fast charging network possible to promote widespread adoption of electric vehicles.

The EV Charging Infrastructure Market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic Electric Vehicle Charging Infrastructure market developments and decisions to improve operational effectiveness.

Key Companies in the Electric Vehicle (EV) Charging Infrastructure market include

• ABB


• Siemens AG


• ChargePoint, Inc.


• EVgo Services LLC


• Schneider Electric


• Blink Charging Co.


• CyberSwitching


• ABM Industries Incorporated


• PHIHONG USA CORP. (PHIHONG TECHNOLOGY CO)


• Electrify America.

Electric Vehicle (EV) Charging Infrastructure Industry Developments

In October 2023, ChargePoint announced a pantograph option for the ChargePoint Express Plus charging system. The Pantograph offering comes to market as the latest variant of the ChargePoint Express Plus architecture, which offers EV charging speeds that remain a step ahead of the passenger vehicle market in terms of fast charging capabilities.In

August 2023, EVgo Inc. announced the launch of an Alexa-enabled EV charging experience in collaboration with Amazon. Drivers who own Alexa-enabled automobiles or automotive accessories such as Echo Auto can now ask Alexa to locate and navigate to local EV charging stations.

Electric Vehicle (EV) Charging Infrastructure Market Segmentation

Electric Vehicle Charging Infrastructure Offering Outlook

• EV Charging Solutions


• Services
  
  
  
  • Installation Services
  
  
  • Support & Maintenance Services 
  
  
  
  

Electric Vehicle Charging Infrastructure Portability Outlook

• Stationary EV Chargers


• Portable/Mobile EV Charger

Electric Vehicle Charging Infrastructure Charging Point Type Outlook

• AC Charger


• DC Charger
  
  
  
  • DC Wall Charger
  
  
  • DC Pedestal Charger
  
  
  
  

Electric Vehicle Charging Infrastructure Mounting Type Outlook

• Wall Mounted Charger


• Pedestal Mounted Charger

Electric Vehicle Charging Infrastructure Standard Outlook

• Megawatt Charging System (MCS)


• Combined Charging System (CCS)


• Others

Electric Vehicle Charging Infrastructure Phase Outlook

• Single Phase


• Three Phase

Electric Vehicle (EV) Charging Infrastructure Charging Level Outlook

• Level 1


• Level 2


• Level 3

Electric Vehicle (EV) Charging Infrastructure Application Outlook

• Residential
  
  
  
  • Home Single-Unit
  
  
  • Home Multi-Unit
  
  
  
  


• Workplace


• Retail


• Hospitality


• Fleets
  
  
  
  • Service & Last Mile Fleets
  
  
  • Industrial Fleets
  
  
  • Logistics Fleets
  
  
  • Public Transport Fleets
  
  
  
  


• Roadside Station


• Others

 EV Charging Infrastructure Regional Outlook

North America

• US


• Canada


• Mexico

Europe

• UK


• Germany


• France


• Italy


• Spain


• Norway


• Netherlands


• Sweden


• Finland


• Rest of Europe

Asia-Pacific

• China


• Japan


• India


• South Korea


• Thailand


• Taiwan


• Malaysia


• Vietnam


• Rest of Asia-Pacific

Middle East & Africa

• Saudi Arabia


• UAE


• Jordan


• Rest of the Middle East & Africa

South America

• Brazil


• Argentina


• Chile


• Colombia


• Rest of South America