The latest market report published by Credence Research “Global Electric Vehicle Charging Infrastructure Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market generated revenue of around USD 14.81 billion in 2020 and predicted to grow at a healthy CAGR of over 31.2% in the forthcoming years from 2021 to 2027 to reach around USD 110.43 billion in 2027.
Global Electric Vehicle Charging Infrastructure Market, 2020 – 2027 (USD Billion)
Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-charging-infrastructure-market
The increasing levels of dangerous gases and carbon emissions caused by transportation have necessitated the adoption of electric vehicles. Thus, there is a growing demand for EV charging infrastructure in both residential and commercial settings. Continued government funding, as well as increasing numbers of EV users and lower initial costs of current EV charging technology, as well as high R&D to reduce charging times even further, would be needed to propel the electric vehicle charging station market forward.
Key Trends in Global Market
High Demand for Eco-Friendly Vehicles
The electric vehicle charging station market would benefit from increased demand for reliable and environmentally friendly vehicles, as well as government funding. Consumers in developing countries are already feeling the effects of rising gasoline prices. Electric vehicles can be powered by electricity, which is supposed to lower their running costs.
Continued government funding, as well as increasing numbers of EV users and lower initial costs of current EV charging technology, as well as high R&D to reduce charging times even further, would be needed to propel the electric vehicle charging station market forward.
Impact of COVID 19 on Market
The initial outbreak of COVID 19 had brought the entire ecosystem to a halt, halting the manufacture and selling of new vehicles all over the world. OEMs had to wait for the lockdowns to be lifted before they could restart production, which had a negative impact on their companies. As a result, automakers had to change their output volumes. However, the number of EV charging stations increased at a faster pace than the previous year, owing to various countries’ plans to accelerate EV adoption and increased investment in this market.
Global Electric Vehicle Charging Infrastructure Market by Charger Type Insights
Slow and Fast are the two segments of market, based on Charger Type. Fast Charger Type segment accounted for the largest share in 2020. The high demand for fast chargers in commercial stations was cited as the reason for the increase. The majority of businesses have installed Level 1 DC fast chargers or Level 2 AC charging stations, which can completely charge an electric vehicle in 4 to 6 hours.
Fast Charger Type is anticipated to Dominate the global market
Global Electric Vehicle Charging Infrastructure Market by Charger Type, 2020
Global Electric Vehicle Charging Infrastructure Market by Charging Level Insights
Level 1, Level 3 and Level 2 are the various Charging Level of this market. In 2020, Level 2 accounted for the largest share in global market. This may be due to governments around the world placing a greater focus on public and semi-public charging stations for overnight charging. The application of Level 2 chargers is high as private charging stations at their homes, as the growth of Level 1 charging could be the slowest.
Global Electric Vehicle Charging Infrastructure Market Share by Charging Level, 2020
Global Market by Connector Type Insights
Global market is segmented based on Connector Type Insights as Combined Charging System (CCS), Others and CHAdeMO. CHAdeMO accounted for the largest share of the Electric Vehicle Charging Infrastructure market in 2020. This is due to its compatibility with a wide range of EVs as well as its ease of use. It also allows for more design versatility in EVs because it only needs a single charging port, while CHAdeMO Connector Types need two charging ports due to their inability to accommodate AC charging.
Global Market Share by Connector Type Insights, 2020
Global Market by Regional Insights
In 2020, Asia Pacific dominated the global economy, accounting for more than 58 percent of total sales. Countries like China, Japan, and South Korea are EV hotspots and are heavily investing in charging infrastructure growth. During the forecast era, the market of Asia Pacific is expected to be driven by rising demand for affordable electric vehicles for everyday use, as well as governments encouraging electric vehicles.
The governments of Japan and Korea have both declared their plans to dramatically surge the number of these stations in their own countries during the upcoming years. The Indian government has also declared plans to install 69,000 electric vehicle charging stations in the country as a first step towards EV infrastructure expansion, with a requirement upto four lacs charging stations expected by 2026.
Global Market Competitive Landscape
Most elite players in the global market include Schneider Electric SE, Leviton Manufacturing Co. Inc., ChargePoint Inc., (BP) Chargemaster Ltd., SemaConnect Inc., General Electric Company, Eaton Corp. plc, and ClipperCreek Inc. The report covers very detailed profiles of these key players.
Global Electric Vehicle Charging Infrastructure Market, Company Distribution Network, 2020
Global Electric Vehicle Charging Infrastructure Market by Charger Type, 2015 – 2027
Global Electric Vehicle Charging Infrastructure Market by Charging Level, 2015 – 2027
· Level 1
· Level 2
· Level 3
Global Electric Vehicle Charging Infrastructure Market by Connector Type Insights, 2015 – 2027
· Combined Charging System (CCS)
Global Electric Vehicle Charging Infrastructure Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Horizontal Directional Drilling (HDD) Market: Key Players
· Schneider Electric SE
· SemaConnect Inc.
· Leviton Manufacturing Co. Inc.
· General Electric Company
· Eaton Corp. plc
· ClipperCreek Inc.
· ChargePoint Inc.
. (BP) Chargemaster Ltd.