Global Electric Vehicle Charging Infrastructure Market Report and Forecast 2024-2032

Global Electric Vehicle Charging Infrastructure Market Outlook

The global electric vehicle charging infrastructure market reached a value of about USD 33.67 billion in 2023. The market is further estimated to grow at a CAGR of 31.20% in the forecast period of 2024-2032 to reach a value of around USD 387.41 billion by 2032.

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Increasing Applications in the Residential Sector to Propel the Market Growth of Electric Vehicle Charging Infrastructure

Based on application, the residential sector accounts for a significant share of the electric vehicle charging infrastructure market. The rising adoption of electric vehicles owing to the escalating eco-consciousness is bolstering the market growth. There is an increasing inclination towards charging the vehicles overnight at home due to convenience as it eliminates the need for finding a charging station in a public place. Additionally, it enables the homeowners to set up a charging infrastructure that is compatible with the vehicle brand and battery capacity. The charging infrastructure in the residential sector is cost-effective as it allows customers to connect their home charging station to a renewable energy source, such as a solar panel. Furthermore, the government initiatives towards promoting the installation of electric vehicle charging infrastructure in residential spaces are likely to aid the market over the forecast period. For instance, in February 2023, the Delhi Government published a Residential EV Charging Guidebook to encourage all residential societies based out of Delhi to cooperate with the Delhi Government in promoting electric vehicles (EVs) by adopting EV charging in their residential societies.

Market Segmentation

An electric vehicle charging infrastructure is a facility that supplies electricity to charge the battery of an electric vehicle. It is widely adopted due to its environment-friendly and cost-effective nature, and requires no fossil fuels for its operation.

The market for electric vehicle charging infrastructure, by charger type, is divided into:

• Slow Charger
• Fast Charger

Based on connector type, the market is classified into:

• CHAdeMO
• Combined Charging System (CCS)
• Others

On the basis of application, the market is segmented into:

• Commercial
• Residential

The regional markets for electric vehicle charging infrastructure can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rapid Adoption of Electric Vehicles to Drive the Market Growth of Electric Vehicles Charging Infrastructure

The growing adoption of electric vehicles worldwide due to growing concerns over the environment and improved living standards is contributing to the market expansion. The reduced dependency of electric vehicles on fossil fuels and the increasing prices of fossils are providing impetus to the electric vehicle charging infrastructure market growth. The presence of an EV charging facility in the property offers a green image and increases the property value, which is resulting in the wider adoption of EV charging infrastructure. There is a growing installation of charging stations in retail spaces and workplaces to ensure the convenience of their customers and employees. The inclination towards public charging stations due to the availability of liquid-cooled cables for fast charging of batteries is accelerating the market development. Moreover, the efforts taken by the governments worldwide to expand the public and private electric vehicle charging infrastructure are aiding the market growth. For instance, the Government of India installed an additional 678 public EV charging stations between October 2021 and January 2023 in 9 cities across the nation.   The installation of charging stations with advanced features, such as smart metering, cellular capability, and network connectivity, and the development of new technologies to speed up the charging of electric vehicles are expected to stimulate the market growth over the forecast period.

Key Players in the Global Market for Electric Vehicle Charging Infrastructure

The report gives a detailed analysis of the following key players in the global electric vehicle charging infrastructure market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ABB Ltd.
• General Electric Company
• Schneider Electric
• ChargePoint, Inc.
• Tesla, Inc.
• Leviton Manufacturing Co., Inc. 
• Sicon Chat Union Electric Co., Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report