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EV Charging Infrastructure Market to Receive Overwhelming Hike in Revenues by 2028
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According to our latest market study on “EV Charging Infrastructure Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Platform, Hardware, Charger Type, and IEC Mode,” the market was valued at US$ 8,805.35 million in 2021 and is expected to grow at a CAGR of 15.0% during the forecast period of 2021 to 2028 to reach US$ 23,395.77 million by 2028.
Presently, EV charging stations are more common in private residences. However, the rising consumer demand has led to an active adoption of on-site commercial charging as a standard building feature. China, the EU-27 plus the UK, and the US, are expected to implement charging in residential and commercial buildings to scale up the EV charging infrastructure in the near future, which requires upgrading buildings' electrical infrastructure to satisfy the rising demand for EV charging. Additionally, EV charging at scale is subject to the careful planning of a building's electrical distribution system, along with the local electric-grid infrastructure. To enhance the accessibility and affordability of electric chargers, a large number of building developers, urban planners, and electrical-equipment suppliers are actively integrating the EV charging infrastructure into standard building design plans, thereby creating growth avenues for EV charging infrastructure market.
Furthermore, public charging stations in workplaces and dedicated EV charging hubs create massive opportunities to expand the EV charging infrastructure market owing to the rising adoption by less affluent buyers, including those residing in multiunit housing (having limited access to in-home charging). This is particularly more evident in China and the EU-27 plus the UK, where a limited number of single-family homes with in-home parking has led to a higher ratio of EVs to public charge points than in the US.
Therefore, the increase in the number and type of charging infrastructure beyond single-family homes, including installation in apartment complexes, offices, fleet depots, parking lots, and commercial centers is creating ample growth opportunities for the scaling-up of the global EV charging infrastructure market.
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Impact of COVID-19 Pandemic on EV Charging Infrastructure Market
The onset of the COVID-19 crisis in 2020 led to a slowdown in the automotive and its infrastructure activities worldwide. All the regions reported in the analysis suffered a significant downturn in workloads during the first half of 2020. However, the pandemic accelerated the need for emission-free mobility, especially in the developed regions. According to estimations by IEA, the global electric car sales rose to more than 3 million, reaching a market share of over 4%. The rise in sales during 2020 peak of the pandemic, rising by 40% in global sales from the 2.1 million electric cars sales in 2019. Notably, electric vehicle sales rose by a significant 160% in the first half of 2021 compared to 2020, representing 26% of total new sales in the global automotive market. As the sales of EV worldwide sore to exceptional heights, major global EV charging infrastructure market players have been implementing smart charging solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, hassle-free, and safer mobility. For instance, during the pandemic period of 2020-21, EV charging infrastructure companies, like EVBox and Tritium, have entered into a large number of partnerships, acquired several significant players, and have strongly focused on the research and development of smart charging solutions, accelerating the growth of EV charging infrastructure market.
Furthermore, the systems supporting EV charging infrastructure market reduces the operational costs and environmental impact for agencies and government departments compared to present ICE vehicle scenario, thereby amplifying the growth prospects of major global players in the EV charging infrastructure market. For instance, the US government released an EV Charging Action Plan to lay down steps for the federal agencies to support the development and deployments of chargers in American communities across the country. Therefore, there has been no major impact of the COVID-19 pandemic on the EV charging infrastructure market, and it is witnessing steady progressive growth in major parts of the world.
Tritium; Blink Charging Co.; ChargePoint, Inc.; BP p.l.c.; EVBox; EVgo Inc.; Tesla, Inc.; Webasto Group; RWE AG; and Delta Electronics, Inc. are among the key players operating in the global EV charging infrastructure market. Several other players have also been analyzed to understand the EV charging infrastructure market.
EV Charging Infrastructure Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Platform (Hardware and Services), Hardware (AC Charger and DC Charger), Charger Type (Public Chargers and Private Chargers), and IEC Mode (2, 3, and 4)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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