Electric Vehicle Charging Infrastructure Market: Global Industry Analysis and Forecast (2024-2030) by Business Model, Product Type, Platform/Sales Channel and, Device Type.

Objective: Stellar Market Research

conducted brief analysis on Global Electric Vehicle Charging Infrastructure Market. The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Electric Vehicle Charging Infrastructure Market. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers. The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Global Electric Vehicle Charging Infrastructure Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Electric Vehicle Charging Infrastructure Market Overview

Electric vehicle charging infrastructure provides the necessary facilities for electric cars to charge the automotive battery. Electric vehicle charging infrastructure includes charging stations, typically equipped with electric outlets or charging cables, and vary in terms of charging speed.

 

The key driving factors for Electric vehicle charging infrastructure market such as Increasing Adoption of Electric Vehicles, Government Initiatives and Regulations, Increased Investment, Environmental Sustainability, and many others are analysed in the report. Consumer preferences are shifting towards electric vehicles from tradition ICE vehicles and this change in sentiments in another key factor driving the Electric vehicle charging infrastructure market. Sales of around 13.5 million EV units globally in 2023, with an increase of 30% over 2022 indicates the change in consumer preferences. The charge point operators (CPO) are collaborating with Original equipment manufacturer (OEM), which caters to the growing demand for Electric vehicle charging infrastructure market. The charging infrastructure includes Level 1, Level 2, and Level 3 charging stations, complemented by essential supporting hardware and software components.

 

Stellar market research conducted the analysis of Electric vehicle charging infrastructure market over past 5 years and by using the data, came to a conclusion that APAC dominated the Global Electric vehicle charging infrastructure market with 48% market share and is expected to continue its dominance during the forecast period. China stands out as the leading force, boasting the highest concentration of public chargers at a rate of 1 charge point for every 7 EVs and a remarkable 17% penetration of electric four-wheelers (EV 4Ws), surpassing other major economies. Europe holds second largest market share with a target of deploying 1 public charger for every 10 electric vehicles. North America is also contributing significantly, especially in the United States, a goal has been set to install 500,000 public chargers by 2030, backed by a substantial financial commitment of USD 7.5 billion to support the achievement of this target. Key players in Electric vehicle charging infrastructure market such as TGood State Grid Corporation of China, Tesla, ChargePoint Holdings Inc, EVgo, Tata power and others are analysed in the report.

 

 

Electric Vehicle Charging Infrastructure Market Dynamics

Rise in adoption of Electric Vehicles

The economic benefits that comes with electric vehicle is the main reason for the rising adoption of electric vehicles. The operational costs per mile for electric cars are around ½ that of traditional gasoline-powered vehicles. Charging an electric vehicle is more economical as with a full charge costing around $1-1.5, in contrast to around $30 required for a gas tank refill. The reduced maintenance needs of EVs contribute significantly to long-term cost savings. Electric cars boast fewer moving parts and eliminate the necessity for oil changes, resulting in an estimated lifetime maintenance and repair cost of around $4,000. In comparison, gasoline counterparts incur around $8,500 in lifetime maintenance and repair expenses. These benefits led to rise in demand for Electric Vehicle Charging Infrastructure market.

 

 

Government role in Electric vehicle charging Infrastructure

Global governments are expected to provide substantial financial support for the development of electric vehicle charging infrastructure, with setting ambitious targets for charger deployment by 2030. Leading nations, including France and Germany, have allocated special budgets for infrastructure construction, reflecting a collective effort to meet the rising demand. In Europe, an investment of nearly Euro 10 billion is estimated to accommodate the projected demand. United States has committed to the construction of approximately 0.5 million chargers by 2030.

 

 

Lack of uniformity exists globally, with different countries adopting distinct standards for fast charging—CHAdeMO in Japan, CCS in Europe, the U.S., and South Korea, and GB/T in China.

