Global electric vehicle charging
infrastructure market stood
around USD7.50 billion
in 2020 and is estimated to reach USD37.85 billion in 2026, advancing with a
CAGR of 31.40% in the next five years because of rising adoption of electric
vehicle fleet along with the growth and development of road infrastructure
across the world.
Charging station of an
electric vehicle is the equipment that connects an electric vehicle to an
origin of electricity to recharge the electric vehicles and plug-in hybrids.
Some of the charging stations have advanced aspect such as smart metering,
cellular capability, and network connectivity.
Divergent types of charging
stations provide different speeds of charging. Level 1 charging stations
use a 120 volt (V), alternating-current (AC) plug and require a
restrict circuit, giving about 5 miles of range for every hour of
charging. Correspondingly, level 2 stations charge through a 240V, AC plug and
require home charging or public charging equipment to be installed. Level 2
stations provide 10 to 20 miles of spectrum for each hour of charging. Level 2
chargers are the most accepted and charge at approximately the same rate as a
home system. DC fast chargers, also known as Level 3 chargers, use a 480V
current, direct-current (DC) plug. They sidestep the onboard charger and
provide DC electricity to the battery via a special charging port. DC Fast
Chargers yield up to 40 miles of spectrum for every 10 minutes of charging but
are not adaptable with all vehicles. Also, some rectitude charging stations,
such as the Tesla Supercharger, are designed for significantly higher-speed
charging.
Upsurge in the Adoption of
Electric Vehicles to Drive the Market
Increasing adoption of
electric vehicles is a major driver for the electric vehicle charging
infrastructure market. The maintenance cost of electric vehicles is low as
compared to the internal combustion engine (ICE) vehicles because ICE vehicles
have more mechanical parts and thus it will have more complexity and adversity
in the maintenance of the ICE vehicles as compared to the electric vehicles.
The year-on-year rising sales of electric vehicles in shared mobility services
and also the development of better road infrastructure is generating the demand
for emission-free transportation like electric cars, electric two-wheelers, and
buses, which is driving the sales of electric vehicle charging infrastructure
units. The growing
demand and sales of electric vehicles are continuously increasing across the
globe which correspondingly influences the growth of electric vehicle charging infrastructure
market globally.
High Price of Electric Vehicles Restricting Market
Growth
Electric
vehicles are jammed with state-of-the-art technologies such as high-capacity
batteries and sophisticated car components. While electric cars come with fewer
moving parts than petrol or diesel-powered vehicles, the most expensive part is
the lithium-ion battery. In some cases, they account for about 50% of the cost
of the car, and hence repairing or replacing batteries becomes costly.
Batteries that power electric cars have a shelf life or an expiry date before
they underperform or stop working. With the prices of lithium-ion batteries
being high, replacement costs are higher. There is no price parity between
electric vehicles and ICE vehicles across the world. Electric vehicles are way
more expensive than their conventional fuel-powered counterparts. The high prices of electric
vehicles and batteries are hampering the adoption rate of these vehicles
which in turn is lowering the growth of electric vehicle charging
infrastructure market across the globe.
Adverse Impact of COVID-19 on
Electric Vehicle Charging Infrastructure Market
The imposed lockdown and rapid
spread of the COVID-19 pandemic globally has created both a public health
crisis and economic crisis in the year 2020, following economic fluctuation.
Due to this, the automobile market was disturbed globally which also negatively
impacted the global electric vehicle charging infrastructure market as well.
Although, the pandemic has decreased the overall sales of automobiles, electric
vehicles and automated vehicles have relatively witnessed less decline in
volume in 2020. The COVID-19 pandemic caused automated vehicle venture
capitalists and investors to look for new automobile technologies that can
reduce physical human interaction. To curb the spread of COVID-19, social
distancing was given high importance. For instance, in Florida, autonomous
vehicles were being used to transport medical supplies and tests, minimizing
person-to-person contact. In China, driverless cleaning and disinfection
vehicles were used to disinfect hospitals and nearby roads. Vehicles that can
provide the door-to-door experience without drivers are expected to become the
next phase of mass transit. The growing future demand of autonomous vehicles
running on electric energy is anticipated to drive the growth of global
electric vehicle charging infrastructure market in the forthcoming years.
