Energy Infrastructure for EV Charging Stations Market Worth $20 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Sep 21, 2022, 09:00 ET

REDDING, Calif., Sept. 21, 2022 /PRNewswire/ -- According to a new market research report titled, 'Energy Infrastructure for EV Charging Stations Market by Component (Transformers, Electric Distribution Systems), Number of EVSE, Energy Source (Renewable Energy Sources, Non-renewable Energy Sources), and Geography - Global Forecast to 2029', the global energy infrastructure for EV charging stations market is expected to register a CAGR of 36% from 2022 to 2029 to reach $20 billion by 2029 an estimated from $2.3 billion in 2022.

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Energy infrastructure for EV charging stations is defined as a power transmission system that helps power the site where one or more EVSEs are installed. These sites can be non-residential or commercial. Electric vehicle charging stations provide electric power to charge the vehicle's batteries and use that power to provide a driving range. Electric vehicle charging stations, commonly called charging docks, charging piles, or EVSE, include electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to the vehicle.

Government Initiatives to Drive the Adoption of EVs and Associated Infrastructure

Governments worldwide are increasingly investing in electric mobility. The increasing government regulations to phase out fossil fuel-powered vehicles, government investments for improving public EV charging infrastructure, and initiatives in the form of subsidies & tax rebates for the adoption of electric cars are expected to support the growth of this market. With technological advancements in electric drivetrain technology, governments worldwide are pushing for transitioning to electric vehicles as a sustainable public and private transportation model. Considering the environmental benefits offered by EVs, governments are increasingly offering incentives and subsidies to purchase EVs and associated charging infrastructure, which helps boost the demand for energy infrastructure for EV charging stations. For instance, in November 2021, the Australian Government announced an investment of $132 million to ramp up the rollout of hydrogen refueling and charging stations for electric vehicles.

For instance, in April 2020, the Government of China announced that they would invest $381 million in EV charging to enable the State Grid company to build 78,000 more charging stations over the year. Such initiatives by the government of various countries are expected to support the growth of the energy infrastructure for the EV charging stations market during the forecast period. Furthermore, in May 2019, the Italian Government ratified the 'Eco-Bonus' program, which resulted in spending of $67.2 million (€60 million) and $78.4 million (€70 million) in 2020 and 2021 on subsidies for purchasing hybrid or very low-emission vehicles and EV charging infrastructure. Under this scheme, from 1st March 2019 to 31st December 2021, individuals, companies, and condominiums were slated to receive a 50% tax deduction from purchasing EVs and installation cost (backend energy infrastructure) of recharging points for electric vehicles up to $3,360.3 (€3,000).

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New Zealand has also taken steps to facilitate a change in electrical mobility. The government is increasingly promoting growth in the EV industry through an intervention program, including an EV public information drive and a Low Emission Vehicles Contestable Fund. This fund has provided more than NZ$17 million ($11 million) for 93 projects over the past five rounds. The key focus is to improve public EV charging infrastructure, contributing significantly to constructing more than 200 fast chargers across the country. The fund aims to fulfill the government's vision of fast DC chargers every 75 km on the main highway network.

To provide efficient analysis, Meticulous Research^® has segmented this market based on component (transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels), number of EVSE (less than 5 units, 5 to 15 units, and more than 15 units), energy source (renewable energy sources, and non-renewable energy sources), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

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Based on component, the global energy infrastructure for the EV charging stations market is segmented into transformers, electric distribution systems, heavy-duty cables, metering systems, power converters, energy storage systems, and solar PV panels. In 2022, the transformer segment is estimated to account for the largest share of the global energy infrastructure for the EV charging stations market. However, the energy storage systems segment is expected to account for the highest CAGR during the forecast period due to various initiatives by OEMs and stakeholders which help develop ESS for EV charging stations.

Based on number of EVSE, the global energy infrastructure for EV charging stations market is segmented into less than 5 units, 5 to 15 units, and more than 15 units. In 2022, the less than 5 units segment is estimated to account for the largest share of the global energy infrastructure for the EV charging stations market. However, the 5 to 15 units segment is expected to account for the highest CAGR during the forecast period due to the various government incentives, tax credits, and reimbursements for the commercial installation of charging stations.

Based on energy source, the global energy infrastructure for the EV charging stations market is segmented into renewable energy sources and non-renewable energy sources. In 2022, the non-renewable energy sources segment is estimated to account for the larger share of the global energy infrastructure for the EV charging stations market. This is attributed to the government incentives and subsidies to purchase EVs and charging infrastructure.

Based on geography, the energy infrastructure for EV charging stations market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is estimated to account for the largest share of the global energy infrastructure for the EV charging stations market. However, Europe is expected to account for the highest CAGR during the forecast period. The growth of this market is driven by government initiatives to develop charging infrastructure across the region. France, Germany, Netherlands, Norway, and the U.K. are five front-runner countries for electric vehicles and charging points across the region.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/energy-infrastructure-for-ev-charging-stations-market-5301

Scope of the Report

Energy Infrastructure for EV Charging Stations Market, by Component

Transformers
Electric Distribution Systems
Heavy-duty Cables
Metering Systems
Power Converters
Energy Storage Systems
Solar PV Panels

Energy Infrastructure for EV Charging Stations Market, by Number of EVSE

Less than 5 units
5 to 15 units
More than 15 units

Energy Infrastructure for EV Charging Stations Market, by Energy Source

Renewable Energy Sources
Non-renewable Energy Sources

Energy Infrastructure for EV Charging Stations Market, by Geography

North America

U.S.
Canada

Europe

Germany
Norway
U.K.
Netherlands
France
Sweden
Italy
Spain
Denmark
Rest of Europe

Asia-Pacific

China
Japan
South Korea
Australia
New Zealand
India
Rest of Asia-Pacific

Latin America
Middle East & Africa

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