EV Charging Infrastructure Market Trends
The size of the global electric vehicle charging infrastructure market was USD 25.83 billion in 2023 and is expected to register a compound annual growth rate (CAGR) of 25.4% during the period from 2024-2030. Increasing pressure on carbon emissions and increasing use of electric vehicles (EVs) worldwide are key drivers of the electric vehicle charging infrastructure market. Regulatory policies by governments and tax freebies on electric vehicles encourage EV adoption and fuel the need for EV charging station solutions.
Market Concentration & Features
The stage of market growth is high, and the rate of the market growth is increasing. The market for electric vehicle charging infrastructure can be described as having a high level of innovation with fast-changing technological developments. Technological developments, including advancements in charging infrastructure and battery technology, are making electric vehicles more convenient and practical for daily use.
Charger Type Insights
The segment of fast chargers dominated the market and held 72.4% of the total revenue worldwide in 2023. The segment is also expected to develop at the highest CAGR over the forecast period. This is due to the rising efforts of different governments for the faster rollout of public fast-charging stations. Most companies have installed Level 3 DC fast chargers or Level 2 AC charging stations that can charge a fully electric vehicle between 30 minutes and 4 hours.
Apart from that, car manufacturers are focusing on the installation of electric vehicle charging stations for their workers as part of the drive to raise the awareness of their electric cars and electric cars public charging stations. For example, the installation of 100 Level 2 electric vehicle charging stations at General Motors Company’s Detroit facility parking lots has resulted in increased demand for the company’s Chevrolet Volt cars among workers.
Slow charger demand is anticipated to increase at a high CAGR over the forecast period. Slow chargers are predominantly embraced by residential use, which is charged overnight. Also, the majority of electric vehicle manufacturers like BMW, General Motors, and Volkswagen Group provide slow chargers during the sale of electric vehicles, which is contributing to segment growth further. For example, General Motors provides a slow charger on the purchase of its electric car model.
Connector Insights
The others segment recorded the highest market revenue share in 2023. This category consists of connectors like GB/T, Mennekes, J1772, and others. The reason behind the dominance of this segment lies in the excessive adoption of GB/T connectors in China. China’s standard EV plug is GB/T connector, utilised by every single one of the EV charging equipment. Good EV sales after are expected to be followed by an immense array of EV charging infrastructures across China, contributing towards segmental expansion. An estimation from Grand View Research says there were 7,082,307 chargers in China for EVs as of the year 2022.
While on the other hand, CCS connector is anticipated to have the highest CAGR value over the forecast period, attributed to rising demand by leading automobile manufacturers on using CCS connectors in their electric cars. For example, in July 2019, Tesla rolled out a CCS connector for support of Model 3, and future compatibility of Model S and Model X was expected in Europe.
Level of Charging Insights
Level 2 charging led the market in 2023. This charging is in the range of 208 volts to 240 volts, and is suitable for locations such as houses, workplaces, and public charging stations. Because level 2 charging equipment is simple to set up, level 2 charging is the most prevalent level of electric vehicle charging as of 2022. Level 2 charging can be added between 12 and 80 miles per hour of range, depending on the maximum charging rate of the vehicle and the power output of the level 2 charging device.
Because of this charging time and ease of installation, level 2 chargers are primarily installed in cities, where EVs are presently most in demand. Level 2 chargers can charge electric vehicles up to 10 times faster than level 1 charging, which has helped the dominant market share of this segment in 2023.
Level 3 charging is projected to record the highest CAGR over the forecast period, as a result of its quick-charging capabilities. Level 3 chargers, the fastest mode of charging, can charge electric vehicles at 3 to 20 miles per minute using direct current. The level 3 chargers use higher voltage than level 1 and level 2 and therefore is not installed at the residential location so far. As the population using EVs is increasing, industries and public facilities will install such charging equipment to meet the enormous demand. This is anticipated to fuel the level 3 charging level segment growth in the forecast period.
Connectivity Insights
The non-connected charging stations segment held the largest market revenue share in 2023. Non-connected charging solutions are also referred to as non-networked or standalone charging solutions. Non-connected charging solutions provide users with secure and safe charging without the inconvenience of recurring fees of a charging network. Non-connected charging solutions replicate the experience of the old fuel pump and enable consumers to pay for charging facilities browse.
Certain non-connected charging solutions pair their hardware with software platforms for tracking the health of their chargers and looking at advanced diagnostic information. Further, non-connected chargers are less expensive to use on an ongoing basis and install since recurring networking and activation charges do not apply. Low infrastructure expenditure for owners and easy-to-use, hassle-free charging experience for EV drivers offered by non-connected charging solutions will drive the segment growth throughout the forecast period.
Key EV Charging Infrastructure Companies:
- ABB Ltd.
- ChargePoint, Inc.
- Leviton Manufacturing Co., Inc.
- Blink Charging Co.
- Tesla Inc.
- Webasto Group
- bp pulse
- Eaton Corporation plc
- Schneider Electric, Inc.
- Siemens
- BTC Power
- Delta Electronics, Inc.
- Tritium DCFC Limited
Global electric vehicle (EV) charging infrastructure market report based on charger type, charging type, installation type, connector, level of charging, connectivity, operation, deployment, application, and region:
- Charger Type Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Slow Charger
- Fast Charger
- Charging Type Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- AC
- DC
- Installation Type Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Fixed
- Portable
- ConnectorOutlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- CHAdeMO
- CCS
- Others
- Level of Charging Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Level 1
- Level 2
- Level 3
- Connectivity Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Non-connected Charging Stations
- Connected Charging Stations
- Operation Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Mode 1
- Mode 2
- Mode 3
- Mode 4
- Deployment Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Private
- Semi-Public
- Public
- Application Outlook (Revenue, USD Million; Volume, Units, 2017 – 2030)
- Commercial
- Destination Charging Stations
- Highway Charging Stations
- Bus Charging Stations
- Fleet Charging Stations
- Other Charging Stations
- Residential
- Private Houses
- Apartments/Societies
- Commercial
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