 

Electric Vehicle Charging Infrastructure Market Segment Analysis

By charger type, the market is divided into two main segments, slow chargers and fast chargers. The fast charger segment emerged as the dominant force, holding over 92% of global sales. This significant market share is driven by a demand for rapid chargers, mainly in commercial stations. In 2023, there was an increase in fast chargers by around 4,20,000; 85% of which was provided by China alone.  Businesses, recognizing this trend, are installing Level 1 DC fast chargers and Level 2 AC charging stations, capable of fully charging electric vehicles within 3 to 6 hours. Automakers are strategically deploying electric vehicle (EV) charging stations to promote awareness of electric cars like installation of 100 Level 2 EV charging stations in the parking areas of General Motors Company's Detroit facility.

 

By connector type, the market is majorly segmented into CHAdeMO (Charge the move), Combined Charging System (CCS). In 2023, the CHAdeMO connector segment secured a significant market share exceeding 35%. CHAdeMO is installed around 96 countries globally. This is due to its broad compatibility with a diverse range of electric vehicles, including BMW, GM, and VW and its user-friendly design.

 

The CHAdeMO connector's advantage lies in its ability to offer design flexibility for electric vehicles, requiring only a single charging port, unlike CHAdeMO connectors, which necessitate two charging ports due to their limitation in enabling AC charging. The current CHAdeMO connectors are capable of delivering 62.5 kW of DC power and comply with the Japan Electric Vehicle Standard (JEVS). More than 300 certified CHADeMO charger models have been produced by around 60 companies.

 

 

Electric Vehicle Charging Infrastructure Market Competitive Landscapes

 

• ABB's latest innovation, the Terra 360, stands out as the world's fastest electric car charger. It boasts the capability to fully charge an electric vehicle in under 15 minutes, delivering an impressive 100 kilometres of range.
• ChargePoint Raised $232M in 2023.
• BP acquired UK’s largest EV charging company Chargemaster for USD 130 million. Eaton recently made a strategic investment as part of ChargeLab's expanded Series A funding round.

 

 

 

• EVCS has strategically partnered with ChargeHub to optimize and simplify public charging accessibility for electric vehicle drivers along the West Coast. This collaboration entails EVCS integrating with ChargeHub's Passport Hub platform as a Charge Point Operator (CPO), enabling an expanded network catering to a diverse group of EV drivers utilizing various e-mobility service providers (MSPs).
• BYD Europe B.V. and Shell EV Charging Solutions B.V. (Shell) have joined forces to deliver efficient Shell Recharge EV charging services to a minimum of 100,000 BYD batteries and plug-in Electric Vehicles (EV) customers across Europe. This partnership offers customers an exclusive Platinum membership to the Shell Recharge network, facilitating discounted charging access at Shell's fast and ultra-fast DC charging locations.

 

The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Global Electric vehicle charging infrastructure Market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers.

 

The research includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favourable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry.

 

The research also aids in comprehending the Global Electric vehicle charging infrastructure Market dynamics and structure by studying market segments and forecasting market size.

 

The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Global Electric vehicle charging infrastructure Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Electric Vehicle Charging Infrastructure Market Scope
Market Size in 2023	USD 20 Bn.
Market Size in 2030	USD 112.59 Bn.
CAGR (2024-2030)	28%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Charger Type Slow Charger Fast Charger
	By Connector type CHAdeMO Combined Charging System (CCS) Others
	By Application Commercial Residential
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Electric Vehicle Charging Infrastructure Market key Players

•    AeroVironment, Inc. 
•    ChargePoint, Inc. 
•    SemaConnect, Inc. 
•    ClipperCreek, Inc. 
•    Tesla Motors, Inc. 
•    General Electric Company 
•    Leviton Manufacturing Co., Inc. 
•    EVgo 
•    Blink Network 
•    Greenlots 
•    ABB Group 
•    Elektromotive Limited 
•    Schneider Electric SE 
•    Chargemaster Plc 
•    Delphi Automotive LLP 
•    Eaton Corporation 
•    Siemens AG 
•    Engie 
•    Pod Point Ltd. 
•    NewMotion 
•    BYD Company 
•    Efacec Electric Mobility 
•    Delta Electronics, Inc. 
•    TGOOD Global Ltd.