Market Segmentation
The
global electric charging infrastructure market is segmented on the basis of vehicle
type into two-wheeler, passenger car, and commercial vehicle, by type into AC
and DC, by charging mode into plug-in and wireless, by installed location into residential
and commercial, by connector type into UK 3-Pin, Industrial Commando, Type 1,
Type 2, CHAdeMO, CCS and Tesla’s Proprietary Supercharger Connectors, by type
of charging into slow and fast and by region into Europe, Asia-Pacific, South
America, Middle East Africa, and North America.
APAC Led by China is the
Largest Electric Vehicle Charging Infrastructure Market
APAC countries occupy the
major market share of around 62.89% in the global electric vehicle charging infrastructure
market. As China is the leading player in the global electric vehicle charging infrastructure
market with the dominating share of 86.31% in the APAC region with the
government support in large scale development of electric vehicle charging
infrastructure across the country. The Chinese Government is encouraging the
development of electric vehicle charging infrastructure as a significance of
national policy. The Chinese Government is also providing the subsidy on
electric vehicle which led to a rise in electric vehicle sales and therefore
also results in the uprising of electric vehicle charging infrastructure market.
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Competitive Landscape
Charge Point, Inc. EV Box
B.V., ABB Ltd., Tesla,Inc., Webasto Group, Siemens AG, Schneider Electric SE,
Eaton Corporation plc, Royal Dutch Shell Plc, TGOOD Global Ltd. are among the major companies
operating in the global electric vehicle charging infrastructure market. Key players are developing advanced technologies to stay competitive in the
market and are also enhancing
their product portfolio in the regions to increase their customer outreach.
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Attribute
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Details
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Market size Value in 2020
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USD7.50 Billion
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Revenue Forecast in 2026
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USD37.85 Billion
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Growth Rate
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31.40%
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Base Year
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2020
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Historical Years
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2016 – 2019
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Estimated Year
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2021
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Forecast Period
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2022 – 2026
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Quantitative Units
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Revenue in USD Billion, Volume in Units, and CAGR for
2016-2020 and 2021-2026
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Report Coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments Covered
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·
By Vehicle Type
·
By Type
·
By Charging Mode
·
By Installed Location
·
By Connector Type
·
By Type of Charging
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Regional Scope
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Asia Pacific; North America; South America; Europe; Middle
East & Africa
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Country Scope
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China, South Korea, Japan, India, Vietnam, Australia,
Netherland, France, United Kingdom, Germany, Sweden, Norway, Italy, Spain,
United States, Canada, Mexico, Brazil, Argentina, Colombia, Qatar, South
Africa, UAE, Saudi Arabia
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Key Companies Profiled
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Charge Point, Inc. EV Box B.V., ABB Ltd., Tesla,Inc., Webasto Group,
Siemens AG, Schneider Electric SE, Eaton Corporation plc, Royal Dutch Shell
Plc, TGOOD Global Ltd.
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Customization Scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and Purchase Options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/pdf format on
special request)
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Report Scope:
In this report, Global electric vehicle charging infrastructure
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Electric Vehicle Charging Infrastructure Market, By Vehicle Type:
- Two-Wheeler
- Passenger Car
- Commercial Vehicle
- Electric Vehicle Charging Infrastructure Market, By Type:
- Electric Vehicle Charging Infrastructure Market, By Charging Mode:
o Plug-In
o Wireless
- Electric Vehicle Charging Infrastructure Market, By Installed
Location:
·
Electric Vehicle Charging Infrastructure Market, By
Connector Type
o Type 2
o Type 1
o UK 3-Pin