Electric Vehicle Charging Infrastructure Market Worth $217.06 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 9, 2022 /PRNewswire/ -- The global electric vehicle charging infrastructure market size is expected to reach USD 217.06 billion by 2030, growing at a CAGR of 30.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. Various electric vehicle manufacturers such as Volvo, Kia Motors, Mercedes-Benz, and Ford are collaborating with the charging infrastructure providers for easy availability of charging stations.

For instance, In November 2020, ChargePoint, Inc. announced its partnership with Volvo Car USA LLC to provide a seamless charging experience to Volvo car drivers. ChargePoint, Inc. will offer Home Flex home chargers to Volvo Car drivers owing to this partnership which will enable drivers to charge their cars at home. Moreover, Delta Electronics, Inc.; Enel X; and Ecotap BV; among others are focusing on the development of solar-powered electric vehicle charging stations. For instance, under the Honda SmartCharge program, Enel X is currently working on the development of a solar-powered charging station in Hawaii (U.S.) in partnership with the Hawaiian Electric Company, Inc.

Key Insights & Findings from the report:

• The fast charger segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the ability to rapidly charge electric vehicles in lesser time compared to conventional AC chargers is the primary factor driving the demand for fast DC chargers.
• The Combined Charging System (CCS) connectors segment is anticipated to emerge as the fastest-growing connecter segment over the forecast period owing to the adoption by a higher number of automobile manufacturers.
• The commercial segment is anticipated to gain traction owing to the rise in the deployment of fast-charging stations across highways, hotels, shopping malls, and public parking facilities.
• Stringent vehicle emission standards and a high focus on research and development of electric vehicles are some of the major factors driving the electric vehicle charging infrastructure market in North America.
• Various companies are observed investing heavily in promoting EV charging infrastructure. For instance, in November 2017, BMW, Daimler, Ford, and Volkswagen Group, together announced an investment plan for the development of 400 charging sites across Europe.
• Asia Pacific is expected to grow at the highest CAGR from 2022 to 2030 due to significant growth in electric vehicle sales in the region and extensive deployment of EV chargers in countries such as China and Japan.

Read 210-page market research report, "Electric Vehicle Charging Infrastructure Market Size, Share & Trends Analysis Report By Charger Type, By Connector, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Electric Vehicle Charging Infrastructure Market Growth & Trends

Furthermore, various companies are working toward upgrading Electric Vehicle Supply Equipment (EVSE) to make them more convenient for long-distance travel. Some electric vehicle manufacturers such as Tesla, Inc., and Nissan are focusing on providing compatibility for their electric vehicles for public charging networks. For instance, Nissan in November 2019, announced that buyers of new Nissan LEAF and Nissan LEAF would be able to charge their vehicles across EVgo's charging network that comprises 750 public charging stations.

The significant market growth is primarily due to the growing initiatives undertaken by both public as well as private sectors to encourage the population to switch to Electric Vehicles (EVs). These initiatives have promoted the sale of electric vehicles and have also spread awareness among consumers about the benefits of using these vehicles. As a result, the demand for electric vehicle charging infrastructure is expected to grow significantly.

For instance, in the U.S., the Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) which consists of 57 electric vehicle charging stations across Oregon and Washington. Similarly, several governments are jointly developing intra-continental networks of highway charging stations.

The demand for electric vehicles has been growing in line with the rising awareness about environmental sustainability and the stringent limits several governments are putting on vehicular emissions. While private companies are focusing on developing innovative electric vehicle chargers and electric vehicle charging stations, governments are collaborating with these companies for rolling out Electric Vehicle Charging Infrastructure.

In addition, technologies, such as Radio Frequency Identification (RFID) and Near-Field Communication (NFC), have enabled the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations. Several private organizations are keen on investing in the development of electric vehicle charging stations along the highways. All these factors are driving the demand for highway charging stations.

Electric Vehicle Charging Infrastructure Market Segmentation

Grand View Research has segmented the global electric vehicle charging infrastructure market based on charger type, connector, application, and region:

EV Charging Infrastructure Market - Charger Type Outlook (Volume, Units, Revenue, USD Million, 2017 - 2030)

• Slow
• Fast

EV Charging Infrastructure Market - Connector Outlook (Volume, Units, Revenue, USD Million, 2017 - 2030)

• CHAdeMO
• (CCS)
• Others

EV Charging Infrastructure Market - Application Outlook (Volume, Units, Revenue, USD Million, 2017 - 2030)

• Commercial
• Residential

EV Charging Infrastructure Market - Regional Outlook (Volume, Units, Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• The Netherlands
• U.K.
• France
• Norway
• Germany
• Asia Pacific
• China
• Japan
• South Korea

List of Key Players of Electric Vehicle Charging Infrastructure Market

• AeroVironment, Inc.
• ABB
• BP Chargemaster
• ChargePoint, Inc.
• ClipperCreek, Inc.
• Eaton Corp.
• General Electric Company
• Leviton Manufacturing Co., Inc.
• SemaConnect, Inc.
• Schneider Electric
• Siemens AG
• Tesla, Inc.
• Webasto SE

Check out more related studies published by Grand View Research:

• Metals In Electric Vehicle Charging Infrastructure Market - The global metals in electric vehicle charging infrastructure market size is expected to reach USD 12.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 28.2% from 2022 to 2030. The surging demand for Electric Vehicles (EVs) across the world has augmented the need for charging infrastructure, which is expected to propel the consumption of metals over the forecast period.
• U.S. Electric Vehicle Charging Infrastructure Market - The U.S. electric vehicle charging infrastructure market size is expected to reach USD 49.14 billion by 2030, growing at a CAGR of 36.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.
• Electric Vehicle Battery Market - The global electric vehicle battery market size is expected to reach USD 38.6 billion by 2025, registering a CAGR of 16.7% from 2019 to 2025, according to the new report from Grand View Research, Inc. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles (EVs) is expected to drive the market growth.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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